Regulatory changes can make or break cryptocurrencies and other entities in the crypto industry. Though Bitcoin and Ethereum were considered by the US Securities and Exchange Commission as commodities, it is true that there are thousands of other cryptos that are still waiting for clarification. In fact, Ripple, the third largest cryptocurrency in market cap is still looking for clarification.
There are a number of lawsuits against Ripple. In fact, just recently, the third lawsuit was filed against Ripple with a claim that it is indeed a security. However, it seems that the fight isn’t over yet. Ripple is still looking to maintain and develop its leverage in the industry.
Road to Beating Bitcoin?
Another factor that stopped cryptos from having another bull-run is the fact that adoption of cryptos still remains in a limbo. In fact, Western Union even mentioned that Ripple isn’t able to help them lessen the expenses of cross-border transactions.
If you will ask Asheesh Birla who works as the Vice President of Product at Ripple, the cryptocurrency is on its way towards beating Bitcoin at least in India. Considering that there are one billion people using mobile devices for their banking, Birla mentioned that Ripple could win 50% of the Indian market could be going to Ripple. With its focus primarily in India, Asheesh Birla that this is something possible.
He mentioned that “We looked early on at India, and we looked at two billion people—a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion—just give it away?”.
If you will ask US Intelligence, Ripple is into something and is thinking in advance. According to US Intelligence Report, India is predicted to become an economic superpower by 2030. That’s around 12 years from now.
The report “Global Trends 2030: Alternative Worlds” report coming from the National Intelligence Council mentioned that “In 2030 India could be the rising economic powerhouse that China is seen to be today. China’s current economic growth rate—8 to 10 percent—will probably be a distant memory by 2030”.
According to the report: “India’s rate of economic growth is likely to rise while China’s slows”. In addition to this, “in contrast, India’s working-age population is unlikely to peak until about 2050”.
For Birla, Ripple is ready to develop banking in countries that have an optimistic economic future such as India. He said that “That was one idea. But then, we realized that if you get the top three banks in India onto Ripple, you get 80% of the market share”. He also added that “and then we looked at—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”.
India’s Stance on Crypto
There is an expected regulation on India’s cryptocurrency industry soon. However, currently, banks are prohibited from transacting with different crypto exchanges. In fact, crypto exchanges even opted to ask the intervention of the supreme court but failed.
Is Ripple doing the right thing to target India? Will Ripple be able to convince Indian institutions to join RippleNet?