Indian bank supports RippleNet
Blockchain technology has not been completely adopted in India. In this connection, a local bank has partnered with Ripple and its RippleNet payment network to facilitate cross-border transactions
In India, the complete adoption of cryptocurrencies continues to be uncertain and not regulated at best, since they have not yet developed legal grounds to operate.
The alliance between RippleNet and the bank will help boost the nation’s business and will also easy the way to international transactions.
Meanwhile, merchants are looking for easier and cheaper remittance services for their businesses so it is possible to attract them to the country. The advance with Ripple is important and is likely to drive up the price of XRP in the market.
The novelty marks an update in existing means of payment in India to blockchain–based solutions, which is expected to increase its 15% share in the remittance market.
Similarly, the bank launched a platform that will allow Non-resident Indians (NRI) to send money through money exchange bureaus and banks using the annual payment address (VPA) for each NRI who uses of the services.
L.Sáenz
Source: Guía Bitcoin
