Amidst India’s Crypto Ban Iran Proposes a Joint Fund for Exchange of Digital Currency

Amidst the ongoing crypto ban by India’s central bank, the president of Iran’s Cultural Heritage Handicrafts and Tourism Organization (ICHTO) has called out to India’s ambassador to establish a joint fund for the exchange of digital currency between Tehran and New Delhi.

Recently, Ripple also shared its future plans of capturing the 50% market share of India that further puts a huge question mark on the crypto ban in India.

A joint fund for digital currency exchange between New Delhi and Tehran

The central bank of India, RBI might have banned cryptocurrencies in India but according to the latest developments look like it’s only temporary.

According to the local media channel of Iran, IRNA the president of Cultural Heritage Handicrafts and Tourism Organization (ICHTO) of Iran, Ali Asghar Mounesan has requested India’s ambassador Saurabh Kumar on Tuesday for establishing a joint fund for the exchange of digital currency between New Delhi and Tehran.

The idea is to develop the tourism between India and Iran by developing this joint fund. Mounesan has further proposed that Indian tourists can also get their e-visa (electronic Visa) at the international airports of Iran. Since the issuing of e-visa at Iranian airports has been activated, the number of Indian tourists has risen significantly, noted the Indian ambassador at the meeting.

Both the countries have committed to strengthening their bonds. Now, in respect to this commitment, Kumar has called for implementing the cooperation documents that have been signed between Tehran and New Delhi.

Also, read: Breaking: Indian Supreme Court Pushes the “RBI Crypto Ban” Petition Hearing to September 11

What about RBI’s Crypto Ban?

First Ripple went into partnership with the Indian bank Kotak Mahindra and even shared the brief thought of giving billions of XRP tokens to the Indian population.

Ripple’s plan is to get the top banks in India to adopt Ripple products and gain a huge market share. Asheesh Birla, the Vice President of Ripple also talked about the future that they have 50 percent of the Indian market share in their pipeline stating,

“I think that in our pipeline we have probably 50 percent of the market in India, either integrated onto Ripple or in the deal, in the sort of pipeline to be signed to India.”

These developments are in contrast with the Indian central bank’s crypto ban. With the next date for the petition hearing in September and rumors doing the round that Indian government will recognize Bitcoin and cryptocurrencies as commodities. coupled with these developments, the potential outcome for the crypto market and community is highly positive.

Do you think the Indian government will take a positive step towards the crypto market?