At an event organized by Ripple, in a hotel in London, Eva Kaili, a Greek politician who is a Member of the European Parliament MEP and member of the Progressive Alliance of Socialists and Democrats spoke about blockchain technologies and its ill effects on many sectors. She also shared her personal experience about her entry into the crypto market. She briefly spoke about the pushback she faced from the first blockchain conference she attended in 2014, just because of her political background. As a result of this happening, she was intrigued, and it motivated her to dive deeper into the crypto technology and study in more deeply.
Kaili stated at the event,
“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 went on to say that time has changed a lot from them, and so has the crypto world. She also mentioned that banks in the European Union and Heads of various financial institutions have well accepted the regulation of blockchain and digital assets.
Eva Kaili further explained the reason behind why the blockchain technology is being given importance. In her justification, Kaili said that leaders across the world were coming to terms with the blockchain technology and its acceptance was growing considerable across the globe. The other reason she mentioned, was the result of the European Union’s new approach to regulation.
The stance which world leaders and countries have taken was defensive. However, the same has changed a lot in today’s day and age. Many countries are accepting blockchain and digital assets (cryptocurrencies), and many firms and institutions are also looking at entering into the crypto markets.
It must be noted, however, that governments and central banks, while considering the crypto technology, are looking at technological innovations and improvements that can help change the primitive framework, and more so when it comes to cross border payments, transfers and remittances in general.
Reportedly, Ripple is one of the largest companies which is working with Banks and Financial institutions to help them process transactions across the globe. A few months ago, Ripple had stated that more than 200 companies were associated with the Ripple network. In the future, however, they are expected to spread their network across many more organizations.
The Ripple blockchain payment solutions come with a basket of benefits. Some of these include economic transfers, faster transfers, and more secure than the transfers being carried out otherwise. Speaking on the benefits it has to offer, Kaili said:
“If there are benefits for European citizens, there are no banks that can stop us from using [blockchain].”
In December 2017, Kaili argued at a European Parliament policy dialogue that cryptocurrencies would increase decentralization and make intermediaries less relevant.