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12.02.2019

Member Of Parliament Discusses EU’s Stance On Blockchain

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A member of the European Parliament spoke about Blockchain technology and how it’s disruptive and the effect it has on lots of different sectors at the recent Ripple Regionals event, organised by Ripple at a hotel in London. Eva Kaili discussed blockchain technology and gave an insight into her entry into emerging technology.

Speaking at the event in London, the European Parliament member discussed how she faced a lot of pushback from the first blockchain conference she attended in 2014 for the sole reason due to her being a politician. Kaili follows on from this saying that this made her even more interested and curious about blockchain and gave her an incentive to research the technology deeper.

“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.”

Kaili further went on to say that there is a big difference between then and now and said that the different scenarios have changed quite a lot. On top of this, she continued to say that the regulation of blockchain and digital assets got a good reception by EU banks and leaders from different financial institutions.

“Eva Kaili said that the reason why they had not turned a blind eye to this nascent technology was due to two reasons, the first being the growing mainstream acceptance to this technology by leaders across the world and the second was a result of EU’s new approach to regulation.”

The parliament member said that they haven’t ignored the upcoming technology and this was due to two reasons. Firstly, the mainstream adoption of blockchain seems to be increasing by the day with world leaders looking into blockchain all the time. Secondly, this was a result of the European Union’s new approach to regulation.

The defensive standpoint taken by world leaders and different nations has changed a lot over time. Blockchain technology and digital assets, like cryptocurrencies, are being accepted and even looked into by a lot of big institutions and companies.

Ripple has a few blockchain payment solutions such as xRapid which is not only cheaper and faster but is a lot more secure than was previously thought. The only thing to do now is sit, wait and hope that regulators adopt it soon.