The Reserve Bank of India (RBI) have established regulations that mean cryptocurrency trading in India is essentially banned. This ban is now a part of a larger case that is currently being passed around the courts. There’s a chance the regulations could be overturned, but, regardless of this, cryptocurrencies are banned and the country is currently in limbo regarding the whole matter.
Regardless of this, according to new reports, Ripple are cementing a position within India that could see adoption of both Ripple technologies and XRP in the future, assuming of course that cryptocurrencies are given a little bit of leeway by the RBI in the future.
Remittance payments, powered by xRapid and xCurrent are a huge selling point for banks within India and therefore, Ripple seem to be putting a bit of effort into ensuring banks in India are aware of just how Ripple can help them, by providing a speedy blockchain alternative to standard cross border transactions.
According to FXStreet, Brad Garlinghouse, the CEO of Ripple has commented on the matter;
“Improving remittances services into and out of India means less fees and more money for families who rely on those funds that are sent home… This trend is increasing across payment providers and banks inside and outside of the country — further underscoring the mounting opportunity in remittances to India from around the world.”
See more for yourself, here.
There is evidence to suggest that the ball is already rolling for Ripple in India. Kotak Mahindra Bank have recently announced that they will be integrating RippleNet into all there 1300 branches across the country and moreover, just last year Ripple also opened an office in Mumbai.
Overall, Ripple alone are unlikely to overturn the RBI decision and of course even with crypto banned in the country, there are still very promising uses for Ripple’s technologies in India. What we are seeing here however is Ripple looking towards a future where cryptocurrency can exist in the country and can be used as a viable asset. I suppose by keeping their heads down and just carrying on with their work, Ripple will be able to make the most of any future decisions made by the RBI.
Crypto isn’t totally over in India just yet.