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Author Topic: Ripple partnership with bkash? Is it legal?  (Read 140 times)
Pffrt
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February 20, 2020, 05:20:27 AM
 #1

Bkash is a payment gateway of one of the reputed bank of Bangladesh, the BRAC bank. Recently they had a partnership with Ripple.
What I have understood, BRAC bank will use Ripple (?) to transfer remittances. If so, aren't they going to use XRP coin? Please confirm, I am a bit confused in this.

If so, I mean if they use XRP in Bangladesh, why not Bitcoin?
https://cointelegraph.com/news/bangladesh-bank-with-4-billion-in-assets-now-employs-ripplenet

Edit- The article refers to partnership with Bank Asia, not BRAC Bank. I can't find link of the BRAC Bank partnership for now.
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February 20, 2020, 05:31:46 AM
 #2

no bank has never been interested in using XRP all these years and it is not going to change with a random bank in Bangladesh either.

there is nothing illegal about using the technology though. for example producing and selling crystal meth (XRP) is illegal but the technology that is chemistry (Ripple) is not illegal and can be used elsewhere for other purposes.

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February 20, 2020, 08:47:03 AM
 #3

I can't also see a partnership with Ripple and BRAC. I see some articles and partnership of BRAC and Bkash but it's with the traditional partnership and companies.

We have believed that Ripple is for the banks but as said, until now we haven't see a remittance center or even a bank use their XRP alone. But there were news about the technology they offer, something like Xrapid.

This topic should be on the Altcoin Discussion.





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February 20, 2020, 10:07:38 AM
 #4

If so, I mean if they use XRP in Bangladesh, why not Bitcoin?

There might be several reasons:
1. Bitcoin is more decentralized hence they can't do rollback etc if something bad happens.
2. You can sue Ripple if something is wrong.
3. Bitcoin is considered not scalable enough for its purpose.
4. etc.

Asking them directly will give you the answer that you need.
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February 20, 2020, 10:51:21 AM
 #5


If so, I mean if they use XRP in Bangladesh, why not Bitcoin?
https://cointelegraph.com/news/bangladesh-bank-with-4-billion-in-assets-now-employs-ripplenet


Answer is very simple. XRP has centralized applications and legal authorities always get information about you. And Bitcoin is decentralized. It is not possible to get any information with Bitcoin network. So banking system always collect some data about their customers.
If you should withdraw your money from a bank, you have to prove with some docs you are the account holder.
But you don't need any middleman with Bitcoin already. So they won't use Bitcoin because there is no personal information with BTC.

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February 20, 2020, 11:02:19 AM
 #6

If so, I mean if they use XRP in Bangladesh, why not Bitcoin?
Because they want to manipulate their citizen in having possible money laundering due to Bitcoin is decentralized.
But in fact, I don't see any reasons for it to be illegal. Ripple is an SEC-registered Tech Company. Same as Bkash, they are both Financial-technology companies that are legally operating.

As a matter of fact, Ripple has the best Lawyer in town that they were able to use the loopholes of the constitution to pursue and keep their projects. As long as the government does not revise the code, it will remain legal. That technically and basically it.





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February 20, 2020, 12:21:40 PM
 #7

If so, aren't they going to use XRP coin? Please confirm, I am a bit confused in this.

This question of yours is the same question that cointelegraph raised to Ripple, whether this partnership to facilitate instant remittance would use XRP. Apparently, the company has not yet issued an official answer or statement pertaining to that.

Quote
If so, I mean if they use XRP in Bangladesh, why not Bitcoin?
https://cointelegraph.com/news/bangladesh-bank-with-4-billion-in-assets-now-employs-ripplenet

Bitcoin is never an option to deals such as this. It might end up a one-man deal, or not a deal at all. There is no one who represents Bitcoin, who would sign any legal contract on behalf of Bitcoin, because Bitcoin is not owned by any single individual nor existing as a company.

Also, if I am not mistaken, Bitcoin is illegal in Bangladesh.



As to its legality, are we seeing any contract or official partnership deal or agreement document? I think there is none publicly available. The question of legality is hard to answer because we have very limited knowledge as to the partnership. In fact, it was only accidentally discovered after a random twitter user "pointed out the Bank Asia logo in an official Ripple document." Outside of that tiny piece of seemingly insignificant information, we have nothing to bring us into a conclusion that the two parties indeed signed any partnership deal.





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pakhitheboss
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February 20, 2020, 01:19:44 PM
 #8

Bkash is a payment gateway of one of the reputed bank of Bangladesh, the BRAC bank. Recently they had a partnership with Ripple.
What I have understood, BRAC bank will use Ripple (?) to transfer remittances. If so, aren't they going to use XRP coin? Please confirm, I am a bit confused in this.

If so, I mean if they use XRP in Bangladesh, why not Bitcoin?
https://cointelegraph.com/news/bangladesh-bank-with-4-billion-in-assets-now-employs-ripplenet

Edit- The article refers to partnership with Bank Asia, not BRAC Bank. I can't find link of the BRAC Bank partnership for now.

Goverments in third world countries and especially in South East Asia have a tendency to control the lives of its citizens. Except India every country has completely banned Bitcoin. This shows how much they fear Bitcoin.

But, as a government you can certainly use the technology for your own benefits and not for the citizens of the country. I am sure this partnership will help them in processing remittance faster, which obviously they will keep in their banks to boost economy. Citizens will still receive the money after the set date as per banking terms and conditions.

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February 20, 2020, 05:17:37 PM
 #9

In Bangladesh officially illegal the crypto currency. If it Bitcoin or Xrp (Ripple). But i can't understand how can they(Both bank) do this?
The break the rules of Bangladesh Bank. If it us official news, they can suffer for it.

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February 20, 2020, 07:19:36 PM
 #10

Bkash is a payment gateway of one of the reputed bank of Bangladesh, the BRAC bank. Recently they had a partnership with Ripple.
What I have understood, BRAC bank will use Ripple (?) to transfer remittances. If so, aren't they going to use XRP coin? Please confirm, I am a bit confused in this.

If so, I mean if they use XRP in Bangladesh, why not Bitcoin?
https://cointelegraph.com/news/bangladesh-bank-with-4-billion-in-assets-now-employs-ripplenet

Edit- The article refers to partnership with Bank Asia, not BRAC Bank. I can't find link of the BRAC Bank partnership for now.

I understand that crytocurrency is banned in Bangladesh. But the current partnership of Bank Asia with Ripple is not illegal, because as per the partnership contract, Bank Asia is going to use Ripplenet for cross-border transactions. To understand, why the deal is not illegal, you need to first understand how Ripplenet works. Read the article below,

https://medium.com/@thecryptoconsultant/ripplenet-network-by-ripple-bd61f8177aec

Ripplenet is going to work as a transaction settlement provider in bulk. Let's assume, Bank Asia sends out 1 billion worth of outward transactions globally. So the Bank will hand over the money to Ripple along with the receiver's bank details. Ripple will send the money out using XRP to their local settlement providers and the local settlement provider will  transfer the fund to the receiver. Bank is not going to handle cryptos directly. They are just going to use the network in a similar way we use Visa or Mastercard. So it's not illegal!

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February 23, 2020, 07:38:27 PM
 #11

Ripple partnership with bkash? Is it legal?

When you ask about if is legal or not, it all depends of country's laws. Big part of even no one that don't live in that country can tell you. You should try to find people that live there. Or even people there that know their law system to let you know. Also don't relay on old data. Since crypto laws change almost every year.
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