Founding partner of Draper Fisher Jurvetson (DFJ), Draper Associates, the Draper Venture Network and Draper University, Tim Draper appears to be poised to back projects in India.
“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, stated Draper.
“…I met several Bitcoin and crypto startups while I was in India last week. I hope to be able to fund a number of them.”
The bell was run for Draper after a new Indian Supreme Court decision freed up virtual currency startups in the country. In a recent landmark ruling, the Supreme Court set aside Reserve Bank of India (RBI) ban on trading in virtual currencies (VCs) through banks and other RBI regulated entities.
Prior to this on April 6, 2018, RBI had directed its regulated entities to neither deal in VCs nor provide services for facilitating any person or entity dealing with or settling VCs, and to exit the relationship if they were already extending such services.
Previously Draper told Inc42 that India’s Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019 was wrong:
“It is akin to the Luddites. They are in fact saying, ‘we will not tolerate progress.’ It will set them back 40 years. Imagine if they did this with the internet?”
“…It seems as though they are clinging to their power instead of thinking of the good of the country. This move shows that Modi has not yet rooted out corruption in the country. It lives on in his own government.”
Last week, Binance announced setting up a $50 Mn fund to invest in a crypto and blockchain startups in India.
Also published on Medium.