Ripple (XRP) Welcomes Government Regulation for its Products
Despite the interference, stricter ruling and regulations set by governments, cryptocurrencies have been surging and developing every day. However, one of the coins does appreciate the government to join even more in the game – Ripple.
Director of Regulatory Relations from Ripple Lans – Ryan Zagone, has “asked” government of UK to develop and make regulations that would cut down the middle between enabling innovation and capturing possible or is-risk. He believes that the cryptocurrency ecosystem and market is at a state similar to internet’s early times – as added on an interview with The Telegraph:
“We’re at that time now where we need more clarity and rules and we need more certainty. It’s a good time to start revisiting that ‘wait and see’ approach taken by regulators,” he said.
Over the years, the San Francisco-based company has lobbied authorities in the US and UK on the benefits of regulating new technologies relating to cryptocurrencies. Almost two years ago, the director of regulatory relations did write to the House of Energy and Commerce Committee urging that a “workable regulatory framework is required for US to be competitive.”
The comments were targeting the task force formed by the United Kingdom Gov with the aim managing the risk around crypto-assets. This is the first positive event upon confirming and affirmation regarding regulation coming from a leading crypto. The efforts of govs to add and implement legal authority over transfers and uses of cryptocurrencies are not that support by enthusiasts which makes a barrier for institutional money to flow into the market. The result is crazy shot up or crazy crashes accordingly with the slightest negative news spreading.
Ripple, itself, stands to benefit from increased regulation as does the general crypto-market. Its products assist in implementing existing regulatory initiatives for customers. To make simpler, we cane take xCurrent as an example – it is the solution for messaging between banks, functioning being based on individual domestic regulations – as the products info states.
With individual governments writing and implementing their own regulations, costs are increased parallel with complexity of the process for financial services offering firms, which is why Ripple many times has called for an international framework that would suit the solution it delivers.