“Recently, I had to send 2,000 euros to my mother in Greece from my account in Brussels. She needed the money that day and I could not 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.”
With that kind of examples, Member of the European Parliament Eva Kaili tried to explain the numberless of opportunities and advantages that the Blockchain technology is ready to give to our society.
In a Ripple Regionals event organised by Ripple at a hotel in the British capital London, Eva Kaili talked about the kind of disruption that blockchain is doing in many sectors, and she gave hints on how the European Parliament is facing the challenges of a new technology.
Kaili said that euro politicians have not turned blind on the new technology due to the growing mainstream acceptance that Blockchain and Distributed Ledger Technology are having from top leaders across the world. Also, the European approach to regulation is rising expectations all over the Union.
“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,” she stated.
Kaili highlighted that the defensive stance that banks and government took at the very beginning with this new technology is changing now with opinions more favourable to open frontiers to Blockchain and more relaxed and open-minded regulation.
“Distributed Ledger Technology (DLT) and blockchain can constitute a tool that promotes the empowerment of citizens by giving them the opportunity to control their own data and decide what data to share in the ledger, as well as the capacity to choose who else can see them,” Kaili said.
“DLT is a general-purpose technology which can improve transaction cost efficiency by removing intermediaries and intermediation costs, as well as increasing transaction transparency, also reshaping value chains and improving organisational efficiency through trustworthy decentralisation.”Even central banks are thinking about having their own digital currencies, also banks have their Blockchain accelerators like the Bank of England.
On the crypto framework, Kaili said that it should be necessary to “provide feedback on the sources of volatility of cryptocurrencies, identify dangers for the public, and explore the possibilities of incorporating cryptocurrencies in the European payment system.”
Central Banks with a cryptocurrency is not new. As reported by Cryptimi towards the end of last year, Managing Director of the International Monetary Fund Christine Lagarde already talked about the necessity of central banks opening to the idea of digital currencies.
In a conference in Singapore called “Winds of Change: The Case for New Digital Currency,” Lagarde said that banks and international organisms “should consider the possibility to issue digital currency.”
IMF director asked herself “should central banks issue a new digital form of money?” Lagarde answered: “A state-backed token, or perhaps an account held directly at the central bank, available to people and firms for retail payments? True, your deposits in commercial banks are already digital. But a digital currency would be a liability of the state, like cash today, not of a private firm.”
If you are an avid user of the Shapeshift Currency Exchange, then tomorrow you may be about to witness its service very differently. It was today announced by the CEO of Shapeshift, Erik Voorhees, that he has intentions to rebrand his organisation, with the intention to release a Beta version with a more simplistic service […]
Coinsquare broadened its horizons yesterday via an acquisition of the decentralised exchange StellarX for an undisclosed figure. The largest Canadian cryptocurrency exchange announced the news of the acquisition on Thursday, outlining their intention to position the Bermuda-based Stellar within their organisation as an “anchor wallet”. Unfazed by the crypto winter, Coinsquare seems intent on growing […]
While there have been some naysayers recently about Bitocin, these do not include Chinese Bitcoin Billionaire, Zhao Dong. Zhao Dong, one of China’ most notorious cryptocurrency influencers well known for his OTC trading, endorsed Bitcoin via the trading group, WeChat yesterday. He stated that while the rough times may continue throughout 2019, but when next year […]
Luxembourg has approved a blockchain legal framework that will make the new technology equals with traditional payments systems. The Chambre des Deputes Du Grand-Duche De Luxembourg sanctioned into law the blockchain technology framework bill 7363 into law, according to an official announcement published by the parliament. The bill attempts to provide the market with more […]
“This time it’s for sure”, at least it is what CNBC is saying as a report explains that JP Morgan – once a cryptocurrency denier – is working on the first ever US Bank backed cryptocurrency, according to a note from CBNB. It is huge, one of the most important banks in the world is […]
The biggest bank in Japan, the Mitsubishi UFJ Financial Group, also known as MUFG, announced it will introduce a blockchain powered payment network in one year, according to a press release published by the company. In a partnership with United Stated finch form Akamai Technologies, MUFG will develop a blockchain system called the Global Open […]
The United States Stock Exchange Operator Nasdaq announced today the addition of two new cryptocurrency indices this month according to a press release published by the company. Nasdaq and Brave New Coin has partnered to offer BLX, Bitcoin Liquid Index, and ELX, Ethereal Liquid Index. The indices will be quoted in US Dollars and will […]
As the old adage goes, the two things you can’t avoid in life are death and taxes and unfortunately, with cryptocurrencies, it is no different. While of course, the nature of cryptocurrencies may sometimes feel autonomous from the tax-world, this isn’t the case. As such, being knowledgeable about it can save traders a lot of […]