#Ripple , which has been in court with the SEC in the USA , is growing steadily in the Asian and Far East markets. The world-renowned audit and consultancy firm #Ernst & #Young published a report stating that Ripple has taken huge steps towards becoming an alternative to Indian banks and is starting to pose a great threat to them.
🚨"Ripple's amenities are attracting the masses"
It was stated that Ernst & Young prepared this report for the Indian Competition Authority. In the report, it was written that Ripple increased its user base significantly thanks to the convenience it provides in cross-border payments and its ability to keep transaction fees low, and thanks to Ripple, many payment and remittance companies have started to switch to blockchain technology.
🚨"Blockchain technology threatens traditional finance…"
Indicating that the Indian banks and the traditional financial sector are under a serious threat against blockchain technology, the report stated that the solutions brought by the technology have initiated a transformation in the entire financial industry, especially the traditional banking sector is trying to struggle with blockchain-based technologies in payments and remittance transactions.
🚨"XRP has bridged with central banks"
In the report, which also gave details about Ripple, it was stated that Ripple-based technologies are currently used in 55 countries and that XRP has started to become an ever-growing bridge between central banks and other altcoins. The fact that Ripple does not burden its users as a transaction cost, is transparent and fast, has been shown as the biggest advantages over traditional financial institutions.
In Ernst & Young's report, it was also written that #Indian regulators have significantly increased their control and supervision over cryptocurrencies in recent years.
As it is known, after long negotiations, cryptocurrencies were banned completely in the country recently.