On June 18, American fintech firm Ripple released its policy paper titled “The Path Forward for Digital Assets Adoption in India”. This paper provides a number of recommendations for Indian lawmakers. Moreover, it is offering an overview of the global digital assets as well as measures to adopt a new cryptocurrency policy in the country.
Ripple wants to persuade Indian authorities to support fintech regulation and the growing crypto industry. Interestingly, the firm issued a policy addressed to local legislators. This way Ripple wants to convince lawmakers.
It is worth mentioning that the 36-page long document promotes XRP. Moreover, the paper calls on India to provide regulatory clarity for cryptocurrencies. Moreover, it is not surprising that fintech firm Ripple is priming its cryptocurrency. Interestingly, in the policy paper Ripple specifically outlines XRP’s potential to become a key solution for cross-border payments in India.
The firm did not forget to mention in its paper that existing methods of cross-border transactions can take four to eight days. According to Ripple, it can handle a transaction from an Uzbek bank to the Indian bank at near real-time. Moreover, thanks to this route it is possible to minimize costs, time, and risks associated with current methods.
Ripple and India’s crypto industry
It is worth noting that crypto policy paper prepared by Ripple comes amid long-running uncertainty for digital assets in the world’s second-most-populous country. In 2018, the country’s central bank banned local banks from servicing crypto firms. However, the central bank claimed that there was no prohibition on crypto in India.
Hopefully, India’s Supreme Court lifted ruled in favor of the crypto industry. Nevertheless, the lack of clarity regarding the legal status of crypto is a serious challenge. The paper released by Ripple is important as thanks to such papers it is possible to help local authorities.