Ripple’s international expansion may have been put on hold recently, whilst they battle the courts in the United States, this however doesn’t mean that their international expansion isn’t still a project on the horizon for the company. Ripple want to make the world a smaller place, through making international payments simple. In order to do this, they need to gain traction in every country, even anti-crypto countries such as China.
Jeremy Light, the Vice President of European Strategic Accounts at Ripple has allegedly reported in an interview that China especially, is still a target for Ripple, Light is alleged to have told CNBC:
“China is definitely of interest, it is definitely a target. China is definitely a country and region of interest.”
China will be a tough cookie to crack.
Chinese authorities don’t make it easy for projects like this to materialise, moreover, as a crypto company, Ripple will see an awful lot of resistance from the government. It’s important to remember that in China, the trading of cryptocurrencies is banned entirely (though we expect this to be readdressed soon enough). One advantage Ripple do have however is that XRP is just one project, they have a number of other technologies in the works that will be able to make in impact in China, without breaking any laws. According to AMBCrypto:
“With China’s blanket ban over the trading of cryptocurrencies, it is unlikely that Ripple will be pushing the adoption of their xRapid technology. This solution by Ripple utilizes XRP as a base currency to enable fast cross-border payments. They are more likely to pitch xCurrent, their interbank messaging solution based on RippleNet.”
See more for yourself, here.
When will this materialise?
Well, as we have stated, Ripple have too much on their cards to have to worry about cracking China just yet, though, once their numerous lawsuits settle down, hopefully the team at Ripple will be in a better position to begin to work with banks and businesses that operate out of China. Once these are on boards and after government approval, Ripple should be free to roll out their technology to the masses.
This doesn’t mean XRP will end up being adopted in China and XRP probably won’t smash past NEO as China’s number one, but, in the future, under a more cryptocentric society, XRP could have a very good chance of seeing a new use value in China, especially if by this point all the banks are already using xCurrent and RippleNet.