Connect with us

Hi, what are you looking for?

ELEVENEWS

Ripple

Moving On India, Ripple Pushes Regulators To Allow For Framework On Crypto

  • Over the past few years, it has been well known that India hasn’t been the best friend when it comes to the world of crypto. 
  • There have been several government authorities, not just in India, that have scrutinised the world of crypto and because of this uncertainty, the reserve bank of India chose to ban them.

Over the past few years, it has been well known that India hasn’t been the best friend when it comes to the world of crypto. There have been several government authorities, not just in India, that have scrutinised the world of crypto and because of this uncertainty, the reserve bank of India chose to ban them.

But, looking in a recent white paper, the San Francisco-based blockchain company ripple requests that regulators in India should allow for the integration of regulatory framework to look over the crypto industry in the nation.

As we all well know, India doesn’t like cryptocurrency. It is even on the record that the reserve bank of India prohibited local banks from getting involved with crypto-related companies. Even though it was later repealed by the Supreme Court, it is still obvious that no one in higher power really likes the industry.

This is evident as, despite the court ruling, many banks in India are still reluctant to enter into business with many crypto companies due to the lack of rules that were made less than clear in the nation. The proposal from the San Francisco based ripple seems to get rid of this grey area by introducing a legal framework to by a law in the country. This way, many institutions, and banks can really do business with companies in relation to the crypto space

News source

Advertisement

Copyright © 2020 Elevenews