A Member of European Parliament from Greece, Eva Kaili, is introducing a series of discussions at EU Parliament about Blockchain technology. The MEP elected in 2014 envisions a European Union region that has concrete policies regarding the nascent technology that is touted as revolutionary.
According to a Ripple Blog post, the MEP is seeking to kickstart the long-awaited conversation among lawmakers in order to regulate not only Digital Assets but also Blockchain technology. Eva was speaking in a Ripple Regionals event in London when she divulged her plans pertaining to DLT and Cryptos.
EU-Level Regulation Streamlines Blockchain And Cryptocurrencies
According to the MEP, regulation standardizes all aspects of Blockchain technology. For instance, it redefines Initial Coin Offerings (ICO) to promote transparency as well as defining the status of Cryptocurrencies. Additionally, regulation can issue guidelines for resolving Smart Contracts that are the cornerstone of on-platform DLT operations. Thus, Eva is pledging to work towards actualizing the regulation goal.
Benefits Of Clear Laws Will Be Felt In All Member States
Regulating Cryptos and Blockchain technology can promote innovation and development across the region. Hence, this will ultimately benefit all Europeans as the technology is revolutionary in itself and can also be applied in industry use-cases to offer efficiency solutions.
For example, cross-border payments in the EU charge high fees and have negative effects on business transactions. In this case, Digital Assets operating as Blockchain native Tokens can solve the problem of high fees and facilitate real-time cross-border transactions.
On the other hand, Blockchain technology can be adopted by mainstream/traditional European industries such as Siemens, Santander, BBVA, etc. This can make the EU companies competitive especially since Chinese firms are becoming sophisticated and the president Trump is compelling the EU to treat US companies with a special preference as a “reciprocation” for the cordial relationship.
Cryptocurrencies can also connect the economic bloc with the rest of the world.
The EU Is Already Warming Up To Cryptocurrencies And Blockchain
Brussels has been warming up to Cryptos and DLT for quite some time. Currently, there is an EU funding program in pace that seeks to nurture innovation and adoption. Eva used the Ripple forum to call on entrepreneurs and institutions to take advantage of the opportunities.
Ripple as at the forefront of the movement that seeks to ensure that there is policy clarity in the governance of Blockchain and Digital Tokens use. The MEP is a vital asset to the quest as she has been passionate about lobbying fellow MEPs to pass Crypto and Blockchain-friendly laws that are needed to remove barriers to adoption.
For instance, in 2018, Eva introduced a bill in the European Parliament in regards to the risks and opportunities of Blockchain technology and Cryptocurrencies. The main aim was to oblige the European Central Bank and the European Commission to identify the causal factors of Crypto volatility, and investments risks. The study findings are to be used as the basis of incorporating Digital Tokens in the official European payment system.