Ripple suggested that its on-demand liquidity system (which uses XRP) could be adopted by Indian financial institutions.
San Francisco-based cryptocurrency and software firm Ripple has proposed a policy framework for regulating the cryptocurrency industry in India addressed to Indian officials.
The proposal follows news last week the Indian government may be reconsidering a draft bill that would impose a fine and a prison sentence of up to 10 years on anyone who owns or uses cryptocurrency in the country.
Ripple’s proposed framework seems to have been presented to local legislators in an apparent attempt to persuade Indian legislators to support a more balanced approach toward cryptocurrency and fintech regulation.
The 36-page paper, which was entitled ‘The Path Forward for Digital Assets Adoption Idea’, contains a global overview of the global digital assets landscape and suggests a number of measures that would clarify crypto regulation in the country.
Specifically, the paper outlined a taxonomy of digital assets, regulatory templates set by other countries, and directly suggesting what India’s digital asset regulatory framework should look like--and, of course, how Ripple’s products could be adopted for widespread use in India.
Ripple argues that its On-Demand Liquidity product could become an integral part of India remittance infrastructure
Indeed, perhaps predictably, the paper also contained information on how Ripple’s On-Demand Liquidity (ODL) service, which uses XRP--the asset that was created by Ripple and is used on many of its platforms--could become an integral part of cross-border Payments in the country.
After all, the crypto community at large has had its eye on India’s remittance market for quite some time: in 2018, the World Bank estimated that India was the top recipient of remittances in the world--roughly $79 was billion back home in 2018.
The paper argued that the adoption of ODL among institutions along the US-Mexico foreign exchange corridor saved the involved financial institutions “40-70% of the foreign exchange costs they would otherwise have incurred in remitting those funds through traditional (read: account-based) pipes.”
The paper also pointed out that “World Bank researchers have cited Ripple’s ODL solution as one of the ways in which cross-border payments innovation can be brought about.”
Ripple was also careful to point out that individuals who send and receive transactions through the ODL service will not directly hold or interact with XRP at any point.
“XRP is used as an FX tool between the financial institutions. Retail payment customers will never own, hold or transact in XRP as part of the On-Demand Liquidity product experience," the paper said.
A critical time for crypto in India
The presentation of the paper to Indian government officials seems to be directly in line with Ripple’s strategy for making connections throughout the world, which CEO Brad Garlinghouse described in an interview with CNN earlier this year.
“A lot of what I am doing […] is meeting with regulators, meeting with very senior people at banks and explaining to them how crypto can be used–specifically XRP–can be used to solve a real problem, not to circumvent regulation,” he said.
“[…]Once people understand that, they very quickly become disarmed–[‘crypto’] is no longer a bad word.”
And indeed, with rumours of a blanket ban in India once again floating through the air, this could be a critical time for regulators in the country to learn and understand how Cryptocurrencies--including XRP--could be used to benefit the country.
“it’s in India’s best interest to encourage such a fast-growing sector,” he said.
“There are more than 5 million crypto users in India, and I’m confident that our Prime Minister won’t let us down. With the right regulation, governments will be able to ensure AML and other guidelines are effectively followed. A blanket ban is not a solution, and I don’t believe India will go for a sub-optimal solution here.”
San Francisco-based cryptocurrency and software firm Ripple has proposed a policy framework for regulating the cryptocurrency industry in India addressed to Indian officials.
The proposal follows news last week the Indian government may be reconsidering a draft bill that would impose a fine and a prison sentence of up to 10 years on anyone who owns or uses cryptocurrency in the country.
Ripple’s proposed framework seems to have been presented to local legislators in an apparent attempt to persuade Indian legislators to support a more balanced approach toward cryptocurrency and fintech regulation.
The 36-page paper, which was entitled ‘The Path Forward for Digital Assets Adoption Idea’, contains a global overview of the global digital assets landscape and suggests a number of measures that would clarify crypto regulation in the country.
Specifically, the paper outlined a taxonomy of digital assets, regulatory templates set by other countries, and directly suggesting what India’s digital asset regulatory framework should look like--and, of course, how Ripple’s products could be adopted for widespread use in India.
Ripple argues that its On-Demand Liquidity product could become an integral part of India remittance infrastructure
Indeed, perhaps predictably, the paper also contained information on how Ripple’s On-Demand Liquidity (ODL) service, which uses XRP--the asset that was created by Ripple and is used on many of its platforms--could become an integral part of cross-border Payments in the country.
After all, the crypto community at large has had its eye on India’s remittance market for quite some time: in 2018, the World Bank estimated that India was the top recipient of remittances in the world--roughly $79 was billion back home in 2018.
The paper argued that the adoption of ODL among institutions along the US-Mexico foreign exchange corridor saved the involved financial institutions “40-70% of the foreign exchange costs they would otherwise have incurred in remitting those funds through traditional (read: account-based) pipes.”
The paper also pointed out that “World Bank researchers have cited Ripple’s ODL solution as one of the ways in which cross-border payments innovation can be brought about.”
Ripple was also careful to point out that individuals who send and receive transactions through the ODL service will not directly hold or interact with XRP at any point.
“XRP is used as an FX tool between the financial institutions. Retail payment customers will never own, hold or transact in XRP as part of the On-Demand Liquidity product experience," the paper said.
A critical time for crypto in India
The presentation of the paper to Indian government officials seems to be directly in line with Ripple’s strategy for making connections throughout the world, which CEO Brad Garlinghouse described in an interview with CNN earlier this year.
“A lot of what I am doing […] is meeting with regulators, meeting with very senior people at banks and explaining to them how crypto can be used–specifically XRP–can be used to solve a real problem, not to circumvent regulation,” he said.
“[…]Once people understand that, they very quickly become disarmed–[‘crypto’] is no longer a bad word.”
And indeed, with rumours of a blanket ban in India once again floating through the air, this could be a critical time for regulators in the country to learn and understand how Cryptocurrencies--including XRP--could be used to benefit the country.
“it’s in India’s best interest to encourage such a fast-growing sector,” he said.
“There are more than 5 million crypto users in India, and I’m confident that our Prime Minister won’t let us down. With the right regulation, governments will be able to ensure AML and other guidelines are effectively followed. A blanket ban is not a solution, and I don’t believe India will go for a sub-optimal solution here.”
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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