India held its Dapp Fest in the middle of June, which led to a lot of interesting information and insight in how cryptocurrency is fairing in the sub-continent.
Ripple has indeed made their way into India, and is currently working with dozens of banks, with Ripples goal to initiate every bank up and running with xCurrent. While this doesn’t mean that banks will start using XRP for transactions, it is quite a positive step in bringing cryptocurrency into the Indian market.
India is still taking cautious steps as they have many things they want to be more aware and careful of. They don’t want to keep customer data on the ledger, so Ripple has begun building out the ILP to provide an atomic settlement between the banks so the 2 banks can trust the transactions and the public data isn’t being moved across the public ledger. Nobody controls the ledger now, but everyone has a copy of the ledger. Payments are flowing over the Ripplenet and only takes 2-3 minutes, this is seen almost everywhere now. With dozens of banks in India joining Ripple net, the end goal is to get every bank on xCurrent.
While India still doesn’t allow banks to make transactions with customers and cryptocurrency, this might just be till they figure out how to regulate and manage the market in a way that is safe for everyone to use. Currently, there hasn’t been any news on regulatory ideas the Indian government might have on this topic, but hopefully, new information should come to light with apparent interest from multiple financial institutions in the country.
More can be seen on this presentation made by Sachin Maheshwari, a software integration engineer who does a great job in summarizing the entire situation.