Billionaire investor and winner of thousands of Bitcoins (BTC) in Federal Bureau of Investigation 2014 Silk Road auctions, Tim Draper, has his sights set on India’s burgeoning cryptocurrency industry.
On March 22, the venture capitalist tweeted that the recent reversal by the Supreme Court of the Reserve Bank of India’s (RBI) ban on banks providing financial services to crypto companies will cause a rebirth for the country’s cryptocurrency sector.
In a March 21 interview with Inc42, Draper stated that he “met several Bitcoin and crypto startups” on a recent trip to India, adding that he “hopes[s] to be able to finance a number of them. ”
The VC emphasized the crucial timing of the Supreme Court decision and predicted that the benefits of cryptocurrencies will be emphasized by the deterioration of the global financial system:
“The Supreme Court of India and the Indian government have shown that the best ideas will eventually prevail, and just in time, as the benefits of Bitcoin and crypto over current systems will become apparent during this crisis.”
In the long run, Draper expects the current crisis to “enable people to recognize that Bitcoin is simply a better way to retain value and spend money than through our current banking system.”
Draper is not alone in investing in India’s crypto sector. Binance and WazirX announced their $ 50 million “Blockchain for India” fund on March 16. CoinDCX also pledged $ 1.3 million in funding to raise awareness of crypto initiatives and adoption in India on March 12.
Crypto exchanges Kraken and KuCoin have both made statements announcing their desire to enter the Indian market.
Within a day of the Supreme Court ruling, both Binance and OKEx had resumed Indian operations through their respective local partners, WazirX and CoinDCX.
Despite the widespread excitement for crypto in India, the industry is still facing pending regulatory challenges.
In addition to a suspected appeal by RBI regarding the Supreme Court decision, the Indian Parliament has yet to decide on the cryptocurrency ban and regulation of the official digital currency law as of 2019.