In order to ensure and support safe and legal investments into digital currencies, Ripple, the world’s third-largest currency has requested British regulators to implement structured regulatory frameworks following Japan’s footprints. They urged the UK regulators to end the ‘Wild West’ days of digital currencies and strike a balance.
Japan has led the way with crypto legitimization and regulations, grabbing the top spot in the world for digital asset investment and trading while, the United Kingdom has been way slower to respond, on a comparison.
Mark Carney, the Governor of Bank of England backed up unsurprisingly just like the other bank bosses have and called for a clampdown stating, ‘cryptocurrencies have the hallmarks of a bubble’, referring to the volatility.
On the other hand, Ryan Zagone, the Head of Regulatory Regulations at Ripple argued saying ‘regulation is a must to attract fresh entries and help markets mature’.
“Regulation creates the guardrails on the highway that allows new entrants to come in, particularly institutional investors.”
Ryan called on the British regulators to strike a balance between ‘trapping risk and making room for innovation’. Three highlights for the suggested regulations include financial stability, consumer protection, and anti-money laundering.
He quoted in regards to the comparison of the current status of digital currencies to the olden Internet days:
“At this time, we are in need of better clarity, more rules and higher certainty. So, it is a good time to start revisiting the ‘wait and see’ approach opted by regulators.”
Philip Hammond, the UK Chancellor revealed a new task force in the previous month to help safeguard consumers while including reps from the Treasury of the Bank of England and the financial watchdog, Financial Conduct Authority [FCA].
Barclays, a UK bank has made some bizarre moves by linking Bitcoin [BTC] to an infectious disease in one of the instances and then teaming up with Coinbase in another, which is listed in the world’s largest exchanges.
Ryan had earlier tweeted:
“Virtual currency policy feels like the early days of the internet – people fearful of the tech and risks in today’s use cases (AML, price volatility, etc) and considering bans or broad limits on the underlying tech, not seeing the potential for future uses to emerge.”
Ripple [XRP] is currently trading at $0.66, its all-time high this month after a massive volume increase of 33% in the past week. This has also uplifted the market cap to $25.83 billion currently placing it steadily and strongly at 3rd position.
Adam Fernandez, a Ripple enthusiast says:
“Ripple [XRP] is the best in technology and visionary thinking. They aim to serve the best to the community, unlike others who just claim to or just copy the trend. Ripple sets its own trend and barges to the top every time making the followers so happy. You are an amazing team, keep up the excellent work. Keep shooting till u get all the stars. We will help you through thick and thin. Rippler forever.”
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