Tim Draper Eager To Invest In India’s Crypto Renaissance

Tim Draper a billionaire investor and winner of thousands of Bitcoins (BTC) at the 2014 Silk Road Auctions of the Federal Bureau of Investigation, Tim Draper, has set his sights on the developing cryptocurrency industry in India.

The venture capitalist tweeted on March 22 that the recent reversal of the Reserve Bank of India’s (RBI) ban by the Supreme Court on banks providing financial services to crypto firms would fuel a revival for the cryptocurrency sector in the nation.

In a March 21 interview with Inc42, Draper reported that during a recent trip to India he “met several Bitcoin and crypto startups” adding that he “hope[s] to be able to fund a number of them.”

Tim Draper thinks global economic gloom is an opportunity for Bitcoin to shine

The VC stressed the critical timing of the Supreme Court’s ruling, forecasting that the weakening of the global financial system would highlight the advantages of cryptocurrencies:

“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.”

Long-term, Draper expects the current crisis to “let people understand that Bitcoin is actually a better way to keep value and invest money than through our existing banking system.”

Leading crypto industry leaders are in a race to leverage the Indian market

With Binance and WazirX announcing their $50 million “Blockchain for India” fund on March 16, Draper is not the only one looking to invest in India’s crypto sector. CoinDCX also promised $1.3 million in support to increase awareness and crypto-adoption programs in India on March 12.

Both Crypto exchanges Kraken and KuCoin released statements declaring an intention to enter the Indian market.

RBI to appeal against the landmark judgement

Despite India’s widespread enthusiasm for crypto, the sector continues to face pending regulatory challenges.

In addition to RBI’s possible appeal against the decision of the Supreme Court, India’s parliament has yet to decide on the “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill” from 2019.

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