Talks of cryptocurrencies usually strikes fear to establishment. The fear is apparent in BSI but it recently spread to India. An rising economy with more than one billion people where a substantial portion are unbanked. Recently, the RBI and Supreme Court sync imposing a ban on cryptocurrencies even after it was clear that the rbi call to ban Ripple and alternative cryptocurrencies was a reactive move and crypto stake holders in the country weren’t involved.
Now, this reiteration by the Supreme Court upholding rbi call is coming at the advantage of Ripple. According to Senior vice president of Product at Ripple, Asheesh Birla, Ripple currently controls more than 50 % of India’s cryptocurrency market and are still making an attempt to convince more Indian banks to make use of their RTXP protocol.
RTXP is their payment processing platform that is known to be low-cost and settles transactions nearly instantaneously. If Ripple manage to draft more banks to their network then these banks will be part of a bigger network of global banks who see immense price in Ripple’s revolutionary ledger.
That is possible if we think about what Asheesh had to said. While speaking at the Scaling and Digital Disruption in Fintech panel, he was assured that the only manner they (Ripple) would go about and tap the more than two billion customers in the country was to present to the top three banks the befits of utilize their time-tested and efficient platform.
By doing so, they would have access to 80 % of the entire banking market share in India besides unbanked mobile phone customers once they begin targeting Telcos. Moreover, he said business has been good after deciding to make in-roads in the country. They have been closing deals week in week out and are able to make Ripple a go-to platform for cross border payment processing.
Regardless of their bullish move, there need to be caution. RBI cryptocurrency ban remains in effect and it demands new players to comply with regulation.
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