Ripple, recently published a document suggesting different methods of adoption and regulatory recommendations of cryptocurrencies addressed to the policymakers of India.
After Binance, Ripple Sets Eyes On India
Members of the cryptocurrency industry seem to be taking a keen interest in India. Thanks to its massive population, the country is now viewed as a prominent hotspot for cryptocurrency adoption. Even though the crypto scene in India was quite uncertain, the Supreme Court inclined towards the crypto community and ruled against the ban. Soon after this, the number of crypto-related businesses in the country witnessed a significant surge.
Prominent real-time gross settlement system, Ripple, released a document highlighting the possible modes of adopting cryptocurrencies in the country. Ripple took to Twitter to announce the same.
We’ve published a policy paper to provide Indian legislators with recommendations for transparent digital asset regulatory frameworks. Read more on Insights. https://t.co/VfOMJvs9Pz
— Ripple (@Ripple) June 18, 2020
Sagar Sarbhai, the Head of Government and Regulatory Affairs, APAC penned down the document along with Mandar Kagade, India Policy Advisor suggesting that the country is at its “inflection point” with respect to innovation in financial technology. Since it’s still at its turning point, the government of the country can roll out policies compliant to both the adoption of cryptocurrencies as well as the country’s laws.
The 36-page document titled “The Path Forward For Digital Assets Adoption In India” covered various topics including, digital assets and Distributed Ledger Technology, use-cases of cryptocurrencies, taxing digital assets and ways of setting up policies for these assets.
Along with this, experts also pitched the idea of utilizing XRP as well as Ripple’s On-Demand Liquidity [ODL] solution. The document read,
“Ripple aims to maximize the efficiency and reach of cross-border payments. One crucial component of this objective is creating a scalable liquidity solution, supplementing the account-based process with a digital asset – XRP – to enable efficient, scalable reach to low-volume corridors. XRP is a tool that acts as a bridge between fiat currencies, maximizing their liquidity along with banks’ payment reach.”
Furthermore, the document pointed out that XRP was the best option among other cryptocurrencies especially in terms of speed, transaction cost as well as scalability.
Additionally, the experts reportedly probed the regulatory frameworks of various countries including South Africa, United Kingdom, Abu Dhabi, Singapore as well as Japan before setting up regulatory benchmarks for India.
Just yesterday, Malta-based cryptocurrency exchange Binance revealed that it had joined the crypto-asset exchange committee at the Internet and Mobile Association of India [IAMAI] and Ripple’s latest move proves that prominent platforms or the crypto industry have eyes on the country.