XRP plans to beat Bitcoin in India even as things are unclear regarding government stance
“Ripple has huge plans for India and it is planning its strategic moves as the firm paves its path to beat Bitcoin in the country.” This is what Asheesh Birla, Vice President of Product at Ripple said while speaking at a panel on Scaling and Digital Disruption in Fintech.
He also put forward that while Ripple is strategizing to beat bitcoin’s dominance globally, India will be a key market for them in winning the race.
Ripple betting on India’s economic growth and humongous market
Ripple as part of its strategy is targeting the emerging economies with India predicted to become an economic ‘superpower’ by 2030 according to a US intelligence report. The report that’s named ‘Global Trends 2030: Alternative Worlds‘, authored by the National Intelligence Council (NIC) said:
“In 2030 India could be the rising economic powerhouse that China is seen to be today. China’s current economic growth rate – 8 to 10 percent – will probably be a distant memory by 2030.”
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With working age population remaining the key indicator for future economic growth the report from 2012 said that
“India’s rate of economic growth is likely to rise while China’s slows,” adding that, “in contrast, India’s working-age population is unlikely to peak until about 2050.”
India is currently the world’s third largest economy in terms of real GDP after the USA and the People’s Republic of China. India also sits on the second largest population inching every day closer to China.
Ripple believes India Banking Growth is something that will change the game for XRP in the country as more and more people get bank accounts. It is also believed that India’s digital economy will reach $1 trillion by 2022, from $270 billion today.
He was quoted saying
“And then we looked at – where’s the future? And so, we realized in the next five years, one billion people will become banked in India, but they’ll be banked through their phone. So then we started targeting mobile phone providers and telcos.”
Ripple has always been bullish on India. It was the first leading cryptocurrency company to focus on India as it opened its office in Mumbai, India’s Financial Capital, To quote Asheesh on the same
“We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?”
“That was one idea. But then we realized that if you get the top three banks in India onto Ripple, you get 80 percent of the market share. And so now, 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.”
Also, read: Ripple Adds 4 Third-Party Validators to Decentralize the XRP Ledger
Will the regulatory uncertainty downplay Ripple’s plans
On paper, Ripple’s strategic plan to take over the world appears to be superlative. But with regulatory uncertainties hovering over Indian crypto industry, this plan could be downplayed. The industry in the country is currently under the ban of INR support to crypto’s as the government of India tries to limit money laundering and other criminal activity that may use crypto investment as a cover.
Although there is still a ray of hope as recent reports in media suggest that India may not put a blanket ban on digital currencies, but rather treat them as commodities.
Whatever may be the regulatory verdict, India will definitely not go off the radar of the third largest cryptocurrency. Ripple is already working with its xCurrent payment system offering with a key bank in India to the likes of Kotak Mahindra Bank and Axis Bank. With the optimism Ripple is showing, it’s clear that the company is here to stay and will continue working on its plans.
Will Ripple succeed in its plan to beat Bitcoin in India or the regulations will cripple it? Do let us know your views on the same.
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