Ripple Suggests India Use XRP in Digital Asset Adoption Recommendations

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Thu, 06/18/2020 - 09:39
Yuri Molchan
After the SC of India forced the RBI to lift its crypto ban, Ripple is now offering its vision of how India could adopt digital assets and pitched XRP to policy makers
Ripple Suggests India Use XRP in Digital Asset Adoption Recommendations
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Contents

On its official website, the blockchain giant Ripple has published a lengthy document with recommendations to India regarding the best way to adopt digital assets.

Ripple
Image via @Ripple

Indian crypto users beat RBI ban, Ripple steps in

The recent victory the crypto community scored in India, in which the Supreme Court took the side of the Internet And Mobile Association of India (IAMAI) and other crypto users against the RBI and its crypto ban, has given the country’s community hope for wide and regulated adoption of cryptocurrencies.

Now, Ripple has published some recommendations for Indian policymakers in an attempt to help the country adopt digital assets quickly and with as much benefit as possible.

The document is titled “The Path Forward for Digital Assets Adoption in India”. It was created after American regulators recently spread the word that they would revise The Electronic Fund Transfer Act (EFTA) for the benefit of remittance providers.

The Ripple document offers a general overview of the global blockchain and crypto industry and offers some ideas of what a regulatory framework for this industry might look like in India.

Related India Eyes Introducing More Efficient Crypto Ban
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India Eyes Introducing More Efficient Crypto Ban

Ripple pitches ODL and XRP to Indian regulators

Ripple offered Indian lawmakers a 36-page document full of industry overview and recommendations.

In it, the blockchain decacorn has tried to convince Indian regulators why it is important and beneficial to adopt crypto assets along with blockchain technology.

Ripple offers some crypto use cases, particularly quick cross-border transfers of money, including the expansion of Ripple’s ODL product to be used in India along with XRP.

A whole chapter is dedicated to this, among other uses-cases of crypto and XRP.

Related Ripple Co-Founder Chris Larsen Moves 75 Mln XRP to His Other Wallet
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Ripple Co-Founder Chris Larsen Moves 75 Mln XRP to His Other Wallet

Binance to help India adopt digital assets

On June 17, Binance exchange spread the word about it joining the aforementioned IAMAI – the Internet and Mobile Association of India.

As per the Binance blog post, the platform has joined the crypto-asset exchange committee and is now a member of the major regulatory body of India’s digital technology businesses.

Being a part of the IAMAI, Binance will now take part in creating a policy framework in India for crypto asset adoption with high security and risk management for average users and businesses.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.