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Breaking news from the UK’s cryptocurrency scene highlights Ripple Labs Inc. taking a pivotal role in discussions around the future of crypto-asset adoption. The details, revealed by Edward Farina, the Head of Social Adoption at XRP Healthcare, show Ripple’s high-level involvement in conversations with the UK government.
BOOOOOOOOOOOM #RIPPLE has been communicating with the UK GOVERNMENT and the document below features in the official UK Parliament website describing #XRP for Cross-Border Payments for instantaneous bridge between fiat currencies and the #XRPL as a decentralized open source. pic.twitter.com/MhKgDKA3D1
— EDO FARINA 🅧 XRP (@edward_farina) July 11, 2023
Ripple Fuels UK Governmental Dialogue on Crypto
Ripple has spoken in favor of the UK Government’s and Parliament’s engagement with crypto-assets. The company specifically commended the Financial Services and Markets Bill, HM Treasury’s proposed Crypto-Asset Engagement Group, and the Financial Conduct Authority’s regulatory sandboxes, all indicative of the government’s earnest approach towards the sector. Ripple is hopeful about more such initiatives in the future.
Call for Customized Regulation
Although Ripple acknowledges a shared sentiment for improved regulation of the sector, they suggest that such regulation be adaptable and cognizant of the unique characteristics of the industry.
The company emphasizes the distinction between B2B and B2C crypto-assets, and highlights the urgent need for enhanced understanding and awareness of the various types of crypto-assets, moving beyond the narrow scope of ‘meme-coins’ or pump-and-dump schemes.
XRP, Ripple’s crypto-asset, has been consciously developed with a minimal environmental footprint, a significant consideration as blockchain technology often comes with high energy consumption. Ripple maintains its commitment to the sustainability discourse in the face of the growing adoption of crypto-assets worldwide.
The company underscores the compatibility of crypto-assets with a low-carbon economy that prioritizes renewable energy and minimizes environmental harm. In a prime example of this commitment, Ripple joined hands with Energy Web (EW) and the Rocky Mountain Institute (RMI) in 2020 to reduce the carbon footprint of public blockchains.
As part of this initiative, they commenced with the XRP Ledger, the first major global blockchain to be decarbonized. On a corporate level, Ripple told the UK government that it has set the ambitious goal of achieving carbon neutrality by 2030 or earlier.
