Ripple does not depend on the restrictions of the Reserve Bank of India (RBI) imposed on banks dealing with cryptocurrencies. The company relies on the provisions of the Basel and RBI’s own report on digital currencies to the new structure, which could lead to the lifting of the ban. The Ripple office continues to work in Mumbai, many countries do not have developed inter-Bank network, a proprietary platform as an alternative to RTGS.
XRP unlike bitcoin and other cryptocurrencies, designed for the transfer of funds, not to replace them, said the head of infrastructure innovation Ripple Dileep RAO. In addition to using XRP for transactions, the company also offers its platform Ripple Network lenders to facilitate cross-border money transfers, competing with the SWIFT network, which is traditionally used by banks.
Ripple is tied to private creditors. Yes Bank, Axis Bank and IndusInd use the platform based on the blockchain for payments without the use of cryptocurrency asset. However, they claim that they intend to use XRP in the future as binding scriptactive to facilitate transfers.
Last year Ripple has also established an office in Mumbai and appointed a former employee of Citibank Navin Gupta as the managing Director. Dileep RAO notes that Ripple Net provides a fairly comfortable job for financial systems, especially in terms of international payments, in which Central banks need backup for payment systems that are not similar technologies. According to him, this is critical, since payment systems are systemically important, and cyber attacks on the system such contamination of the core. While the RBI has prohibited banks to serve the companies involved in the cryptocurrency also created a group to explore the possibility of digital currency the Central Bank.
Even from a geopolitical point of view the country is concerned about the existing cross-border payment systems that can be used to stop on click, said RAO. In addition to the products Ripple for cross-border payments the company offers its own platform as an alternative system of real time (RTGS) for countries without a developed interbank network.
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