Ripple states that the XRP aligns "very well" with Sharia law: pushing for adoption in the Middle East?


XRP has long been considered the digital asset with a use case, thanks to Ripple, the company, which used it for cross-border payments in its xRapid payment solution. However, XRP has also captured a number of third-party uses, such as XRP Tip Bot from the developer Wietse Wind and Coil, a service that aims to monetize Internet content using microtransactions.

Dilip Rao, Ripple's Global Head for Infrastructure Innovation, talked about the latest at the Dubai Global Islamic Economic Summit. He also talked about how XRP complied with Sharia law, the regulatory approach adopted by the countries of the Middle East. He has declared:

"One of the ripple spin-offs was a company called Coil that now lets you pass very small amounts of value to a website you're visiting, so rather than sign up for a paid subscription that gives them full access or access. limited by a free subscription, you can let them pay for what they see. "

Rao said payments could be streamed to XRP, saying it could start "changing the way they monetize content". He also cited use cases for any type of content on the Internet, be it a newspaper or a video or "any type of content on the web".

He went on to say that many of these technologies aligned "very well" with the principles of Sharia. This includes the ability to identify the parties involved in the transactions and also to clarify the roles and responsibilities of the contract. He also mentioned how it could be used to reach non-rented populations, stating:

"If you can, with integrity, make a million-dollar resource symbolic, you can now have a million people who share that good rather than a millionaire, and start solving to achieve unbanked. which aligns well with all the principles of Islamic finance ".

Rao also spoke of the attitude that the Middle East has towards the attraction of FinTech in their country. He has declared:

"I think the UAE government that states that 50% of all government transactions will be based on distributed accounting technology by 2020 is a fantastic way to encourage innovation, to bring FinTech to the market and then to locally build the capabilities to iterate on those solutions that the FinTechs bring you. "

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Anirudh VK

Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and an interest in the future of blockchain and cryptocurrency technology. At the moment it does not have any cryptocurrency.

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