Bitcoin Ban Means India Will Get More Corrupt Under Modi — Tim Draper
William Suberg's original article for cointelegraph.com reduced by 49%
India is leaving itself vulnerable to corruption by attempting to ban cryptocurrencies such as Bitcoin, says Tim Draper. Draper to Modi: don't "Go back to old ways". "I am hoping Modi becomes the honest politician, but when he shut down Bitcoin I thought he is going back to the old ways," Draper said.
As Cointelegraph reported, the country's disastrous 2016 currency reform, which saw the value of some paper notes disappear in holders' pockets overnight, added to the demand for Bitcoin investment. Proponents argue cryptocurrency aids criminal activity such as money laundering, whereas reducing or even eradicating cash allows for a more transparent economy. Draper likewise praised the concept of currency reform but added that outlawing Bitcoin leaves the door open for more, not less, corruption.
As Cointelegraph noted, Draper previously gained mixed reviews when he delivered considerably more vocal comments about India's stance on crypto.
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