- Telecommunications Giant Vodafone Leaves the Libra Association
- Group of Central Banks Assesses Developing Central Bank Digital Currencies
- South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
The famed entrepreneur and venture capitalist magnate Tim Draper went candid on India’s government in a recent event, dishing out a few foolproof tips to help grow the Indian economy with blockchain and crypto.
The pro-crypto Draper acknowledged the incredible potential India’s economy hold and gave kudos to Prime Minister Modi for his effort over the years. He expressed his faith in the current government stating emphatically that honesty and open government are the key ingredients in creating wealth. Therefore, the more honest and open a government is, the wealthier the society will be, he proclaimed.
Draper rightly quoted, pointing to the incredible move Modi made in 2016 when he demonetized high-value notes, although it is controversial.
However, he isn’t really buying the recent anti-Bitcoin move made by the Indian government. “I thought it was a good move; he is getting rid of corruption and trying to create a corruption-free state, but by blocking Bitcoin, he is creating more corruption and I think that is very dangerous for the country.” Previously, Draper predicted that 5% of the entire earth’s market share will belong to Bitcoin.
Recounting why he pulled out of India’s market in 2013 and how the demonetizing move showed it is healthy enough to come back again. But the move against Bitcoin(BTC)trade isn’t the smartest move, he suggested.
“Modi could have said what we can do with it, instead of saying let’s keep the old corrupt ways. Who wants to use the rupee? It drops 20% a year in value. It doesn’t make any sense.”
Draper went further to describe how incredible India’s startup ecosystem is, and blamed the rise of unemployment on the government. In a bid to drive his point home, Draper likened the rise of unemployment in India to the rise of homeless people in San Francisco. He advised Modi about the role the government plays and how a lot of regulation could put a dampener on the growth of the economy.
The $5 Trillion GDP by 2025 Goal – With Blockchain and Crypto
And with such a strategy, achieving a GDP of $5 trillion by 2025 as he planned may be near impossible. Not until Modi gets rid of corruption and encouraged new technology, he advised. “If he doesn’t, people are going be afraid to try new stuff and nobody is going to do anything grand and you are going to have more unemployment,” he warned.
Backing Draper’s point of view, the CEO and Founder of U First Capital – Ekta Dang – expressed her concerns on the “audacious” plan; notwithstanding, she believes the goal is achievable if the right issues are addressed.
Furthermore, she opined that the only way the Indian economy would achieve such a daring goal is to grow by at least 8% per year. As opposed to the 5% growth seen today. And such spike wouldn’t come overnight. The only way forward, according to her, is for the government to let in new technologies and bolster digitization and automation-driven efficiencies, probably relating to blockchain and crypto.