Yes! That’s a news, a cryptocurrency is going to be a part of Indian remittance economy soon. And too, Ripple. India is one of the largest receivers of remittance payments and Ripple confirms it. According to a source, $69 Billion flowed into India through remittance services. Isn’t that huge?
As stated by Ripple, Indian financial institutions are huge and clearly a hub for the global economy along with the citizen in the country.
Kotak Mahindra bank is appearing as a partner with RippleNet, which is being used by ripple for all the trading. The bank as we all know has 1300 branches nationwide. The Kotak will surely have an advantage of xCurrent to allow for quicker and more efficient remittance payments.
Blockchain, that is being preferred broadly, has many advantages. This new innovation will definitely build a great reputation and will open gates for the adoption of XRP in the future. Ripple has built technologies which are highly upgraded and will help the banks to improve their services for not only the bank themselves but also the customers.
However, it’s not yet confirmed that whether Kotak will get along with XRP or not, but it will definitely be a partner with Ripple. And the sources also say that RBI that is the Reserve bank of India can their act together in it.
In near future, XRP may be carried forward as the services will become embedded gradually. All this proves that India soon may have a greater hand in the digital world.
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