advertisement

Ripple: RBI Could Possibly Reverse Cryptocurency Ban with Regulations

Ripple | DIlip Rao | RBI Crypto ban | Cryptocurrencies India | Cryptocurrency regulations India | Ripple updates

 

A Ripple executive said that the regulatory environment could possibly calm down in India and the RBI could possibly overturn the ban on cryptocurrencies.

Dilip Rao, global head of infrastructure innovation at Ripple, said that the regulatory environment in India would soon be favorable to cryptocurrencies, at least as far as XRP is concerned. He said,

“There is a great regulatory comfort with Ripple Net, particularly in the light of the Bank for International Settlements’ policy requiring central banks to have a backup for payment systems having non-similar technology,”

According to a latest report by TOI, Ripple has tied up with private lenders Yes Bank, Axis Bank and IndusInd for using the blockchain-based platform for payments without the use of the cryptocurrency asset. It, however, maintains that it aims to use XRP in future as a ‘connecting cryptocurrency’ to facilitate remittance.

While these banks use RippleNet, the firm’s enterprise blockchain solution, Ripple also offers xRapid, a blockchain platform for banks powered by its native crypto token XRP.

Rao contends that Ripple could benefit central banks as a backup to traditional payments systems that are vulnerable to intrusions or cyberattacks.

RBI’s stringent stance towards cryptocurrencies has led to a grassroots pushback and a wave of court cases in response to what is an increasingly disabling regulatory climate for domestic crypto businesses. Some prosecutors are arguing that RBI’s decision to end banks’ dealings with crypto businesses is a violation of the country’s constitution.

In May, the Indian Supreme Court ruled that no further petitions against RBI’s banking blockade were eligible to be filed until the next scheduled hearing date for existing petitions on July 20, 2018.

Rao said,

“Even from a geopolitical point of view, countries are having concerns over the existing cross-border payment systems, which can be switched off with a turn of the switch,”

Ripple has already roped in the Saudi Arabian Monetary Authority, the country’s central bank, to join over 100 financial institutions globally on RippleNet.

KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.

Get Latest Cryptocurrency And Bitcoin News

Signup this form below to get latest Cryptocurrency and Bitcoin news, directly in your mailbox

Note:

Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.