In Hopes Of Establishing Regulatory Clarity In EU, Ripple Turns To Parliament Member
Ripple has been the subject of discussion for the E.U. as they have been working to create legislation that would properly regulate the cryptocurrency industry. This cross-border trading platform is working to build up their case, recently asking Eva Kaili to support their endeavor with the European Commission and the European Central Bank (ECB). Kaili recently proposed a European Parliament Resolution last year, which targeted research about volatility and other dangers in the crypto market before integrating it to the payment system in Europe.
In a recent report from CoinGape, Ripple published a blog on their official website to discuss the positive stance that Kaili now has on blockchain technology, highlighting the ways that she believes that blockchain technology could thrive. Kaili originally attended her first blockchain conference back in 2014 after being elected to be a Member of the European Parliament for Greece. However, the community associated with the still-young technology were distrustful.
Explaining, Kaili said that the group was not welcoming after they found out that she was in politics. However, she was not discouraged.
Instead, she says,
“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.”
Now, the community acts much differently towards her, because she is shown a genuine interest in advancing it. The Ripple Regionals talk from Kaili were “well received,” according to the blog, which cites two specific reasons for that reaction – “the growing mainstream acceptance of the technology and the E.U.’s new positive approach to regulation.”
The approach that Kaili is taking now within the E.U. is not necessarily shared by other members, but she believes that fewer regulations could truly help the technology thrive.
“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.”
Financial support has been growing towards the research and development of blockchain, with a €9.2 billion fund at the Digital Europe Programme that promotes various initiatives in the industry, while there is more than €300 million available through the European Commission for pilot projects in blockchain. Kaili encouraged the E.U. by adding that they aim to remove “some of the risk” to ensure innovation.
Blockchain technology is viewed as more of a solution by Kaili, which she used to encourage other members.
“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 continues, explaining how the technology has personally impacted her as well.
“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.”
Adamant about how crucial these services are, she challenged the E.U. by stating,
“If there are benefits for European citizens, there are no banks that can stop us from using the technology.”
The Ripple blog explains the depth of which Kaili’s influence could help the blockchain industry and Ripple themselves, concluding,
“The new regulations she has proposed will remove barriers to innovation and adoption and she called on all the entrepreneurs and institutions in the Ripple Regionals audience to avail of the E.U. funding and develop new ideas that will connect Europe and the rest of the world in positive ways.”