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Key blockchain company and a company specializing in financial technologies, Ripple have released a platform for use in India, as the country plans to ban cryptocurrency in general.
The Economic Times revealed India’s proposal to ban the exchange of cryptocurrency on Friday, June 12. Ripple established a political framework in response, seeking to deter the Indian regulators from restriction.
The program document is entitled “The Path Forward for Digital Assets Adoption in India” The use of digital assets, such as XRP, in the Indian economy provides advantages, as per a news report by Ripple. It also recommends “a regulatory framework for digital assets by modifying precise financial sector laws — for example, giving the Indian Securities and Exchange Board (SEBI) the oversight to license, control, and oversee digital asset service providers,” it states in the post.
The document mentions XRP as the “dominant use case for cross-border payments and money transfers.” This underscores the advantage of XRP over major crypto players such as BTC and ETH. Some of the indicators (per transaction) used in the comparison were speed (3.6 seconds), cost ($0.0004), and scalability (1500 TPS).
Currently, there is a lot of confusion regarding the legality of crypto in India. Although the Indian apex bank has banned cryptography at local banks, the Reserve Bank of India claims that cryptography is still legal. If adopted, Ripple in India will significantly increase its market capitalization.
Ripple Targeting Indian Market As Tether Knocked Out XRP
Ripple’s cryptographic regulation proposal in India came soon after XRP lost its long-term position as the third-largest cryptocurrency in terms of market capitalization. As reported recently in the news, Major Stablecoin Tether (USDT) outperformed XRP and became the third-largest cryptographic by market capitalization.
At the time of publication in the press, XRP had a market capitalization of $8.3 billion and a share of Tether of $9.2 billion.
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