Venture capitalist and cryptovite enthusiast Tim Draper believes that start-ups working with digital currencies in India are waiting for the "renaissance" and now is a great time to invest in them.
"Renaissance in India. The crypt currency is now legal there," he wrote on Twitter.
We are talking about the recent decision of the Supreme Court of India, which overturned the directive of the country's Central Bank (RBI) prohibiting the use of Bitcoin and other cryptovalues. The directive prohibited banks and other financial institutions from serving companies that deal with cryptocurrencies.
Draper said he had already met with representatives of several local cryptographic start-ups and "would like to fund a large number of such companies. In his opinion, the current crisis will allow people to recognize that bitcoin is the best way to store money and payments.
"India's Supreme Court and government have shown that the best ideas ultimately stay afloat. And they did it just in time, because the benefits of Bitcoin and cryptology will become apparent during the current economic crisis," said the venture capitalist.
The central bank of the country does not agree with the decision of the Supreme Court and will appeal against this decision.
It was recently reported that Binance, the largest cryptovoltaic exchange, plans to invest $50 million in the development of India's cryptovoltaic ecosystem.
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