Ripple XRP Policy Framework for Digital Assets in India Incumbents Can Get Live in 6 weeksJuly 16, 2020
Ripple is going to pioneer when working with established entities, banks, settlement systems, clearing houses and others. Ripple XRP have been interestingly progressing towards capturing global markets. Their stance, when it comes to establishing themselves in countries like India has been tactful. The Reserve Bank of India, the apex regulator did not approve of cryptocurrency; however, Ripple are proposing a “Policy Framework for Digital Assets in India.” Ultimately, focusing on fostering responsible adoption of the new digital assets and blockchain technology.
Sydney Ifergan, the crypto expert in his tweet when talking about Ripple and India stated: “India is a huge, huge consumer market, and they are developing and fast adopting. Ripple XRP are set to get the best sky in India to Shine if regulators permit.”
Ripple twitter: “Fintech regulation that sponsors innovation & protects consumers is necessary for worldwide digital asset adoption. Check out our proposed policy framework for digital assets in India.”
Asheesh Birla, SVP of Product and Corporate Development at Ripple, Board Member at Bitso, Board Observer at MoneyGram in the past stated, “There is likely to be a sea change about how people will move money around in India and across the world using blockchain technology. Sending small value payments will become more efficient. In India it is very painful for a villager to receive 100 rupees, which is just a few dollars. With Ripple it is going to all change in emerging markets, businesses and in individual transactions.”
When asked on why Ripple has de-emphasized the token compared to other majors, Asheeh Birla stated that it is the center of their story and that they are not deemphasizing it.
When talking about his experience working with incumbents in terms of opportunities and challenges stated that he felt that they are far ahead in the game when compared to 4 or 5 years ago when they started with financial institutions. He recalled how financial institutions started to pick up things and move forward with everything from cryptography to also XRP.
He also stated that even though incumbents are slow, when they are given a reason to move, they can get live on Ripple in 6 weeks. He stated it is timing thing and that the market is absolutely right for that. The key as being to show them how this technology is different and how it can bring new business to them.
Banks who are looking to reinvent themselves according to Asheesh Birla can change. He further added that he was not a skeptic and was a believer in that. Ripple strongly believe that XRP is a very efficient tool to move money.