YEREVAN (CoinChapter.com) — Recently, pseudonymous Ripple supporter JackTheRippler claimed that Indian banks are testing a private ledger using XRP to facilitate interbank money transfers. The tweet claims that this system allows “1-3 second” transaction speeds, operates securely, and incurs “$0 fees.”
Despite this, there are no verified reports or statements from Indian authorities or major banks confirming such a pilot. This lack of evidence raises questions about the accuracy of these claims.
RippleNet and Indian Banks: Existing Partnerships for Cross-Border Payments
Ripple has made strides in India’s financial sector, primarily through partnerships with Axis Bank and Yes Bank. The partnerships focus on cross-border payments rather than interbank transfers within India.
RippleNet is a blockchain-based network designed to connect financial institutions for international payments. However, it operates independently of the public XRP Ledger and does not rely on XRP for all transactions.
CBDC Private Ledger: Ripple’s Separate Project for Central Banks
Ripple has developed a CBDC Private Ledger that uses XRP technology for central bank digital currencies, separate from the public XRP Ledger.
The ledger provides high transaction speeds and privacy specifically for central banks looking to issue digital currencies. According to David Schwartz, Ripple’s Chief Technology Officer, the CBDC Private Ledger offers an infrastructure that can connect to the public XRP Ledger when needed.
However, no official statement links Ripple’s CBDC Private Ledger to the RBI or any government-led project in India exists. The RBI has taken a cautious approach toward adopting blockchain and cryptocurrency technologies, and reports suggest that its CBDC would likely operate on a proprietary framework rather than relying on established networks like Ripple’s.
Unverified Claims on Ripple’s Involvement
It’s common in the crypto community for enthusiasts and influencers to amplify or exaggerate developments involving their preferred tokens. In this case, the tweet aligns with similar tactics seen in the past, where unverified information circulates to fuel investment hype. A deep dive into current Ripple activities and the Modi administration’s policies shows no indication that XRP is involved in any government-endorsed project.
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