In April 2019, the Reserve Bank of India [RBI] had announced that it was working on ‘Draft Enabling Framework for Regulatory Sandbox’. This draft had excluded Cryptocurrency, Initial Coin Offering, credit registry, and other crypto-related assets and there had been rumors of the government of India banning crypto.
According to reports, various technology industry lobby groups and Fintech startups have asked the RBI to consider/include cryptocurrency and other related crypto-assets in the regulatory sandbox framework. The government had been supporting the distributed ledger technology, on which cryptocurrency and blockchain are based on. Nasscom, the IT industry trade body said:
“Since crypto coins and tokens are an important component of the blockchain technology, the draft regulations appear to exclude testing of smart contracts and other approved blockchain technology under the sandbox.”
It further added:
“The decision to keep crypto-currencies, trading of crypto-currencies and initial coin offerings out of the purview of the regulatory sandbox, is still not clear.”
Nasscom argued the regulators in the UK support such innovative steps in their sandbox and addition of crypto will enable RBI to gauge the risk involved with crypto. Along with Nasscom, Payment Council of India [PCI] also chimed in to suggest a more open structure and noted that since there was no outright ban of crypto in the country yet, it should be a part of the sandbox. The ex-chairman of PCI, Naveen Surya said:
“The boundaries can’t be defined right away. The discussion has been on how an open framework can be created instead of a subset of existing laws, because then we wouldn’t be achieving the innovation objective. Ideally, they shouldn’t have such large exclusions.”
These developments occur in the ever-chaotic and confusing crypto realm of India. It remains to be seen if this nudge from Nasscom and PCI will have a positive effect.
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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