Venture Capitalist Says India’s BTC Ban Will Increase Interest

Venture capitalist says that the claims of the Indian government for banning cryptocurrency in the country will only increase the interest for crypto and in the analysis in the text below for our altcoin news we find out why.

The Indian government decided to ban Bitcoin and cryptocurrencies and also impose a 10-year jail time punishment for anyone who is caught holding and using cryptocurrencies. The Reserve Bank of India denied the claims of an alleged draft bill that will have all cryptocurrencies banned but many believe that the RBI will follow through the signing of the bill into force. If that happens, however, the venture capitalist believes that it will only spike the interest in Bitcoin in the region thus bringing an opposite effect.

The reports by Bloomberg Quint show that India proposed up to 10-years in jail for mining, selling and using cryptocurrencies despite the already existing strict rules imposed upon the citizens for using digital currencies. The proposed bill will further tighten the grasp of the Indian government.

RBI avoided giving further answers to questions posed by lawyers including what could happen if the bill is passed without the bank’s support. The nation has been very supportive of creating financial technology and aims to prevent the growth of the industry. However, an upright ban of crypto was never a part of the discussion.

As noted in the latest cryptocurrency news, the RBI’s denial could lead to the reports being considered only as a rumor until the government of India issues such a regulatory framework. The Venture capitalist and founder of Digital Currency Group Barry Silbert who is very popular in the crypto space says that the ban will only cause citizens in the country to become much more interested in bitcoin and other cryptocurrencies.
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The goal of bitcoin was designed to be decentralized in order to remove the massive control governments have over the money of the people. It is not surprising at all for some governments and banks to see the risk Bitcoin becoming popular could endanger their positions and will pose to their longevity which is why India among the many other countries is taking steps to remove the asset from the hands of the citizens.