Ripple (XRP) Unfazed By RBI's Ban To Partner With This Leading Bank In India - Global Coin Report
Connect with us

Blogs

Ripple (XRP) Unfazed By RBI’s Ban To Partner With This Leading Bank In India

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

The country of India has experienced an explosive increment in banking in the country as well as the popularity of cryptocurrencies with the general population. 80% of the adults in the country now have a bank account. Also to add is that Indians remitted $69 Billion into the country in 2017. It is with these figures that it is no surprise that the Kotak Mahindra Bank has joined the RippleNet network.

Kotak Mahindra Bank is a leading bank in India with over 1,300 branches. This makes the bank ideal in additionally using xCurrent as announced by the team at Ripple on the 27th of June. All members of RippleNet are connected using xCurrent which is a standard on the network. xCurrent enables a bank to message and settle their transactions faster, securely and in a transparent manner. xCurrent is a familiar product for many cryptocurrency enthusiasts for the Santander Bank, is using the same Ripple product for cross-border remittance payments.

The news of Kotak Mahindra bank joining the RippleNet network and using xCurrent comes at a pivotal point in the country of India. This is due to the fact that the RBI (Reserve Bank of India) issued a ban on crypto activities, starts on July 5th. This ban stops commercial banks and other registered financial institutions, from dealing with cryptocurrency exchanges and other activities including individual deposits of fiat to exchanges.

However, the ban has been appealed by crypto traders, the mentioned exchanges as well as other stakeholders. The hearing of the case has been scheduled for the 3rd of July which is a few days away and 2 days before the ban takes effect.

The Ripple company and team has shown optimism that the ban will be reversed for the RBI had openly admitted that the decision to issue the order, was rushed without them doing proper research. Also, all banks in India adhere to the Basel Norms of banking which state that each bank should have a backup remittance system that uses a different technology than the one they primarily use. This means that Ripple technology qualifies as that backup system for banks in the country.

The ruling on the 3rd of July will be a monumental one not only for India but for the entire world as such cases will set precedence for the regulatory decisions in other countries across the globe.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Blogs

How Can Foreigners Get Loans in Singapore

Published

on

loans for foreigners in Singapore
READ LATER - DOWNLOAD THIS POST AS PDF

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…

Continue Reading

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

Published

on

Aluna.Social
READ LATER - DOWNLOAD THIS POST AS PDF

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

Continue Reading

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

Continue Reading

Press Release