Tim Draper, a billionaire investor, and cryptocurrency enthusiast, has announced his grand plan to make a play on India’s cryptocurrency space.
Early this week, Draper celebrated the decision of the Indian Supreme Court to roll back the blanket ban imposed by the Reserve Bank on the relationship between commercial banks and cryptocurrency-related businesses. This, he explained, echoes the renaissance of a major market for the industry.
A Great Time to Fund Industry Entrants
The investor also appeared in an interview with news source Inc24 a day earlier, where he confirmed that he had been to India to meet with some crypto startups in the country, and he hopes to come in and fund a few of them.
As he explained in his interview, the decision of the Supreme Court is extremely crucial. He added that cryptocurrencies would benefit the Indian – and global – economy, especially given that the traditional financial system seems to be in a rut. “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.”
He also shared some of his long-term expectations, explaining that the current crisis will present an opportunity for people to see that Bitcoin is a better store of wealth and value than the current banking system. Of course, given that India is the fifth-largest economy in the world, the opportunities for cryptocurrencies – and by extension, the companies and investors who operate in the space – are endless.
Draper understands this, and while he didn’t give any names concerning who he will be hoping to fund, it’s expected that he will be making a huge splash once things open up nicely.
Everyone is Waiting for the Signal
As for India itself, it’s worth noting that the country’s crypto space isn’t in the all-clear just yet. The Supreme Court might have reversed the Reserve Bank’s rule, but the Economic Times reported earlier this month that the central banking institutions are most likely going to appeal the ruling.
At the time, the news source explained that the central bank is worried about the implications of free relationships between banks and crypto businesses, as well as how an influx of crypto operations could hamper the efficiency of the country’s banking system.
In addition to that, there’s still the issue of the “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill,” which was presented to the Indian parliament last year as a means of effectively terminating all crypto-related operations in the country. The parliament is yet to vote on the legislation – one which could mean the end of cryptocurrencies in India if passed.
Regardless, several firms have already begun to make plays in India with the hopes of capitalizing on a budding market. Last week, Binance and WazirX announced the “Blockchain for India” fund, which will provide mentorship and funding to companies looking to provide blockchain and crypto solutions in the country.