Ripple executive states XRP aligns “very well” with Sharia law: Push for adoption into Middle East?

XRP has long been hailed as the digital asset with a use-case, owing to Ripple, the company, utilizing it for cross-border payments in its xRapid payments solution. However, XRP has also gained a bevy of third-party utilization, such as the XRP Tip Bot by developer Wietse Wind, and Coil, a service that aims to monetize content on the Internet using microtransactions.

Dilip Rao, the Global Head for Infrastructure Innovation at Ripple, spoke about the latter at the Global Islamic Economic Summit in Dubai. He also spoke about how XRP was compliant with Sharia law, the regulatory approach taken by countries in the Middle East. He stated:

“One of the spin-offs from ripple has been a company called Coil which now allows you to stream very very minute quantities of value to a website that you’re visiting. So rather than sign up subscribers to a paid subscription that gives them full access or limited access through a free subscription, you can let them pay for what they see.”

Rao stated that payments can be streamed in XRP, stating that it could start to “change the way you monetize content”. He also quoted use cases for any type of content on the Internet, whether it was a newspaper or a video or “any kind of content on the web”.

He went on to say that a lot of this technology aligned “very well” with Sharia principles. This includes being able to identify the parties involved in the transactions and also being clear about contractual roles and responsibilities. He also mentioned how it could be utilized for reaching into unbanked populations, stating:

“If you can, with integrity, tokenize an asset worth a million dollars, you can now have a million people share in that asset rather than necessarily one millionaire. It starts to solve for reach into the unbanked. We think therefore aligns well with all of the Islamic finance principles.”

Rao also spoke about the attitude that the Middle East has towards attracting FinTechs to their country. He stated:

“I think the UAE government saying that 50% of all government transactions will be on distributed ledger technology by 2020 is a fantastic way to encourage innovation, to bring FinTechs to your market and then to then build the capability locally to iterate on those solutions that the FinTechs bring to you.”

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