Ripple Executive Advocates Tech-Neutral Regulation for the Crypto Sector and Announces New Partnership
Summary:
Ripple's Managing Director for South Asia, Middle East, and North Africa, Navin Gupta, advocates for a tech-neutral regulatory approach in the crypto sector. He suggests that laws focus on the activities, not the technology used. Gupta believes educative and practical, non-speculative uses of digital currencies can help regulators better understand the industry. Ripple has recently partnered with mobile payment platform, Onafriq, to develop payment channels between 27 African nations and the UK, Australia, and the Gulf Cooperation Council.
Ripple's Navin Gupta recently underscored the importance of governing bodies adopting a tech-neutral approach when devising guidelines for the crypto sector. At Ripple Swell 2023, Ripple's Managing Director for South Asia, Middle East, and North Africa (MENA), suggested that rather than focusing on the technological means, regulations should focus on the specific activities; a payment should be regulated as such, regardless of whether it occurs via traditional methods or blockchain.
Gupta's stance is that adaptable regulations should focus more on the function and utilization of digital assets, rather than the underlying blockchain technology, to ensure relevance with the continuing evolution of technology. The globally-mobile nature of digital currencies, with their range of token variations, is what causes regulatory complications. In light of this challenge, G20 nations unanimously adopted a crypto regulatory scheme last month, recommended by the IMF and Financial Stability Board, which suggests a global crypto oversight.
Although some countries in the MENA region, like UAE, are adopting a more open stance towards the new asset class, others like Egypt and Morocco have banned Bitcoin and other digital currencies. Gupta highlights the significance of aiding regulators' understanding of the industry through education and the introduction of practical, non-speculative uses for cryptocurrency, like remittances and payments.
He suggested that offering relatable, functionality-focused projects accompanied by an educational approach are the main ways to bring regulators into industry-supportive positions. Taking advantage of the large remittance market in Africa, Ripple recently partnered with mobile payments platform, Onafriq, to establish payment corridors between 27 African countries and the UK, Australia, and the Gulf Cooperation Council.
Published At
11/14/2023 12:31:44 PM
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