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Brad Garlinghouse criticized the Indian authorities for the upcoming ban on cryptocurrencies

Brad Garlinghouse criticized the Indian authorities for the upcoming ban on cryptocurrencies

Ripple CEO brad Garlinghouse criticized the Indian authorities, who are rumored to be preparing to completely ban cryptocurrencies in the country.

A complete ban on cryptocurrency trading for Indian citizens was reported
back in August, and recently returned to this topic
Bloomberg edition. According to anonymous sources of the publication, India plans to develop a blockchain, but prohibit trading in cryptocurrencies.

In response, brad Garlinghouse) called
such plans are “disappointing”, and stressed that cryptocurrencies can help provide financial services to a significant part of the Indian population:

“It is disappointing to see how India bans cryptocurrencies, stifling a nascent industry that will help one of the largest Nations with a large proportion of citizens without access to banking services.”

As of may this year, there were about 190 million people in India who do not have access to banks or other financial instruments. Many experts say that cryptocurrencies can help such people and increase the financial literacy of the population.

Recall that in early 2018, the Reserve Bank of India (RBI) banned local banks from providing services to cryptocurrency companies. This year, however, the country’s Supreme court overturned the Central Bank’s ruling.