India is one of the largest economies across the world and, therefore, a good market for cryptocurrencies. Reserve Bank of India (RBI) had put a ban on all kinds of cryptocurrencies trading in the country. But now, the Times of India has reported that a new regulatory framework will come into force that will reverse the ban on cryptocurrency trading across the country. Here, it is also worth mentioning that Indian Finance Ministry had also criticized the cryptocurrency by saying it “Ponzi scheme” without intrinsic values. This ban on cryptocurrencies by Reserve Bank and the criticism by Ministry of Finance led to a great slump in the values of almost all the cryptocurrencies.
The Indian Times reports that RBI is going to launch its own Central Bank Digital Currency (CBDC). The financial experts are hopeful that this issuance of digital currency by RBI might reverse the ban on cryptocurrency trading in the country in future. Here, it is important to mention that Ripple XRP is revolutionizing the cross border payments through its unique and innovative blockchain technology. Therefore, more than 100 companies, banks, and financial institutions have joined Ripple Net for easy cross border settlements.
Ripple had established an office in Mumbai last year to expand its operations in the country. Dilip Rao, Ripple’s global head of infrastructure innovation says that there is great regulatory comfort with Ripple Net-particularly in the light of the bank with international settlements. He considers it important for those banks that do not have an established network for cross border settlements. It is evident that RBI had not conducted any research before imposing ban of cryptocurrency trading. Also, it had to face a lot of court cases from public in this regard. Even Indian Supreme Court denied accepting further petitions against Reserve Bank.
There are many banks in the country that have adopted RippleNet for cross border payments. More than $70 billion transactions take place through Ripple’s blockchain. Moreover, its products like xRapid, xCurrent, and xVia are revolutionizing the global money transfers.