New Ripple / XRP corridor to India? Regulators kill digital innovation

Ripple executives, Navin Gupta and Sagar Sarbhai, criticize decisions by lawmakers in India and accuse them of killing innovation.
The executives also criticized the lack of a legal regulatory framework for cryptocurrencies in India.
In an interview for Forkast News, conducted by Angie Lau, two Ripple executives expressed their discontent with Indian lawmakers.
 According to Navin Gupta, Ripple’s Managing Director for the South Asia and MENA region, and Sagar Sarbhai, Ripple’s Head of Government and Regulatory Affairs, India is killing innovation.

Ripple executives referred to India’s ban on cryptocurrencies, caused by a lawsuit by the Reserve Bank of India (RBI).
 The ban was imposed in 2018 when the RBI prohibited crypto exchange platforms from accessing financial services.
 The ban was lifted in early March this year and the news brought much excitement in the community and the crypto market.
However, months after the event the country has failed to make progress in terms of pushing for the adoption of cryptocurrencies such as Bitcoin.
 In that sense, Ripple executives stated that there is a sort of legal vacuum in the country that must be filled for the benefit of potential users in India.

 Sarbhai stated:
The Ripple executive then stressed that a framework and regulatory authority for cryptocurrencies must be created.
 As reported by CNF, Ripple has already offered a model legal framework for India.
 Sarbhai took it upon himself to present it in mid-June this year.
 The document presents policies that would allow India to benefit from blockchain technology and cryptocurrencies. But, the Government of India has not responded to Ripple’s offer.

Ripple’s future in India

Executives of the payment solutions company expect that a legal and regulatory framework will be reached in 2021.
 Otherwise, the country could fall behind in terms of adoption.
 Ripple executives said the country is still feeling the impact of a campaign against cryptocurrencies that began in 2013.

read the full topic at
https://www.crypto-news-flash.com/new-ripple-xrp-corridor-to-india-regulators-kill-digital-innovation/

Follow me on
Linkedin: https://www.linkedin.com/in/crypto-expert20

If you wont me to post your cryptocurrency article on my blog From the link
https://www.fiverr.com/cryptoexpert20/post-your-cryptocurrency-article-on-my-blog

Comments

Post a Comment

Popular posts from this blog

SEC’s discussion with Bitcoin ETF issuers has moved into a key stage

Image
 The SEC is reportedly making significant progress in its discussions with several firms seeking to launch a spot Bitcoin ETF. Reuters reported that discussions have moved into key technical details, and applicants believe it’s potentially leading to the historic approval of the first Spot Bitcoin ETF in the U.S. Currently, there are 13 applications for Bitcoin ETFs awaiting review by the SEC. These applications come from prominent asset management companies, including BlackRock, Fidelity, Grayscale Investments, and ARK Investments.    Notably, in the past week, several of these firms have made crucial updates to their applications, hinting at the evolving nature of their proposals. Grayscale Investments CEO hints at optimistic scenario for spot Bitcoin ETF The digital asset market has been closely monitoring the situation, speculating on the impact that an approval of a Spot Bitcoin ETF would have. Such an approval would be a groundbreaking event, marking the first of it...
Read more

What’s Causing the Current Bitcoin Crash and How Low Can it Go

Image
 Bitcoin’s price has been very bullish over the last couple of months. However, it is finally showing subtle signs of correction today. Therefore, it is worth analyzing the charts for potential support levels. Technical Analysis Bitcoin Price Analysis: The Daily Chart  On the daily chart, the price has been blowing past resistance levels one by one. Yet, today’s action has been very bearish, as the daily candle looks very bearish.   The price has dropped around 10% today before rebounding from the $40K support level. In case this level holds, it could initiate a rebound, and the market might rally toward the next significant resistance level, which is located at the $48K mark. On the other hand, a bearish breakout could result in a drop to the $38K and potentially the $31K zone.   BTC Price on The 4-Hour Chart The 4-hour chart demonstrates today’s decline much more clearly. The price has created a double top pattern around the $44,500 mark and proceeded to plunge to...
Read more

BlackRock's Bitcoin ETF Now Invites Participation From Wall Street Banks

Image
 A change to the structure of proposed spot bitcoin ETFs would enable authorized participants (APs) to create new shares in the fund with cash, rather than only with cryptocurrency, essentially opening the door to banks who cannot hold crypto directly. A change to the mechanics of BlackRock's proposed spot bitcoin (BTC) ETF opens the door for Wall Street banks, which face restrictions holding cryptocurrencies, to play a key role. BlackRock recently made it so authorized participants – a vital part of the ETF ecosystem – will be able to create new fund shares with cash, rather than only with cryptocurrency.   As highly regulated U.S. banks are unable to hold bitcoin themselves, this set-up would enable the likes of JPMorgan or Goldman Sachs – firms with some of the largest balance sheets in the world – to act as APs to BlackRock's ETF. (Whether they want to is another matter.) The cash APs use in this process can then be exchanged into bitcoin by an intermediary and warehoused ...
Read more