India ranks second in terms of crypto adoption globally behind Vietnam but ahead of UK, US, and China. Cryptocurrency adoption has gained rapid momentum in India, despite the future of the unregulated digital asset. Investments in cryptocurrencies like Bitcoin and Ripple have witnessed a massive rise over the past couple of years.
In India, cryptocurrency investments rose from approximately US$923 million in 2020 to a whopping US$6.6 billion by May 2021. Over the years, investments in gold have been considered a legitimate hedge in the economic downturn but the young citizens of the country have turned their attention towards cryptocurrency.
The Rise of Ripple in India
Ripple has become the new sensation in the digital market. XRP is also an open payment network under which different currencies are transferred. It is used as a real-time gross settlement that is transferred from one bank to another on a real-time and gross settlement.
Ripple system aims to free the people from limited ways of financial networks, like credit cards, banks, PayPal, and other institutions that restrict access with fees, charges for crypto exchanges, and processing delays.
Ripple started performing in India back in 2017. Since then, the company has had offices in Bangalore and Mumbai, and has several customers, like Yes Bank, Kotak Mahindra Bank, Axis Bank, and Federal Bank. For the past couple of years, the price of Ripple, in India, is evolving and experiencing a fairly substantial increase against Bitcoin.
Recently, in 2020 Ripple showed keen interest in introducing the ODL (On-Demand Liquidity) solution to the Indian market to make remittances faster, easier, and cheaper through the use of digital assets. They launched their policy paper titled “The Path Forward for Digital Assets Adoption in India” which extensively mentioned how Indian policymakers can utilize different opportunities and optimize a regulatory framework for the digital asset ecosystem in India. XRP’s proposed framework was presented to the local legislators in an attempt to persuade them to determine a balanced approach for the cryptocurrency ecosystem in the country.
Indian investors find investing in Ripple lucrative for its various initiatives towards maintaining and trying to establish a balanced cryptocurrency landscape. The paper also outlined the taxonomy on digital assets, regulatory templates set by other countries, and how Ripple’s products could be adopted for widespread use in the country.
The Future of Ripple in India
Many crypto analysts and specialists agree that Ripple is the perfect investment for the new and future crypto enthusiasts. XRP is an appealing option considering all the advantages and new features it is bringing to India. It seems to have a bright future when more financial institutions and investors become aware of its advantages. Currently, it is one of the leading cryptocurrencies, globally, which is bringing exciting new opportunities to the market.
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