Last week, India’s Supreme Court officially reversed a nationwide ban against Bitcoin, XRP and other coins. This is a major development for digital assets, and a particular win for XRP. Now that India has lifted their Bitcoin ban – what does it mean for crypto?
India reverses anti-crypto ban
For those who missed it, on Wednesday last week India’s supreme court officially struck down a directive from the country’s Reserve Bank, which prohibited banks from offering services to those who held cryptocurrencies.
INDIA COURT : SC JUDGMENT ON CRYPTOCURRENCY
SC LIFTS CURBS ON USE OF CRYPTOCURRENCY
‘BANKS CAN DEAL WITH CRYPTOCURRENCY’ pic.twitter.com/VOBrJstUSQ
— Su Zhu (@zhusu) March 4, 2020
Vaibhav Kakkar, a partner at L&L Partners law firm, spoke to Bloomberg on the matter:
“With this order, there is a likelihood of more mature and balanced regulation of cryptocurrencies and the fintech sector as a whole.”
According to Credible Crypto, a well-known crypto commentator, this decision will be especially good for XRP:
“Regulatory clarity was the final piece of the puzzle that was holding Ripple back from going after the Indian remittance market aggressively. Great for XRP.”
Ripple and India
The importance of India for Ripple is further explained by Asheeh Birla, Senior Vice President at the company. Birla spoke at a panel in Wharton, and explained how crucial mobile remittance will be for Indians going forward:
“Where’s the future? And so we realized in the next five years, one billion people will become banked in India, but they’ll be banked through their phone. So then we started targeting mobile phone providers and telcos.”
This new regulatory clarity is likely to stop fears that using Ripple’s remittance technology and ODL system is unviable for the country. In fact, Indians can now adopt XRP and Ripple services comfortably.
Ripple pushing for adoption
This landmark announcement comes at a crucial time for the Ripple. They’re in the midst of a push for mainstream adoption of their products, including On-Demand Liquidity, which uses XRP as a bridge between fiat and institutions.
With a $2 billion remittance market in the Asia-Pacific region, Ripple is targeting the right place. Ripple’s remittance products can bring further accessibility to Indian citizens. This announcement likely has many breathing a huge sigh of relief.
India has lifted their Bitcoin ban, but what does it mean for crypto? Well, we can see that XRP in particular is set to benefit. Dave the Wave, a renowned analyst, reported that XRP can expect an 80% price gain by June – that’s pretty substantial.
Yes to crypto at last
India has lifted their Bitcoin ban – what does it mean for crypto? Indian crypto traders can breathe a sigh of relief as the Supreme Court rules against the ban – a landmark moment in history. With a growing remittance market, India is an ideal target for Ripple, which is set to benefit hugely from this decision. Crypto is set to have a good year, and we’re sure to see a lot of changes in the market – starting now.