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Ripple Expects India to Overturn Cryptocurrency Ban with Regulations

Ripple expects india to overturn cryptocurrency ban with regulations

Ripple Expects India to Overturn Cryptocurrency Ban with Regulations


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Ripple is reportedly ‘unfazed’ by the Indian central bank’s mandate on restricting banks from dealing with cryptocurrencies and expects a new regulatory framework to rescind the ban altogether.

India’s biggest English news daily, the Times of India (TOI), is reporting that crypto and fintech industry giant Ripple is betting on Basel 3 norms (international regulations for the banking sector) and a government panel report on cryptocurrencies leading to a new regulatory framework for the sector in the country.

Ripple, which notably has a presence in the Indian city of Mumbai, also expects the RBI to rescind its current ban forbidding banks and regulated financial institutions from offering services to cryptocurrency businesses in the country.

India’s central bank admitted to not conducting any research or consultation prior to enforcing its crypto ban in April and a recent report has suggested that a government panel tasked to look into cryptocurrency policy may seek a reversal of the ban.

Citing Ripple’s global head of infrastructure innovation Dilip Rao, Friday’s TOI report suggests that the firm is looking to aid international and domestic remittance of fiat currencies rather than seeking to replace them, a factor that would seemingly make it more favorable among authorities than decentralized state-averse cryptocurrencies like bitcoin.

As reported previously, Ripple’s blockchain technology is currently being used by major Indian banks for cross-border remittance in what is the world’s largest remittance receiver with over $70 billion in corporate and retail remittances annually. While these banks use RippleNet, the firm’s enterprise blockchain solution, Ripple also offers xRapid, a blockchain platform for banks powered by its native crypto token XRP.

Rao contends that Ripple could benefit central banks as a backup to traditional payments systems that are vulnerable to intrusions or cyberattacks.

As quoted by TOI, the senior Ripple executive stated:

There is a great regulatory comfort with RippleNet — particularly in the light of the Bank for International Settlements’ policy requiring central banks to have a backup for payment systems having non-similar technology.

Ripple has already roped in the Saudi Arabian Monetary Authority, the country’s central bank, to join over 100 financial institutions globally on RippleNet.

Featured image from Shutterstock.

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Published at Fri, 15 Jun 2018 10:05:51 +0000

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Bitcoin’s Average Transaction fee Surpasses $50 as Network Issues Remain

Without sounding like a broken record, the bitcoin network fees are getting more ridiculous. Although this issue has been present for some time now, things are not improving. In fact, the average transaction fee is now well over $50. This is the highest it has been for quite some time. When and if this solution will be resolved, remains to be determined. Right now, it seems unlikely anything will change soon.

Using bitcoin is expensive beyond belief. It is not what Satoshi Nakamoto envisioned originally, that much is rather evident. In fact, the goal was to make bitcoin scale and accommodate more transactions over time. So far, that hasn’t happened. This is mainly due to companies struggling to integrate Segregated witness support. In some cases, they are purposely delaying this development as well. Something will have to give before the average transaction fee surpasses $100.

Average Transaction fee Keeps Rising

Although most people stopped caring about these high fees, it’s still an important issue. After all, if the average transaction fee keeps rising, things will get out of hand very quickly. Right now, it’s far too expensive to use bitcoin as a payment method. Nor is it a suitable way to combat high remittance fees. bitcoin has become too expensive for its own good and people grow tired of it. Unfortunately, paying this average transaction fee is the only solution right now.

Surprisingly, none of this is affecting the number of transactions. With nearly  350,000 processed in the past 24 hours, things are still looking good. Moreover, nearly 11% of the total market cap was transacted in the past day. Those numbers are still positive despite the glaring issues bitcoin brings to the table. It also seems the average transaction value is on the rise. This may be due to the average transaction fee mounting. Otherwise, it would make little sense for users to even spend BTC.

How all of this will pan out, is a big question. After all, it is evident this average transaction fee has to come down. Enforcing such a change will not be easy whatsoever. In fact, it may require some drastic changes no one is willing to pursue. All of this also makes bitcoin Cash look far more superior. The next few days and weeks may very well be critical to bitcoin’s survival in terms of being a “useful currency”. For now, things can easily go either way. It’s still a good store of value if you can stomach 30% dips overnight.  

The post Bitcoin’s Average Transaction fee Surpasses $50 as Network Issues Remain appeared first on NEWSBTC.

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