The corridors of the European Parliament are starting to vibrate with talk of Ripple and its XRP Token. Ripple has always been cautious and looked to regulators to ensure there is approval before forging ahead. Now heads are starting to stand up and take note of the cryptocurrency revolution and its many benefits. This paves the way for cryptocurrency legitimization.
A strong and vocal cryptocurrency advocate in the European Parliament is Eva Kaili. She has been since 2014. Back then, the blockchain community viewed her with suspicion. In the early days of cryptocurrency, the belief was that digital assets would be stifled by any form of regulation.
However, she has since redeemed herself in the community because of her clear support of cryptocurrency. She has been a speaker at various conferences organized by Ripple. A common theme in her speeches is blockchain regulation that is fair and friendly to the EU. Her suggestions have been met with open minds and acceptance as opposed to previous stonewalling.
As time has passed and members of both crypto and regulator camps have been able to get to know and understand more about the principles and concerns that each party has, there seems to be a more amicable climate. This is a tremendous turnaround in just a few short years. The suspicion of each camp has made way for open-minded flexibility in an attempt to understand the needs of the other.
“When they heard I was a politician, they didn’t want me there,” Kaili told the crowd gathered at the luxury Andaz hotel for the recent Ripple Regionals event in London. During that conference.
She went onto say, “I believed that if we were not positive,” she explains, “the resistance of the traditional players would only increase and could even kill a technology that had so much potential for good.”
Banks and other major financial institutions no longer see cryptocurrency as a threat or as lightweight fly-by-night newbies and a lot of this has to do with Ripple’s steady, cautious forward movement in the market place.
It is obvious by the regular attendance of major financial institutions at Ripple Regionals, that many of them are starting to take the currency seriously and want to participate in the inevitable permanent fixture of cryptocurrency in the financial markets.
They also see the merit of using the technology to provide their customers with faster, cheaper and more transparent cross-border payments.
In 2018, Kaili proposed a European Parliament Resolution. This would call on the European Commission and the European Central Bank (ECB) to take action by looking into the sources of crypto-volatility and identify risks. They would then be able to consider the possibility of incorporating cryptocurrencies into the European payment system.
Kaili wants the European Parliament to become fully involved in the standardization of all aspects of blockchain technology including:
Time and education opened up these types of conversations with high-level institutions and regulatory bodies. The time has come for the cryptocurrency space to be regulated and accepted into the mainstream so that it can enjoy its full potential and mass adoption. Regulators, on the other hand, need to understand how this technology can change things for the better.
More and more governments and large corporations are starting to recognize Ripple’s technology, which solidifies the fact that XRP’s price potential is growing stronger each day.
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