The announcement Kotak Mahindra to join the network RippleNet and use xCurrent is the key point for the financial industry of India. RBI (Reserve Bank of India) issued a ban on cryptographic operations, which goes into effect July 5. Innovation prohibits commercial banks and other registered financial institutions to engage in cryptocurrency trading and other activities, including individual deposits fiat on the exchange.
Note now India is experiencing an explosion in popularity of cryptocurrencies and the growth of the banking system. 80% of the adult population now have a Bank account. For 2017, the volume of remittances to the country amounted to $ 69 billion. It is not surprising that Kotak Mahindra Bank has joined the network RippleNet. Recall that Kotak Mahindra Bank is a leading Bank of the private sector in India, with over 1300 branches. All members RippleNet connect to the network using xCurrent, which is standard in the network.
Note, the RBI ban was appealed by capturadora, exchanges, and other stakeholders. The hearing is scheduled for July 3rd, 2 days before the ban comes into force.
The Ripple team is optimistic that, the company hopes that the ban will be lifted, as RBI has openly admitted that the decision was issued without proper research. In addition, all banks in India adhere to the Basel norms of banking, which States that every Bank must have a backup system of money transfers, which uses a different technology than the one they use mainly. This means that the Ripple technology is qualified as a reserve for banks in the country.
We will add, at the time of writing, the Ripple remains in the red zone, over the past day, a decline of 1%, the price per coin XRP is $ 0,45.
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