SBI Shows They See The Future
SBI is planning for the future of money with a sizable investment in the US based cryptocurrency Ripple (XRP). Much like Bitcoin, Ripple is designed to settle transactions faster across the globe. Where Bitcoin transactions might take hours, Ripple transactions are completed almost instantly making it the ideal choice when sending money internationally or B2B. Bitcoin shines as a store of value, but Ripple shines as a more viable currency. Over the weekend there was a huge purchase recorded for a whopping 700 Million USD which is 900 Million XRP.
Ripple is designed for enterprise but anyone can own it, and if you are smart, now might be a good time to buy in. At current time of writing, one Ripple coin is approximately 0.78 cents in USD or approximately 50 Rupees. To put that in context, Ripple was only 0.15 cents just a few months ago. Other Asian banks in South Korea and Japan are throwing their weight behind Ripple and plan to begin the first transactions in Spring 2018. Axis bank and 40+ other public and private sector banks in India have chosen Ripple to get behind.
Buy Ripple On Popular Exchanges
Ripple, Bitcoin, and others are available on popular coin exchanges like CEX.io. Although it’s a bit confusing to understand how it all works at first, you can invest any amount small or large.
With transaction data from crypto transactions being private and anonymous, it will be interesting to see if and how CIBIL can evolve to incorporate this payment data to build a credit profile of users. At first pass, it would seem they cannot, which would leave a major hole in the credit reports of reliable users who choose to pay only with crypto. It’s not farfetched to think that CIBIL will have to change it’s approach for consumer data in a world where anonymous payments through crypto have become commonplace.
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