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Via xCurrent, Ripple XRP May Escape India’s Imminent Ban and Leverage Vast Country’s Population

Via xCurrent, Ripple XRP May Escape India’s Imminent Ban and Leverage Vast Country’s Population
Ripple’s proposal to keep spreading and targeting most necessary population around the world has taken fresh boost. The remittance and cross-border payment company is making cogent moves in its quest to install xCurrent payment software in vast number of banks in India.
India is notably the second most populated country in the world with relatively 1.3 Billion people. It’s beginning to close rank with China that presently holds the top spot in terms of human population.
Ripple specifically targets the population for its much needed expansion, and to also widen the global reach of its token, XRP.
Ripple’s senior integration engineer, Sachin Maheshwari, made this known at India Dapp Fest 2019. In his speech, he said there will be implementation of xCurrent with all the banks in india.
He said “We made payments from the Middle East to India within just one or two minutes and completed an entire validation of the transaction as well.”

Could This Work With Banning of Cryptocurrency Trading Underway in India?
India recently put forward the draft that contains clauses of the Bill meant to outlaw anything related to crypto and cryptocurrency trading.
However, it’s still a Bill and not yet law. It has to pass through scrutiny in the parliament, but its success wouldn’t be good news for crypto industry, and crypto community in India.
For Ripple, its idea to work with banks alongside its digital currency, XRP, has always been welcomed in India. Its mission to collaborate with financial institutions and not to overrule them has been a significant reason for the fintech company to flourish successfully in the vastly populated country.
Howbeit, the supposed forthcoming law proposed to paralyse activities relating to cryptocurrency is envisioned to be a big blow for crypto industry especially within Indian Territory, Ripple XRP may break away the curb through its partnership with banks in the province.
Ripple’s Plan to Give XRP Away Freely to Over 1.3 Billion People of India in 2018 Corroborates With the Recent Development
India is enormously growing its economy. It has been foreseen that the country will become world’s economic giant by 2030, which Ripple sees as the main reason to “catch them young”.
According to report, Indians using mobile banking are on the increase and if each of them can be an XRP holder especially through banks, this would be a big boost for Ripple XRP even ahead of Bitcoin in the country, due to its priceless utilities.
Ripple’s Vice President of Product Management, Asheesh Birla, hinted the possible XRP giveaway while speaking at the panel on Scaling and Digital Disruption in Fintech. He opined that Ripple has the capacity to leverage on more than half of Indian market by focusing on their financial sectors.
Read Birla’s statement below:
“We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?”
He continued by pointing that the move would be the best for the future. India is the second fastest growing economy in the world, there is tendency that about one billion of Indians will be banking on their mobile phones in five years’ time.

“We realized that if you get the top three banks in India onto Ripple, you get 80 percent of the market share. And then we looked at – where’s the future? And so we realized in the next five years, one billion people will become banked in India, but they’ll be banked through their phone. So then we started targeting mobile phone providers and telcos.”
The post Via xCurrent, Ripple XRP May Escape India’s Imminent Ban and Leverage Vast Country’s Population appeared first on Today's Gazette - Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News .

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