New Ripple Corridor To India In The Cards
Ripple has been working really hard to expand the firm’s reach and to boost the overall XRP ecosystem. They’s been also pushing the mainstream adoption of the digital asset XRP.
2020 has been a good year for the San Francisco-based firm, despite the global crisis triggered by the novel coronavirus. The company sealed a lot of deals and new partnerships.
Discontent with Indian lawmakers
In an interview for Forkast News that’s been conducted by Angie Lau, two execs have expressed their discontent with Indian lawmakers.
According to Navin Gupta, Ripple’s Managing Director for South Asia and MENA region and Sagar Sarbhai, Ripple’s Head of Government and Regulatory Affairs, India is killing innovation.
Ripple execs were referring to India’s ban on cryptos, caused by a lawsuit by the Reserve Bank of India (RBI).
It’s important to note that the ban was imposed back in 2018 when the RBI prohibited crypto exchange platforms from accessing financial services.
Crypto News Flash online publication reminds readers that the ban was lifted in early March this year, and the news brought a lot of excitement in the community and the crypto market.
On the other hand, it’s also worth noting the fact that a few months after this exciting event, the country showed that it failed to progress in terms of pushing the mass adoption of cryptos such as Bitcoin.
There’s a legal vacuum in India
Ripple execs believe that there’s a legal vacuum in the country that has to be filled for the benefit of potential users in India.
Sarbhai stated the following:
“They are still in a grey area, there is no framework that gives that level of comfort to banks and institutional investors to enter the space and provide services.”
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Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.