Bitcoin, Crypto currency, Blockchain

Newsflash: there is No cooperation between Ripple and Thai Bank, crypto ban in India?

5f5ff25d2fec9f8d1a850e2f08416103 - Newsflash: there is No cooperation between Ripple and Thai Bank, crypto ban in India?

Newsflash: there is No cooperation between Ripple and Thai Bank, crypto ban in India?

Home News Newsflash: there is No cooperation between Ripple and Thai Bank, crypto ban in India?

Of
Marcel Knobloch –
08.06.2019

The largest Thai Bank, the Siam Commercial Bank (SCB), had made on Twitter caused a sensation, as they announced in a Tweet that they will very soon, the native Token of Ripple, XRP, for their business activities.

On a question from a user on the official Twitter account of the Bank replied that they would announce a XRP-based System. This caused a great euphoria within the Ripple Community. In the short time later-deleted Tweet, the Bank called on their users to follow their official schedule in the social media, to get more information. As a consequence, further questions were addressed to the Banke, deleted the Tweet and corrected by return mail your statement. The Bank currently has no plan for the use of XRP.

There is speculation that, could be the result of this misunderstanding is a confidentiality agreement between the Ripple and the Bank. The Person who is responsible for Social Media Accounts, could not be dedicated to have been. In may, the Bank said already that you thought about how you could use XRP in the future.

This information was however denied now, so this is for now only speculation. Nevertheless, the Bank describes in the last few weeks, you research it, the Blockchain technology for cross-border payments in other countries. The Bank sees great potential for savings, and a speed advantage. How exactly this process of optimisation will however be designed, remains to be seen.

Before that there is a large crypto ban in India?

Any purchase, sale, but also the Mining of digital currencies will lead to a recent proposal of the Indian official, with the title “ban the crypto-currency and the regulation of the official law on digital currencies, 2019”, to 10 years in prison. This new legislation aims to ban the crypto-trade in India and a majority of the world’s population, 18%, from trading with crypto-currencies out.

According to a detailed report in the Economic Times, the draft law is under the Minister of economic Affairs, Subhash Chandra Garg since seiniger time in the development. It is aimed at people who “produce, directly or indirectly, crypto mines, currencies, hold, sell, assign, sell, spend or trade”. With these paraphrases all areas of cryptocurrency trading and mining are covered.

The proposal is the latest attack by the Indian government in the fight against digital currencies. The Initiative is driven by members of the Securities and Exchange Board of India (SEBI) and the Central Board of Direct Taxes (CBDT) is in progress. India is already thinking for some time about the introduction of a digital rupee, so that, by this act, the entire competition would be eliminated by the direct elimination of Bitcoin and co., An official describes (freely translated):

A decision on the introduction of Digital Rupee would be taken after consultation with the Reserve Bank of India (RBI).

Changpeng Zhao, CEO of Binance, is confident that this step Privacy Coins would give like Monero, Dash or ZCash a boost (freely translated):

This bill in India will drive the acceptance of privacy coins really move forward.

Similar to Anthony Pompliano also, the present development (freely translated):

I doubt very much that this will happen, but if this is the case, it will have the opposite effect and actually promoting acceptance. The people will not be told what to do with your assets.

Featured Image. wsf-s | Shutterstock

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