We have BREAKING NEWS this morning, coming out of India. Cryptocurrencies (digital assets) are now authorized in India.
The Reserve Bank of India (RBI) has authorized Cryptocurrencies. This report indicated that the government is working to ensure that rules and regulations are put in place to oversee the working of virtual currencies in the region.
Back in the summer of 2018, Asheesh Birla stated on a live panel that Ripple has probably over 50% of the market share in India. Lets’ think about this for a second: India has over 1.3 billion people, and Ripple has 50% of the market share. This is bigger than big.
The Reserve Bank Of India (RBI) has over $380 billion in reserves. We read a couple of weeks ago that the Indian Government was running a validator and now we get news that the central bank lifts the ban on crypto. RBI bank controls the supply of the India rupee.
Indian Banks Already Working with Ripple:
Kotak Mahindra Bank – Using XCurrent to power instant remittance payments into the county.
Axis Bank – India’s third-largest private sector bank, has launched instant international payment services using Ripple’s enterprise blockchain technology solution.