In a recent development, Ripple, a prominent blockchain technology company, has submitted a comprehensive evidence document to the U.K. parliament, emphasizing the benefits of XRP and cryptocurrencies to the country. Despite the document being dated September 2022, it showcases Ripple’s ongoing efforts to communicate with the U.K. government regarding the adoption of XRP and crypto, as well as their potential economic and financial advantages.
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BOOOOOOOOOOOM 💣#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. pic.twitter.com/MhKgDKA3D1
— EDO FARINA 🅧 XRP (@edward_farina) July 11, 2023
Evidence document to bring crypto adoption
Edward Farina, Head of Social Adoption at XRP Healthcare, took to Twitter to draw attention to the document, highlighting its significance within the broader context of cryptocurrency adoption. He emphasized the efforts made by Ripple and the U.K. authorities to engage in constructive dialogue and address concerns related to regulation and environmental impact.
The document acknowledges the U.K. government’s initiatives in regulating the nascent crypto industry, such as the Crypto-Asset Engagement Group proposed by the HM Treasury and The Financial Services and Markets Bill. This bill, introduced by The Parliament in July 2022, recently received Royal Assent on June 29, 2023.
From an economic perspective, Ripple outlined the potential benefits that XRP and other cryptocurrencies can bring to the U.K. financial system. These benefits include more affordable, faster, and secure financial transactions, improving upon the existing framework offered by traditional means.
Additionally, Ripple emphasized that the emergence of the crypto sector creates a new industry that aligns with the U.K.’s strengths in technology and finance. This presents opportunities for innovative business models to thrive, contributing to the overall growth of the U.K.’s economy.
Eco-friendly features of XRP
Ripple also highlighted the eco-friendly characteristics of XRP, underscoring its minimal environmental impact. While acknowledging the energy consumption associated with blockchain technology, Ripple stressed the importance of addressing this concern. To that end, Ripple has entered into strategic collaborations with organizations such as Energy Web and the Rocky Mountain Institute to drive the process of decarbonizing blockchains, starting with the XRP Ledger.
With a strong commitment to sustainability, Ripple aims to achieve carbon neutrality by 2030 or even earlier. The company actively supports the Crypto Climate Accord, an initiative aimed at mitigating the environmental impact of cryptocurrencies and fostering a sustainable global financial ecosystem.
With this evidence document, Ripple aims to contribute to ongoing discussions within the U.K. government, providing insights into the potential benefits of adopting XRP and cryptocurrencies. As the cryptocurrency landscape continues to evolve, Ripple’s efforts highlight the importance of collaboration between industry leaders and regulatory authorities to shape a balanced and sustainable future for the crypto industry in the U.K.
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