Billionaire venture capitalist and Bitcoin enthusiast, Tim Draper, was at the end of a Twitter backlash on Tuesday after he stated that India had banned the cryptocurrency, despite official reports suggesting otherwise.
Draper’s message to his followers read,
“People behaving badly! India's government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership.”
He went ahead to label the nation’s leaders as “pathetic and corrupt,” a phrase that certainly irked the larger flock of Indian crypto users.
However, the angry responses weren’t what caught our attention, but the fact that Tim Draper either knows something we don’t or made the tweet based on hearsay.
As Stmarket.co has reported in the past, India has not officially banned Bitcoin or cryptocurrencies in general. The country has only made it tough for crypto to thrive, starving exchanges of the services of local banks. That harsh condition was what forced Koinex India, a popular crypto exchange to shut down last month.
Also, although there are rumors of a bill to officially ban cryptocurrencies in India, it only remains a rumor until the country issues an official report. Furthermore, not all bills become law, a fact that assumes more prominence since the supposed draft has not been introduced in the current Indian Parliament session.
WazirX founder, Nischal for his part noted that public and industry experts' input would be welcomed at some point before Indian lawmakers pass any bill.
With these points in mind, it is apparent that Tim Draper is mistaken regarding his claim that India has banned Bitcoin.
That ugly scenario may or may not unfold. Therefore, instead of creating more frustration, uncertainty, and doubt, a better approach would be to fold our hands and watch what becomes of India’s promising crypto ecosystem.