With the continuous news reports about the ban of all cryptocurrencies except sovereign token from the Indian government’s stance and the news being spread all over social media, controversy start rolling underneath of the viral fact. Myriad people have a varied variety of opinion, Tim Draper, Billionaire venture capitalist is also among those people. He slams the strategy of this kind, said this is shameless to see such kind of news reports spreading on social media. He also had called the country’s leaders “pathetic and corrupt.”
This is what the famous Bitcoin advocate has to say, “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. Pathetic and corrupt. #India #bitcoin”
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. Pathetic and corrupt. #India #bitcoin
— Tim Draper (@TimDraper) July 17, 2019
If we talk about Tim Draper, he is the most straightforward man; he has a respectable position in the community, with his success and his bullish sentiments. He is a great investor when it comes to cryptocurrency. Recently, his adventure with Tezos had brought a large amount of benefit to him.
Well, controversy has to move forward with word of mouth. His tweet has got very strong reactions especially from the crypto community of India. Rumour most probably seems to be true, but still, Draper words are being criticized by many concluding that one must not judge things through one rumour.
CEO of Indian Exchange WazirX, Nischal Shetty tweeted,” We’ve been running #IndiaWantsCrypto and it’s gathering a lot of support. I’m sure our Government will involve the community and not implement these draconian suggestions as laid out in the draft bill.” He is among the leaders in the crypto world. He stated with his statement that there is no law with which government can ban cryptocurrency.
We've been running #IndiaWantsCrypto and it's gathering a lot of support. I'm sure our Government will involve the community and not implement these draconian suggestions as laid out in the draft bill.https://t.co/9EFU4ESV28
— Nischal (WazirX) ⚡️ (@NischalShetty) July 17, 2019
A cyber movement with a hashtag of #IndiaWantsCrypto is giving crypto enthusiasts a chance to target the anti-crypto policies and it ensures that the Indian policymakers get the positive arguments in favour of the cryptocurrency community.
Well, we all know about the anti-crypto stance by the Indian government. RBI has also gone against the easy adoption of crypto and the trading of trending Bitcoin, as it believes that the adoption of virtual currencies will lead to the instability in the economic stability of the country.
This has been the plan of RBI since a long time to close the exchanges, to freeze the accounts of the traders and investors in the crypto market, to remove cryptocurrency from regulatory sandbox of country. But now this bill is all set to just ban the cryptocurrency in the country (if approved).
Well, irrespective of the fact that the Indian market is too attractive, the craze of Cryptocurrency and the controversies related to it leads to the downfall of the interest of other projects in the country.
When rumours get risky
Although many people with a different opinion, opposed Draper, we must not just see things from one side, as a coin has both heads and tails attached to it. Let us look at the things from the other side, from the side of Draper. What made him choose those words against the Indian leaders and Indian law?
It is just because of one text by the Indian Blockchain lawyer, Varun Sethi. The text has to do more with to support the anti-crypto side rather than crypto. Anyone could have fallen to become the victim of this post, as it leaves no room of doubt for anyone. The text reads,” No person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use Cryptocurrency in the territory of India.”
If the bill gets approved, it will result in the ban of legal circulation of Bitcoin in India. Some anarchists have to say something about it. They claim that India could never be able to ban Bitcoin in the country, pointing towards the illegal circulation of the digital asset.
But whatever may be the reaction, it is never good to call any country government “pathetic” or “corrupt” as it will not going to be liked by country’s people and surely not those people who are seeking to legalize cryptocurrency in India.