Ripple and UK Government Collaborate to Drive Sustainable Crypto Adoption

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Ripple Labs Inc., the company behind the XRP cryptocurrency, is playing a pivotal role in discussions around the future of crypto-asset adoption in the UK. Edward Farina, Head of Social Adoption at XRP Healthcare, revealed that Ripple has been involved in high-level conversations with the UK government about how to best regulate the crypto sector.

Let’s explore the outcomes of this crucial discussion.

Ripple Fuels UK Governmental Dialogue on Crypto

Ripple has spoken in favor of the UK Government‘s and Parliament’s engagement with crypto-assets. The company specifically commended the Financial Services and Markets Bill, HM Treasury’s proposed Crypto-Asset Engagement Group, and the Financial Conduct Authority’s regulatory sandboxes, all indicative of the government’s earnest approach towards the sector. Ripple is hopeful about more such initiatives in the future.

Also Read: Ripple (XRP) Price Set to Explode to $0.6: Is This the Right Time to Buy?

Call for Customized Regulation

While Ripple acknowledges the need for improved regulation in the sector, the company advocates for regulations that are adaptable and considerate of the unique characteristics of the industry.

The company emphasizes the distinction between B2B and B2C crypto-assets and stresses the urgent requirement for a deeper understanding of the various types of crypto-assets. It is crucial to move beyond the limited scope of memecoins or pump-and-dump schemes.

Focusing on the Environment

Ripple has consciously developed XRP, its crypto-asset, with a minimal environmental footprint. This is a significant consideration as blockchain technology often comes with high energy consumption. Ripple remains committed to sustainability in the face of the global adoption of crypto-assets.

The company emphasizes the compatibility of crypto-assets with a low-carbon economy that prioritizes renewable energy and minimizes environmental harm. As a testament to this commitment, Ripple partnered with Energy Web (EW) and the Rocky Mountain Institute (RMI) in 2020 to reduce the carbon footprint of public blockchains.

In line with this initiative, Ripple took the lead in decarbonizing the XRP Ledger, becoming the first major global blockchain to do so. At a corporate level, Ripple informed the UK government that it has set an ambitious goal of achieving carbon neutrality by 2030 or even earlier.