India’s largest bank joins Ripple’s network

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In November 2019, after Ripple’s top executive Marcus Treacher “spoke” at that time, Neva Gupta, head of the Middle East and North Africa region, is now responsible for India’s largest bank, HDFC Bank Limited. He announced that he has joined RippleNet.

While HDFC Bank appealed to nearly 43 million customers in the country according to June 2019 figures, the bank also had a huge staff of 100 thousand people. Considered India’s largest bank in terms of market value, HDFC is also the country’s largest private sector credit bank.

There were many rumors about this issue at the Swell conference last year, and Marcus Treacher, one of the executives, was surprised when he listed the banks where Ripple works around the world and included HDFC among them. Because at that time, the cooperation of the two companies was not certain. Indeed, India’s negative policy towards cryptocurrencies led to reports that the deal would be realized with certain restrictions.

However, HDFC officially joined RippleNet, as Navin Gupta announced on the last day of the Swell Conference on August 12th. HDFC is not expected to use XRP in the first place, but the bank will either test Ripple’s blockchain technology for international payments or start using it directly.

Using clear statements on the subject, Gupta said:

“We have special news for you. In India, HDFC, the country’s largest private sector bank, has joined RippleNet. Our team is excited to work with them and they will be a key partner for Ripple ”

Are crypto bans coming again in India?

Ripple’s deal has surprised many experts. The reason for this is the rumors circulating that the government will still re-impose the bans after the Supreme Court lifted the cryptocurrency ban in 2018.

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It is also noteworthy that these rumors escalated right after Gupta’s announcement. According to anonymous reports in India with an unknown source; The federal cabinet in the country is working on a bill that will ban cryptocurrencies. After the draft is prepared, it will be sent to the parliament. It is unanswered how Ripple and HDFC cooperation will be affected if these bans come …


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