Brussels is Open to Blockchain Technology – Eva Kaili

Brussels is Open to Blockchain Technology – Eva Kaili

“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.”

Recently Similar News

cex-promotion exmo-promotion

Latest Guides

Latest News

Argo,Blockchain,Crypto Mining,London

Oil Tycoon Slicks Up Failing Crypto Mining Firm

Frank Timis, an oil tycoon who was convicted for selling heroin, is looking to have a shake around of the board of the crypto-mining firm, Argo Blockchain. It has been reported that Timis has already tried to oust two members of the London Stock Exchange (LSE) listed company. Timis is the leading shareholder of the […]

22 April, 2019
ATOM,Exchange Platforms,Kraken,Staking

Kraken to List Proof-of-Stake Token ATOM.

As of today, users of the exchange platform Kraken will be able to buy and trade, ATOM, expanding their horizons of proof-of-stake processes. It hails from a Cosmos, a product of Tendermint’s consensus protocol. According to the blog post, “it is fast and highly scalable and aims to reduce “time and complexity involved in building […]

22 April, 2019
Blockchain,BVI,Emergency,Wallets

The British Virgin Islands Reveal Blockchain Emergency Plan

The British Virgin Islands will be working with a blockchain company to strengthen its emergency situation protocols with a crypto wallet. In case of emergency, residents of the island, who would otherwise have no access to funds, will be able to make transactions via a wallet provided by blockchain company Lifelabs. The wallet will have […]

21 April, 2019
Giveaway,Matic Network,Token Sale

Matic Network Announce $1000 Giveaway

To celebrate their token sale on Binance, Matic has announced they will be giving $1000 worth of Matic Tokens to a selection of lucky users. Last month, we revealed that Binance and Matic would be partnering up and discussed the perks it will have for users. This partnership is set to kick off with a […]

21 April, 2019
Fee Increase,MakerDAO,Stability Fee,Vote

MakerDAO Hold Second Vote for “Stability Fee” Increase

After last month’s vote where they increased the fee by 4% and a second vote last week, another vote will be held over a further 3% increase. Following the first vote back in March, a comment posted on Maker’s website following last months vote explained: “the correct Stability Fee could still be 7.5% or higher.” This […]

20 April, 2019
China,Loss,Mining

Crypto Mining Firm Sees $23 Million Loss

Huatie Hengan, a former construction company that switched to crypto mining last year, has seen a staggering loss. The company was sold recently for 12 million yuan ($2 million), 90% less than it was worth less than last year. With it previously being valued at around 170 million Chinese yuan ($25 million). When they launched their crypto mining […]

20 April, 2019
Blockchain,China,Cryptocurrency,Fiat

Expert Claims Chinese Currency will go Crypto

The executive chairman of the Blockchain Research Institute, Donald Tapscott, has claimed in an interview that Chinese currency, the Renminbi (RMB), will become crypto in the future. He has founded this belief from conversing with President Xi Jinping, the vice-chairman of the Communist Party in China. In a meeting they held together, Xi Jinping expressed how […]

19 April, 2019
Coinbase,Exchange Platforms,Expansion

Coinbase Announces Expansion in 11 New Countries

Coinbase has expanded its service to now accommodate for 52 countries across 4 different continents. The exchange platform announced the news on Wednesday that they had successfully welcome new countries across Southeast Asia and Latin America. Now residents from Argentina, Mexico, Peru, Colombia, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines and New Zealand. […]

19 April, 2019