Tim Draper, a venture investor and cryptocurrency enthusiast, believes that startups working with digital currencies in India are waiting for a "renaissance" and now is a great time to invest in them.
"A renaissance for India. Now crypto is legal," he wrote on the social network Twitter.
A renaissance for India. Now crypto is legal. #bitcoin #india https://t.co/6KuEel2tQK— Tim Draper (@TimDraper) March 21, 2020
This is a recent decision of the Supreme Court of India, which repealed the directive of the Central Bank of the country (RBI) prohibiting the use of Bitcoin and other cryptocurrencies. The directive prohibited banks and other financial institutions from servicing cryptocurrency companies.
Draper said that he had already met with representatives of several local cryptocurrency startups and "would like to finance a large number of such companies." According to him, the current crisis will allow people to recognize that Bitcoin is the best way to store money and payments.
"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,"the venture investor emphasized.
The central bank of the country does not agree with the decision of the Supreme Court and will appeal against this decision.
Recently it was reported that the largest cryptocurrency exchange Binance plans to invest $ 50 million in the development of the cryptocurrency ecosystem of India.
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