Bitcoin Forum

Tim Draper Calls India’s Crypto Stance A “Huge Mistake,” Warns Of Potential Brain Drain

Tech investor Tim Draper, whose recent re-entry to India’s market was prompted by Prime Minister Narendra Modi’s promise to crackdown on corruption, nevertheless criticized India’s negative stance on cryptocurrencies during an interview with The Economic Times published yesterday, April 6.

Draper had returned to the Indian market in February 2017 - having exited it in 2016 due to a perceived lack of “rule of law” prompting Draper Fisher Jurvetson to sell their entire Indian portfolio - when the Mumbai-based startup backer Blume Ventures joined the Draper Venture Network.

India’s central bank had announced on April 5 that they would no longer deal with crypto-related accounts - not the direct government ban on crypto which had been falsely rumoured in early February. India’s Ministry of Finance had also criticized cryptocurrency as a “Ponzi scheme” without “intrinsic value” at the beginning of January.

https://cointelegraph.com/news/tim-draper-calls-indias-crypto-stance-a-huge-mistake-warns-of-potential-brain-drain

INDIA SHOULD GET INTO CRYPTO. NEED DEVELOPEMENT.

Whats your kind opinions?

While I am an avid of cryptocurrencies, I do not think cryptocurrencies are like heroes that if it is widely allowed, it can dramatically alter the economic conditions of a country. Remember we have long existed without cryptocurrencies; hence, we cannot be too dependent on it. There are certainly real issues that need to be addressed with respect to the Indian government. Like for instance, corruption. You see, a nation can never progress if corruption is rampant. Imagine the people at large are being robbed by the very officials they elected to begin with. This example, taken alone, cannot be solved by cryptocurrencies. It may help the people but only for a short time because it does not address the culprit of the issue squarely.

India trying to work against crypto means they are working against themselves. If you let such a great opportunity to level up your shitty economy slip, you are retarded to the core. Regulations can perfectly make sure that you as governmental body are able to maintain control over the centralized aspect of this market, and that's something they are ditching right now. Desperate entities do things without thinking, and that definitely shows. Later, when weaker economies have had their boost due to crypto, India will regret their silly actions for sure. Good thing with crypto is that there isn't such a thing as being too late, so they can re-enter the market back at any later point, and it will likely still help them move forward economically. Crypto doesn't exclude anyone like silly governments do.

Because it's indeed a huge mistake and they will regret this soon

Governments will never regret banning cryptocurrencies. This is the only way to control citizens ' incomes and thus have leverage over every citizen. A country as rich as India cannot have as many poor people unless the government is concerned. But if Indians are silent then they all like it. Then let it be so.

Governments in most cases aren't banning crypto currencies, but just the exchange of fiat to crypto and vice versa, which applies to India as well. The sooner people start letting go of their fiat bias, and just stick to crypto as means of exchange, governments will really be up for a surprise. Ban as many exchanges and services you want, but how will you ban something that runs without a centralized authority? The only way to shut crypto down is to shut the entire world internet down, which is something that will inflict much more damage on their regular economy than crypto itself. In other words, there is no way to get rid of crypto entirely without severely punishing yourself in the process....

The ruling government of India made their entry into governance with the terms digital growth in each and everything. Now the same government taking actions against the digital growth clearly indicates its failure. The ruling government should take into consideration to identify the good in the digital currency network.

The stance of the Indian government might be a mistake, but it would hardly qualify as a reason for brain drain. There are multiple other reasons - lack of opportunities, bad infrastructure, corruption etc.
The utmost that this stance would do is drive trading of Bitcoin to informal channels. I am not sure if the Indian government really wants that.

In my opinion it's not only about India who just made a huge mistake, but I would say its a mistake for all those countries who banned crypto.
Crypto is a modern technology and those countries left it behind. Every country, civilizations should move ahead with the modern tech trends.

Blockchain is the technology while cryptocurrency is the product of the technology. Countries can choose to ignore existing crypto because features like decentralization, privacy e.t.c are somewhat a threat but can not ignore block chain itself,instead they can choose to develop on blockchain a more centralised product that favors them.

I love the tech because of its anonymity and decentralization. This is one of the best features of blockchain/crypto, whatever you say.
But I will prefer regulation over a complete ban. I know this is what majority doesn't want, but those "majority" should think deeply about the consequences.

So those countries who banned crypto completely could restrict, regulate or could find a solution instead of banning. They just didn't support this beautiful tech.

If crypto is not safe than what those governments think, fiat is safe?
Fiat is also being used to fund terrorists, money laundering, drugs and so many other illegal stuff. Then why governments can't control these illegal activities while fiat is complete centralized?

With all my respect for India, I believe that they really do not know how to think. Fighting against something that can be useful for them is a sign of stupidity. Added to that, that country is overpopulated. There are many unemployed people who already found a refuge which is cryptocurrency that can change their lives financially. Yet, the government is not allowing that. At least, regulate it and give people opportunity to be wealthy.