January 31st we posted an article titled – BREAKING NEWS: India’s central bank authorizes Cryptocurrencies
Today we are following up on this story. The Indian Supreme court is set to hear the crypto case on March 29th. Back in January when we covered this story we were being told from our sources that the Indian government was working to ensure that rules and regulations are put in place to oversee the working of virtual currencies in the region. We were also being told that they had 4 weeks timeframe to get everything sought out or to give proper clarification. The court case is set for March 29th which is just four days away. This date can always be changed, but as of now, the 29th is the magical date.
The regulatory framework for cryptocurrency in India is being drafted by an interministerial committee headed by Subhash Chandra Garg, Secretary of the Ministry of Finance’s Department of Economic Affairs. During the last supreme court hearing, the government told the court that this committee was in its “final stages of deliberations.”
Ripples Connection into India:
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.