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Euromoney, March 2018

This is not an easy time to be a cryptocurrency backer in India, nor to be Ripple anywhere in the world. So spare a thought for Navin Gupta, the managing director of Ripple India.

In February, Indian finance minister Arun Jaitley announced in his budget speech that he would launch a crackdown on the use of cryptocurrencies, saying: “The government does not consider cryptocurrencies as legal tender.”

It has since issued 100,000 tax notices to cryptocurrency investors suspected of concealing profits. Meanwhile, Ripple’s price, measured through its XRP token, has fallen from $3.75 in early January to $1.15 at the time of writing; its market cap is down from $145 billion to $44 billion.

None of this, however, seems to faze Gupta, who believes that Ripple’s fundamental purpose in India – cross-border remittances – insulates it from the surrounding noise.

Full article: https://www.euromoney.com/article/b176p9v9ng51gp/ripple-india-tries-to-ignore-the-noise?copyrightInfo=true

Chris Wright
Chris Wright
Chris is a journalist specialising in business and financial journalism across Asia, Australia and the Middle East. He is Asia editor for Euromoney magazine and has written for publications including the Financial Times, Institutional Investor, Forbes, Asiamoney, the Australian Financial Review, Discovery Channel Magazine, Qantas: The Australian Way and BRW. He is the author of No More Worlds to Conquer, published by HarperCollins.

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