Ripple Talks About Regulations in EU

Ripple Talks About Regulations in EU

In a recent Ripple Insights article, Ripple talked about the regulation of digital assets in the European Union.

The article starts off with Eva Kaili, a member of the European Parliament representing the Panhellenic Socialist Movement (PASOK), talking about when she first attended a blockchain conference. This was back when she had just been elected as a Member of the European Parliament for Greece in 2014.

Being a politician, she was treated with suspicion by those who were advocating the blockchain technology which was still nascent back then.

At Andaz hotel, where the recent Ripple Regionals event in London was held, she recalled, “When they heard I was a politician, they didn’t want me there.” Instead of being fazed by how she was received by the crowd out there, she was inspired to be a lot more determined in her efforts to understand how the blockchain technology benefitted various industries. She explains:

“I believed that if we were not positive, the resistance of the traditional players would only increase and could even kill a technology that had so much potential for good.”

Talking about funding innovation and positive resolutions, the article said:

“Up until recently, many of world’s financial institutions had taken a defensive stance to digital assets. Their presence at Ripple Regionals demonstrates how many are now seeing the value of using the technology to provide their customers with faster, cheaper and more transparent cross-border payments.”

Adding to it:

“Yet, there is still work to be done on the regulatory front and Kaili is passionate about helping to provide the clarity that will help remove barriers to adoption. For the past four years, the Greek MEP has spearheaded a fresh Europe-wide approach to blockchain and digital assets.”

Continuing with it:

“In 2018, she proposed a European Parliament Resolution that calls on the European Commission and the European Central Bank (ECB) to look into the sources of crypto-volatility, identify dangers and consider the possibility of incorporating cryptocurrencies into the European payment system.”

Talking about it further:

“She also wants to work towards standardization on all aspects of blockchain technology, from defining the status of digital assets to more transparency on Initial Coin Offerings (ICOs) and guidelines for resolving smart contracts. One of Kaili’s key positions is that fewer regulations will allow innovators to move faster.”

As Kaili puts it:

“We do not want to stop innovation. The resolution is a roadmap to support this very exciting technology. We’ve shown that we are open-minded.”

Talking about the support received, the article said:

“Support also comes in the form of funding to promote research and development. The Digital Europe Programme has a €9.2 billion fund for various digital initiatives including blockchain-related projects, while the European Commission may have more than €300 million available for blockchain pilots.”

For Europe’s blockchain advocates, this is great news. Though MEP is driven by how blockchain technology can benefit everyone across Europe.

Also Read: Ripple Releases Q4 2018 XRP Markets Report

As Kaili puts it:

“After the debt crisis in Greece, I realized that the central banks had too much control over our deposits and I thought that we should find a solution.”

She talks about how she was affected by the problem herself:

“Recently, I had to send €2,000 to my mother in Greece from my account in Brussels. She needed the money that day and I couldn’t use the bank because it would take three working days. If I could send it to her using RippleNet, she would immediately receive the payment.”

While the ECB is still resisting the ideas, Kaili says:

“If there are benefits for European citizens, there are no banks that can stop us from using the technology.”

Ultimately, Kaili’s belief is that blockchain and digital assets will change and improve all sectors of life.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.