Investor, Draper seeks investment in India’s crypto sector
23 Mar 2020
Billionaire investor Tim Draper is looking to invest in India’s burgeoning cryptocurrency industry.
On Sunday, venture capitalist Draper said on Twitter that the Supreme Court’s reversal of the Reserve Bank of India’s ban on banks offering financial services to cryptocurrency firms will lead to a resurgence in India’s crypto sector, reports Cointelegraph.
In an interview last week with Inc42, Draper commented that during a recent trip to India he “met several Bitcoin and crypto startups” , going on to add that he “hope[s] to be able to fund a number of them.”
Draper highlighted the fundamental timing of the decision made by the Supreme Court, forecasting that the benefits of digital currencies will be underlined by the weakening of the global financial system.
He stated: “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.”
Over the long-term, Draper predicts the present crisis “will allow people to recognise that Bitcoin is simply a better way to hold value and spend money than through our current banking system.”
Along with Draper, Binance and WazirX have also shown interest in investing in India’s cryptocurrency sector, unveiling their $50 million “Blockchain for India” fund earlier this month.
In addition, CoinDCX has also reported funding of $1.3 million towards initiatives to heighten awareness and adoption of digital currencies in India.
Nevertheless, despite the vast interest in cryptocurrencies in India, the sector is still being faced with pending regulatory challenges.
As well as a possible appeal from the Reserve Bank of India in relation to the Supreme Court’s decision, the parliament in India has not yet ruled on the “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill" from last year.