“India’s radical measures regarding cryptocurrencies can significantly develop corruption”

India’s radical measures regarding cryptocurrencies can significantly develop corruption

Well-known Bitcoin supporter Tim Draper believes that if the Indian authorities continue to take drastic measures against cryptocurrencies, corruption could significantly develop in the country.

In a conversation with the Indica portal, Tim Draper called on Indian Prime Minister Narendra Modi to analyze the current negative attitude towards cryptocurrencies and review it.

“I expect Modi to be an honest politician, but his prohibitions on Bitcoin make him think of old methods that only harm,” Draper said.

Recall that India banned the banking service of cryptocurrency exchanges in the middle of last year, but there is still no final court decision on this issue, since its consideration is postponed all the time.

Government working groups are extremely negative towards the new class of assets and recommend completely banning non-state cryptocurrencies, as well as introducing tough sanctions for violators.

Draper believes that India really needs currency reforms, but now the authorities are “looking the wrong way”:

“I thought they would act differently. Modi wants to completely eradicate corruption, but with his prohibitions on bitcoin provokes the opposite effect. I believe that this is an extremely dangerous situation for the country. ”

Recall that in July, Draper sharply criticized the government of India, calling it “miserable and corrupt.”


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