One of the controversial issues Ripple CEO recently talked about was “India v/s Crypto Regulation”. While RBI v/s Crypto is still a burning topic, Brad Garlinghouse stressed that the crypto industry must be ready to greet regulations with open arms for them to make any progress.
Garlinghouse on Crypto in India
Brad Garlinghouse during an interview session with CNN’s Julia Chatterley on Tuesday, speaks extensively on the general condition of the crypto market, some of Ripple’s accomplishments, ambitions and XRP, financial ecosystem and most importantly, the crypto adoption struggle in India.
“Typically we would say India hasn’t yet had enough clarity from the regulatory point of view, so we are not prioritized…”
According to Garlinghouse, the major problem India faces with crypto adoption is that cryptocurrencies threaten to replace the existing framework of their financial ecosystem. This fact, according to Garlinghouse threatens national security and therefore, the regulators would do anything to subdue crypto’s existence.
Ripple CEO Offers A Solution
Further, in order to conquer this mistaken assumption and come to an agreement, Garlinghouse offers a solution. Pushers of crypto adoption, as well as blockchain-related establishments in the country, must come to the compromise. They must learn to forgo a considerable degree of privacy by enacting strict AML/KYC policies. According to Brad Garlinghouse, this is how to make regulators feel comfortable with cryptos being accepted within their financial framework.
As Garlinghouse speaks with CNN, he says…
“It’s sitting down with key regulators and explaining to them that this is not circumventing KYC checks, it’s not circumventing AML checks. Once the regulators understand that you are not circumventing the regulatory framework, they get comfortable very quickly. And they lean in because they understand that this is actually helping inclusion in the financial system…”
Fight For Crypto Freedom
Meanwhile, Indian crypto industry keep mounting pressure on the government to take a closer look at the situation. Recently, the struggle became an issue of judicial concern as both crypto representatives and those of RBI presented their cases before a court of law.
India represents one of the countries around the world which are yet apprehensive towards cryptocurrencies. Not only have some of the country’s regulatory bodies disapproved of the technology, but major financial institutions including the Reserved Bank of India (RBI) have also enacted policies to shut out cryptocurrencies.
At the heights of the controversy, Indian crypto industry heats up. More so, the community responds to the controversial “Crypto vs RBI” case.
According to popular Indian crypto personality, Nischal Shetty on Twitter, “Many Crypto companies are waiting to enter India “. By tagging the video of Brad, Shetty tweeted as follows;