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Ripple and NEM team up to establish the ‘Blockchain for Europe’ initiative

Akash Anand

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Ripple and NEM team up to establish the 'Blockchain for Europe' initiative
Source: Unsplash

The cryptocurrency market’s march towards mainstream adoption has been evidenced by several companies trying to get on the good side of the country regulators and governing bodies. The latest example of this movement is the ‘Blockchain for Europe’ initiative.

The main aim of Blockchain for Europe is to ensure that the collaboration of the countries within Europe that will enable the field of blockchain technology and cryptocurrencies to propagate better.

The founding members of the group are Ripple, the parent company of the second largest cryptocurrency XRP, and NEM, which had recently signed a cooperation pact with the United Arab Emirates [UAE] Ministry of Community Development [MOCD].

Dan Morgan, the Head of Regulatory Relations at Ripple had stated:

“Ripple is delighted to be a founding member of Blockchain for Europe. This is a critical time for policymakers in Europe as they seek to develop the right regulatory framework to capture the benefits of both digital assets and blockchain technology.”

This is not the first time that there has been an interest by European countries in the FinTech industry, with the Establishment of the European Union Blockchain Observatory and Forum [EUBOF]. The first step taken by the EUBOF was the creation of an interactive map around Europe that would give enthusiasts a chance to explore the local cryptocurrency scene.

NEM co-founder Kristof Van de Reck also added:



“There is a lack of unbiased information especially when it comes to the open and decentralised application of the technology. We aim to provide insights which are not tailored to the agenda of specific organisations or stakeholders.”

The cryptocurrency scenario in Europe has been something of a rollercoaster and countries like France would have a strong stance on it. According to a recent report, citizens of the P5 nation had fallen prey to a Bitcoin [BTC] scam that resulted in the loss of a massive $30 million.

A lawyer specializing in Heritage issues, Helene Feron-Poloni said:

“Bitcoin is very complex to understand, very technical. Investors do not necessarily understand what is happening but simply say: this time, I do not miss the opportunity to earn money”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

XRP

Ripple: SCB Thailand asks crypto-enthusiasts to wait for announcement regarding XRP adoption

Namrata Shukla

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SCB Thailand asks crypto enthusiasts to wait for announcement regarding XRP adoption
Source: Pixabay

The nascent field of cryptocurrencies has been seeking major mainstream adoption, especially from financial institutions. Ripple, the native company of the third largest cryptocurrency, managed to promote its services and would provide payment services to the oldest Thai bank, Siam Commercial Bank [SCB].

The bank however, has not confirmed whether it would be making use of XRP. The Bank had informed its approach towards blockchain technology in various industries and the XRP community rejoiced after rumours of XRP adoption surfaced. However, when a Twitter user asked about the bank using XRP, SCB replied,

“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”

However, another Twitter user, @_bjb, jumped the gun when he saw the following on SCB,



The user then shared that when he went to use the service, he was informed that the service will be available soon. SCB Thailand apologized for the inconvenience through a tweet and informed all users,

“The information about ripple transfer will be announced soon, we are sorry for the inconvenience.”

The bank also stated that at the moment, it was using Ria Ripple transfer for banks in Japan and that users and crypto-enthusiasts will have to wait for an official announcement.





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