American financial technology company Ripple has proposed a political basis for regulating cryptography in India against the background of local cryptographic security.
In an effort to persuade Indian authorities to support technology regulation and the growing cryptocurrency industry, Ripple has released a policy paper aimed at local lawmakers.
India as the predominant use of limits and payments
The Ripple Policy Paper on June 18 provides a series of recommendations for Indian politicians and provides an overview of the global landscape of digital assets and procedures for introducing a new cryptocurrency policy in the country.
The 36-page document, entitled “The Way Forward to Enter Digital Assets in India”, strengthens XRP and asks India to provide clarity of regulation for cryptocurrencies.
In the evidence, Ripple specifically explains XRP’s potential to become a major transboundary payment solution in India, which is “the predominant use case of cross border payments and transfers”.
Ripel stresses that the current methods of cross-border transactions can take four or eight days, noting that it can process transactions from an Uzbek bank to its Indian partner “almost in real time”, adding:
– This path reduces the costs, time, and risks of mainstream bank transfer models. As a result, many friction points, such as the minimum account balance and different time zones, as well as operating and settlement risks, are excluded for cross-border payments using XRP. ”
In a comparative analysis of XRP properties and performance indicators of other key digital assets, such as Bitcoin (BTC) and ether (ETH), Ripple outlined the main advantages of XRP.
India’s uncertain environment for cryptocurrency regulation
The coded Ripple newspaper comes amid a long-term uncertainty about the country’s digital assets. After the Indian central bank prevented local banks from serving crypto companies in 2018, the legal status of crypto protection was not clear, as the Reserve Bank of India in India also reported that there is no crypto ban in the country.
After India’s Supreme Court lifted the ban on RBI in March 2020, the Finance Ministry proposed a general moratorium on June 12.
India is not the only country that deals with “regulatory pong pong” in the crypto industry. Russia has also provided little security for crypto-related activities, as local authorities still disagree with the legal status of digital assets.
Cointelegraph contacted Ripple to find out if the company plans to assist other countries in introducing cipher regulation, but did not receive a response at the time of publication.
Ripple approaches the Indian market while XRP expels Tether
The offer of cryptocurrency from Ripple in India came right after XRP lost its old position as the third largest cryptocurrency by market value. As reported on May 25, the large stacked Tether (USDT) coin has surpassed XRP and has become the third largest crypto in terms of market power.
At press time, XRP had a market value of $ 8.5 billion and Tether’s market share of $ 9.2 billion.