One of our first posts ever spoke about how India was running a validator. Here is the link to the article https://xrprightnow.com/india-is-now-running-a-xrp-validator-proof-inside/. Well, today we get breaking news that the Supreme Court of India Puts 4-Week Deadline on Release of Crypto Regulation by Government.
According to sources and reported by multiple news outlets, the Supreme Court of India has granted four weeks to India authorities to come up with crypto regulation policies. If the 4 weeks pass and the Indian government does not provide cryptocurrency regulatory frameworks, the Supreme Court will be forced to step in to release their own judgment. By April 1st, if not sooner it is very possible that India will have set their crypto policy into place which will be MASSIVE for Ripple.
Why is this important? We know that Ripple has over 50% of the market in India. We also know that the Indian Gov’t is running a validator. ISRDC is running the validator: “ISRDC is one of the four centers setups under ISEA project by MeitY, Government of India.
We also know that “Global blockchain startups including Ripple have partnered with Indian FinTech Companies to offer their proprietary blockchain enabled currency – XRP. Ripple uses the same currency (XRP) to undertake international remittance business by setting up exchanges in host markets.” Article here: https://www2.deloitte.com/content/dam/Deloitte/in/Documents/financial-services/in-fs-fintech-india-ready-for-breakout-noexp.pdf
We also know that The Reserve Bank of India (RBI) has authorized Cryptocurrencies. The Reserve Bank Of India (RBI) has over $380 billion in reserves.
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.
This is exaclty what we need, clear cut policies out of India.