European Parliament member Eva Kaili in the recent Ripple Regionals event in London, UK, talked about the benefits of blockchain and E.U.’s new positive approach to regulation. Kaili, who was elected in 2014 representing South European country Greece, talked about how the E.U. will regulate blockchains and digital assets, according to a blog post by Ripple.
She talked that she wants to work towards standardization on all aspects of blockchain technology, from defining the status of digital assets to more transparency on ICO and guidelines for resolving smart contracts.
She thinks that the decentralized technology can ultimately benefit everyone across Europe. The Greek MEP also mentioned the high fees associated with cross-border payments and how digital assets can reduce those fees. Further, she believes that all sectors of life will be changed and improved by blockchain and digital assets.
Kaili said, “By its nature, blockchain technology doesn’t recognize borders. It’s unstoppable. You will be disrupted if you don’t try to understand it. Instead you need to see the potential.”
The new regulations she has proposed are expected to remove barriers to innovation and adoption. She has 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.
Ripple said the talk was well received by the assembled leaders from banks, financial institutions and fintech businesses for two simple reasons: the growing mainstream acceptance of the technology and the E.U.’s new positive approach to regulation.
During 2018, she proposed a European Parliament Resolution that calls on the European Commission and the European Central Bank to look into the sources of crypto-volatility, identify dangers and consider the possibility of incorporating cryptocurrencies into the European payment system.Kaili has been an advocate for the technology and for the past four years has spearheaded a fresh Europe-wide approach to blockchain and digital assets. Ripple team noted that she is passionate about helping to provide the clarity that will help remove barriers to adoption.
According to Ripple, many of world’s financial institutions, who had taken a defensive stance to digital assets earlier, are now seeing the value of using the technology to provide their customers with faster, cheaper and more transparent cross-border payments.
Ripple further noted that support also comes in the form of funding to promote research and development. The Digital Europe Programme has over 9.2 billion euros fund for various digital initiatives including blockchain-related projects. The European Commission may have more than 300 million euros available for blockchain pilots.