Tim Draper: “It's time to invest in Indian cryptocurrency startups”

Venture capitalist and cryptocurrency enthusiast Tim Draper believes that startups working withdigital currencies in India, waiting for a "renaissance" and now is a great time to invest in them.

"Renaissance in India. Cryptocurrency is now legal there,” he wrote on the social network Twitter.

This is a recent Supreme Court decisionof India, which reversed the country's Central Bank (RBI) directive banning the use of Bitcoin and other cryptocurrencies. The directive prohibited banks and other financial institutions from servicing companies working with cryptocurrencies.

Draper said that he had already metrepresentatives of several local cryptocurrency startups and “I 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 Governmentshowed that best ideas ultimately stay afloat. And they did it just in time, because the advantages of bitcoin and cryptocurrencies will become apparent during the current economic crisis, ”the venture investor emphasized.

The country's central bank does not agree with the Supreme Court's decision and will appeal against the ruling.

It was recently reported that the largest cryptocurrency exchange Binance plans to invest $50 million in the development of the Indian cryptocurrency ecosystem.

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