Major blockchain and financial technology company Ripple has released a framework for use in India as the country makes plans to ban cryptocurrency in general.
On Friday, June 12, the Economic Times reported on India’s plans to ban the exchange of cryptocurrency. In response, Ripple created a policy framework in an attempt to dissuade the Indian authorities from the ban.
The policy paper is titled “The Path Forward for Digital Assets Adoption in India”. According to Ripple’s press release, there are benefits of adopting digital assets such as XRP in India’s economy. It also proposes a “regulatory framework for digital assets by amending specific financial sector laws—for example, empowering the Securities and Exchange Board of India (SEBI) to license, regulate and supervise digital asset service providers,” the release said.
The paper referred to XRP as a “dominant use-case for cross-border payments and remittances.” It highlights XRP’s advantage over major crypto players such as BTC and ETH. Some of the metrics (per transaction) used in the comparison were speed (3.6 seconds), cost ($0.0004), and scalability (1,500 TPS).
There is a lot of confusion about the legality of crypto in India presently. Although India’s apex bank banned crypto in local banks, the Reserve Bank of India says crypto is still legal. If accepted, Ripple’s adoption in India will boost its market cap tremendously.