On 18 June, Ripple published a policy paper to provide Indian legislators with recommendations for a regulatory framework for digital assets. The paper covered the policies and regulations adopted by countries around the world to keep crypto in check. Considering the population of crypto users and the remittances received and sent by Indians, it would be a great market for Ripple to enter. However, the current regulatory environment has been wary of Ripple’s services.
Of late, India has been noting great attention from the leading crypto businesses. Binance for instance announced that it was joining the Internet and Mobile Association of India [IAMAI] to aid the growth of the blockchain industry in the country.
In March last year, Ripple had partnered with a commercial private bank in the country, Federal Bank to enable it to use its cross-border remittance system. However, the draft bill surfacing and calling for a ban in crypto transactions did make matters complicated not only for crypto businesses in India but international businesses seeking to establish their presence in the country. Ripple has had a way with the regulators as in 2019, in an open letter to Congress the company urged for fair regulations for crypto when the world regulators were shaken by Facebook’s Libra announcement.