Bakkt has announced it has launched the test of Bitcoin futures. Iran has also made cryptocurrency mining legal, and Palestine is launching its cryptocurrency to stay dependent of Israel Shekel.
While these are good news for the cryptocurrency community, the sudden widespread rumour that India may announce the ban of Bitcoin is one of the saddest news coming into the cryptocurrency space this time.
As cryptocurrency appears to be suffering in general due to India’s proposed ban, Ripple’s XRP has been fingered as one of the digital currency to thrive in that country.
India has a vast population. As at 2017, the population is around 1.3 billion, and there’s still a potential of the population increasing as high as possible with time.
India has been focusing on exploring Blockchain technology. In fact, all the banks in the country are virtually running on Ripple’s xCurrent, a DLT-powered payment settlement solution adopted by banks across the world.
According to Sachin Maheshwari, a Ripple’s software integration engineer, all banks in India have integrated Ripple’s xCurrent.
During the India dApp Fest 2019, Sachin explained Ripple products xCurrent, xRapid, and xVia.
Speaking on Ripple’s integration with Indian banks, Sachin said: So xCurrent is the product which we are implementing with all of the banks in India”.
The above statement has made the cryptoverse see a golden opportunity for Ripple’s XRP in the country. When there is a complete cryptocurrency bank, Ripple has the upper hand of becoming the most used digital currency since xRapid is included in latest version of xCurrent, which all the banks in the country are using.
Think of it in this way, as put forward by Galgitron, an important XRP community member:
“Look at it this way, all Indian banks will be using xCurrent. The day will come when India capitulates on crypto and legalizes it; their ability to function in the future economy will require it. What’s going to be the best-positioned coin when that happens?”
If this happens, Ripple’s XRP has the advantage to be the cryptocurrency for India, a country having a population like that of China.
Some hold the opinion that if banks attempt to use xRapid, it may contravene the cryptocurrency policy that’s about to be put in place by the Indian government.
In the wake of these aired opinions by XRP community, Bank of America as filed a patent for an innovation that is making use of Ripple’s DLT. Although it is not clear Bank of America intends to use XRP.