The community of crypto enthusiasts all over the world is aware of the tough stance the government of India has on crypto assets. This has aggravated even more after a draft bill asking for a complete ban on crypto was leaked online on 15th July and spread like wildfire on various social networks. The draft legislation has been drawing in all kinds of opinions since then from common people to the industry experts globally.
The latest one to join in the debate is Tim Draper, the world-renowned American billionaire venture capitalist. Draper has criticized the Indian government in strong words on their supposed ban on virtual currencies. He took to the micro-blogging site Twitter on 16th July calling the leadership of India corrupt and pathetic. He said the government banned Bitcoin (BTC) which could fuel prosperity in a nation that required it desperately. ‘Shame on India leadership,’ Draper’s tweet read.
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
Undoubtedly, Draper’s tweet went on to attract a strong backlash from the Indian community of crypto enthusiasts. Many users responded, criticizing Draper for giving such strong remarks on something which is not even verified yet. Several users, on the other hand, asked Draper to only believe the authorized court orders and not rumors like this.
Tim, Cryptocurrency is not, and has never been illegal in India
🔹Media created a FUD (again)
🔹Unverified proposal is circulating
🔹It can be rejected by the court
🔹India agreed to FATF Framework
🔹Believe only official court orders
Next court session is on July 23rd
— Shalini⚡ (@DesiCryptoHodlr) July 17, 2019
No such official news yet, it's a rumoured draft.
May happen in future because govt. is not so positive but still nothing like ban here in india.
We are positive and fighting.#IndiaWantsCrypto
— Jitender Kushwaha (@artofinvestingi) July 17, 2019
Another user said Draper’s tweet brought out the fact of how ignorant he was on India’s economy, government, and even bitcoin.
It is clear from your tweet you are severely ignorant of #India its economy, it's #Government and most importantly #bitcoin you so passionately push to everyone. It doesn't take a genius to know your massive investment in this Ponzi scheme called crypto. Go convince @POTUS first
— Arun Pudur (@arunpudur) July 17, 2019
While one more user who has been running the hashtag IndiaWantsCrypto came forward and enlightened the fact that not all bills get converted into laws. He also said that he believes the government would involve the community before taking such a drastic step.
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
However, Draper was not alone in commenting about the alleged crypto ban. John McAfee, too, had tweeted saying banning mosquitos had more chances of success than banning bitcoin.
India announces it plans to ban all crypto. Banning mosquitos after a rain in the summer would stand a better chance of being enforceable.
— John McAfee (@officialmcafee) July 16, 2019
The bill that sparked such strong opinions from veterans is a draft bill disclosed by one of the India-based blockchain lawyers named Varun Sethi on 15th July. The bill titled ‘Banning of Cryptocurrency & Regulation of Official Digital Currencies’ apparently suggests the government would be issuing and approving a digital version of the rupee called Digital Rupee.
The document also clearly states that no one shall generate, mine, sell, hold, deal in, dispose of, transfer, issue, or utilize cryptocurrency in Indian territory. People not complying to the order shall face prison time of up to 10 years, per the document.