Ripple Discussed Adoption of Crypto and XRP Utilities With the UK Government: Details

Ripple, the US-based cross-border payment firm, has met with the UK government to discuss the potential benefits of crypto and XRP.

In a written evidence brief filed with the UK parliament, Ripple outlined the potential economic and social benefits of cryptocurrency adoption in the UK.

The firm also pinpointed loads of utilities embedded in XRP, the sixth-largest crypto by market cap. It also described XRP Ledger (XRPL) as a decentralized open source.

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Captioning a document, EDO FARINA wrote, “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.”

Economic benefits

Ripple stated that cryptocurrency could make financial transactions more affordable, faster, and more secure. This could strengthen the UK’s financial system and open up new business opportunities.

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Social benefits

Ripple stated that cryptocurrency could help to improve financial inclusion in the UK. This could benefit the country’s 1.2 million unbanked citizens.

Ripple also emphasized the importance of a comprehensive regulatory framework for the cryptocurrency industry in the UK. According to the company, the biggest challenge facing UK crypto businesses is a lack of regulatory clarity.

Regulatory framework

Ripple stated that a lack of regulatory clarity is the biggest obstacle facing UK crypto businesses. The company called on the UK government to provide clear guidance on regulating cryptocurrencies.

Environmental friendliness

Ripple also emphasized XRP’s environmental friendliness. According to the company, XRP has a low environmental impact when compared to other cryptocurrencies.

Sustainability

Ripple has made a serious commitment to becoming carbon neutral by 2030, if not sooner. The company also supports the Crypto Climate Accord, an initiative aimed at reducing cryptocurrencies’ environmental impact.

The UK government has taken steps to regulate the cryptocurrency industry. In July 2022, the government introduced the Financial Services and Markets Bill, which would bring crypto assets under the supervision of the Financial Conduct Authority.

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Regulatory progress

The Financial Services and Markets Bill received Royal Assent on June 29, 2023. This means that the UK government is now taking steps to regulate the cryptocurrency industry.

Ripple’s discussions with the UK government are a positive sign for the future of cryptocurrency adoption in the UK. The company’s focus on the economic, social, and environmental benefits of cryptocurrency could help persuade the government to adopt a more favorable regulatory stance.

Ripple’s meeting with the UK government is a significant step forward for the cryptocurrency industry. The company’s focus on the economic, social, and environmental benefits of cryptocurrency could help to persuade the government to adopt a more favorable regulatory stance. This would be a positive development for the UK economy and for the global cryptocurrency community.

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