Bitcoin’s spectacular downward price slide has been pushed yet further by an entirely unconfirmed report that the cryptocurrency could be banned in India.
What is claimed to be a leaked proposal for a bitcoin ban in India was labelled “pathetic and corrupt” by billionaire investor Tim Draper, who is a prominent bitcoin advocate. He was responding to reports of draft legislation that would allegedly impose a blanket ban on all cryptocurrencies in the country.
“People behaving badly!” Mr Draper tweeted. “India’s government banned bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership. Pathetic and corrupt.”
His comments were triggered by an unverified document circulating on social media after it was posted by blockchain lawyer Varun Sethi.
The document states: “No person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use cryptocurrency in the territory of India.”
Other figures within the cryptocurrency community suggested that enforcing such a ban on a decentralised entity like bitcoin would be nearly impossible.
“Banning mosquitos after a rain in the summer would stand a better chance of being enforceable,” said John McAfee.