- Ripple has suggested a regulatory framework to keep Indian authorities from banning crypto in the country.
- The Indian government has earlier hinted at another potential blanket ban
- The framework attempts to persuade India to take a balanced approach to crypto by highlighting the need for digital assets.
Ripple has come out with a new regulatory framework to stop India from banning cryptocurrencies. The framework emphasizes the need for digital assets like crypto. It aims to persuade Indian authorities to take a more balanced approach towards digital assets.
Navin Gupta, Managing Director, South Asia & MENA, Ripple, said:
Now is the time for India policymakers to take the forward-looking approach that many other jurisdictions in Asia, such as Singapore and Japan, have taken. Responsible usage of blockchain technology and digital assets can introduce tremendous potential to the Indian economy.
This initiative by Ripple comes after an earlier report suggested that the Indian government is considering banning crypto yet again. Reportedly, a draft cabinet note was passed by the Ministry of Finance and shared with other ministries for consideration. If this gets passed as law, it will overturn a Supreme Court ruling from March, which lifted the Reserve Bank of India’s crypto ban.
India is currently at the regulatory crossroads — where one path leads to responsible innovation leveraging blockchain technologies with digital assets, and another where players hesitate to adopt game-changing technology.
In its framework, Ripple has urged Indian authorities to unban crypto and permit the testing of crypto and its use cases to be introduced in a phased manner. The firm also advocated regulation by relevant authorities.