The landscape of the Indian cryptocurrency system changed recently when the Indian Supreme Court removed the ban on digital assets set in 2018. This landmark decision had its resulted effects, with new cryptocurrency companies venturing into the country soon.
Multiple cryptocurrency proponents gave their opinions on the ban, one of whom was Tim Draper, the founding partner of Draper Fisher Jurvetson and the founder of Draper Venture Network.
Tim Draper claimed that the judgment handed down by the Indian Supreme Court was in the best interest of the cryptocurrency industry. He believed that blockchain technology and cryptocurrencies together could transform India’s financial landscape. Draper also talked about the talent pool within the country and how they would take the industry to the next level.
The Indian cryptocurrency scene had taken a massive hit due to the 2018 decisions, forcing companies to either go bankrupt or move to other countries. The companies that were initially affected included Zebpay, WazirX and the Coinsecure.
The financial tycoon had earlier blasted the RBI’s decision to ban digital assets by calling out the lost opportunity. In his words:
“The Supreme Court of India and the Indian government have shown that the best ideas ultimately prevail, and just in time because the benefits of Bitcoin and crypto over current systems will become apparent during this crisis. I like all things crypto. It is just better than the banks”
Draper made his comments amidst the Coronavirus scare when financial markets were down but Bitcoin was recovering. At the time of writing, Bitcoin was trading for $6,746.08 with a total market cap of $123.34billion.
Tim Draper had earlier said that banning cryptocurrencies was similar to the Luddites. He mentioned how it would set progress back for the country by at least 40 years and that governments should make better decisions. The cryptocurrency proponent was confident that better ideas in the future will have a better chance of getting approved.
There were several projects in India trying to make it big in the cryptocurrency space and the latest ruling was only a ramp for them, said Draper. He also revealed that he had met several Bitcoin and cryptocurrency startups in India over the previous week. The VC further expressed his desire to fund one of the exciting projects in the Indian cryptocurrency market.
The price of Bitcoin was one of the main factors that governed the industry earlier but in 2020, it was all about the application prowess of a project. Once the cryptocurrency ban was taken down, several crypto companies perked up their ears to listen to the Indian cryptocurrency market. One of the companies shooting its shot with India was Binance, channeling $50 million into its blockchain fund. This money will be used to build a seamless crypto ecosystem across the country.
