Billionaire investor and the winner of thousands of Bitcoins (BTC) in the Federal Bureau of Investigation's 2014 Silk Route auctions, Tim Draper, has set his sights on Bharat'due south nascent cryptocurrency industry.

On March 22, the venture capitalist tweeted that the Supreme Court'south recent reversal of the Reserve Depository financial institution of India'due south (RBI) ban on banks providing financial services to crypto companies will drive a renaissance for the country's cryptocurrency sector.

In a March 21 interview with Inc42, Draper stated that he "met several Bitcoin and crypto startups" during a recent trip to Republic of india, adding that he "promise[s] to exist able to fund a number of them."

Global economical woes volition highlight the benefits of Bitcoin

The VC emphasized the crucial timing of the Supreme Court's decision, predicting that the benefits of cryptocurrencies will be highlighted by the deterioration of the global financial system:

"The Supreme Court of Bharat and the Indian government have shown that the best ideas ultimately prevail, and simply in time, because the benefits of Bitcoin and crypto over current systems volition become apparent during this crisis."

Long term, Draper expects that the electric current crisis "will allow people to recognize that Bitcoin is simply a ameliorate manner to hold value and spend money than through our current banking system."

Crypto firms race to gain a foothold in the Indian market

Draper is not the only one looking to invest in Republic of india's crypto sector, with Binance and WazirX announcing their $fifty million "Blockchain for India" fund on March sixteen. CoinDCX also pledged $1.3 1000000 in funding towards initiatives to heighten awareness and adoption of crypto in India on March 12.

Crypto exchanges Kraken and KuCoin accept both issued statements announcing a want to enter the Indian market.

Inside one day of the Supreme Court's ruling, both Binance and OKEx had resumed Indian operations through their respective local partners, WazirX and CoinDCX.

Republic of india'south crypto industry is not out of the woods nevertheless

Despite the widespread excitement for crypto in Bharat, the sector withal faces pending regulatory challenges.

In add-on to a probable appeal from RBI regarding the Supreme Courtroom's decision, India's parliament is yet to dominion on the "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill" from 2019.