Speaking at the panel on financial technologies, Vice President, product at Ripple Ashish Birla, said that the company intends to undermine the global domination of bitcoin with a developing economy India, the world’s second fastest growing economy and a billion people who use mobile phones for banking activities.
We looked at India, we looked at two billion people – represent a huge market. And we asked ourselves how we’ll get two billion people to Ripple? To give currency to every Indian, of which two billion — just to give it away? said Birla
Ripple aimed at emerging economies, while India, according to the report of the National intelligence Council, by 2030, will become an economic “superpower.”
In 2030 India could be the rising economic power, which China is today. Today, China’s economic growth, constituting from 8 to 10 percent — will probably be history by 2030, says report “Global Trends 2030: Alternative Worlds”.
As the population of working age is a key indicator of future economic growth, the report from 2012 States that the rate of economic growth in India is likely to grow, and China on the contrary, however, adding that the working-age population of India is unlikely to peak until 2050.
India is currently the third largest economy in the world in terms of real GDP after the United States and people’s Republic of China.
According to the world Bank, India has overtaken China as the most rapidly growing major economy in the world in 2015.
A record GDP growth was in the third quarter of 2003, when it grew higher than any other emerging economy at 10.4 percent, but now growth is in the range of 6-7 per cent, largely due to the entry of Narendra modi to the post of Prime Minister in 2014 – stated in the report of the world Bank.
Birla also expressed the opinion that Ripple is a huge opportunity to develop banking in the economy of the future.
– Recently, we realized that if you take three of the largest Bank in India that use Ripple, you will receive 80 percent share of the Indian market. And then we asked ourselves – what’s next? And so we realized that within the next five years one billion people in India will be to keep money in banks, but they will conduct transactions through their phone, and then we began to focus on mobile phone suppliers and operators – graduated from Birla.
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