The crypto industry has the potential to play a more active role and companies are willing to work with authorities to achieve this goal. This month, fintech firm Ripple released its crypto policy paper. Ripple wanted to underline the importance of the crypto industry to India.
Importantly, this paper comes amid long-running uncertainty for digital assets in India. As a reminder, in 2018, the Reserve Bank of India banned local banks from servicing crypto firms. Nevertheless, the country’s central bank claimed that there was no prohibition on crypto in India.
Hopefully, India’s Supreme Court made a historic decision by ruling in favor of the crypto industry. Nevertheless, the lack of clarity regarding the legal status of crypto is a serious challenge not only in the case of India but in other countries as well. It is worth mentioning that, thanks to such papers it is possible to help local authorities.
Ripple and its policy paper
As stated above, American fintech firm Ripple released its policy paper. The title of this paper is “The Path Forward for Digital Assets Adoption in India”. Interestingly, this paper provides several recommendations for Indian lawmakers.
Furthermore, this paper is offering an overview of the global digital assets and measures to adopt a new cryptocurrency policy in the country.
The firm wants to persuade Indian authorities to support fintech regulation as well as the growing crypto industry.
Importantly, the 36-page long document promotes XRP. Notably, the paper calls on India to provide regulatory clarity for cryptocurrencies.
Also, as the paper was prepared by Ripple, it is not surprising that fintech firm is priming its cryptocurrency. For example, Ripple highlighted XRP’s potential to become a key solution for cross-border payments in India.
According to the firm, existing methods of cross-border transactions can take four to eight days. However, it can handle a transaction from an Uzbek bank to an Indian bank in near real-time. As a result, it is possible to minimize costs, time, and risks associated with current methods.