THERE IS ALMOST A RACE TO INVEST IN CRYPTO VENTURES IN INDIA
After the lifting of the ban in India, a race has begun on crypto initiatives.
Billionaire investor Tim Draper has appeared to be focusing on India in recent days. After the lifting of the crypto ban in India, as it is known, rapid development began in the ecosystem. In this case, too, people began to think that India could be a crypto-haven.
Tim Draper and India
The venture capitalist testified on March 22 that the Supreme Court's recent nullification of the Central Bank of India's (RBI) ban on banks providing financial services to crypto companies would kick off a renaissance period for the cryptocurrency sector in the country. Draper made these remarks via Twitter.
In an interview with Inc42 on March 21, Draper stated that during a recent trip to India he had “discussed a few bitcoin and crypto ventures,” adding that he “hoped to finance a few of them.”
In addition, Draper pointed out that the timing of the High Court's decision was significant, and said that the benefits of cryptocurrencies would be further highlighted by the deterioration of the global financial system.:
The Supreme Court of India and the government of India have shown that the best ideas prevail eventually and just in time. Because the benefits of Bitcoin and crypto on existing systems will become evident during this crisis.
On the other hand, in the long term, Draper expects the current crisis to “allow people to realize that Bitcoin is a better way to hold value and spend money compared with our current banking system.”
Crypto Firms Compete
Draper isn't the only one looking to invest in India's crypto sector. Binance and WazirX announced on March 16 that they had allocated $ 50 million in funding to the “Blockchain for India” Fund. Also the crypto exchanges Kraken and Kucoin have both made clear their intentions to enter the Indian market.
Finally, the day after the Supreme Court's decision, Binance and OKEx had resumed their Indian operations through their own local partners, WazirX and CoinDCX.