Regulators no longer take the "Blockchain Good, Crypto Bad" approach


Ripple & # 39; s Sagar Sarbhai said he believes blockchain technology and cryptographic resources are now being tackled more holistically by politicians, in an interview on today's CNBC Markets, 17 September.

Sarbhai, who heads the regulatory relations for the Asia-Pacific and Middle East in Ripple, said he thinks regulators are no longer adopting a compartmentalised approach that takes DLP technologies as blockchain in isolation from cryptographic resources themselves.

As a subtext implies the interview, regulators have historically approached decentralized cryptocurrencies – or otherwise openly hostile – while remaining more receptive to the potential benefits of blockchain. The prevailing sentiment was that technology can bring great benefits to legacy systems in different industries, as well as to the world of finance.

But today Sarbhai said he believes the tide is changing:

"A couple of years ago the story was good, cryptic, bad blockbusting, but I think what we are seeing now is that more and more regulators are taking everything space in a conjunction [sic] You can not have runways built without airplanes … [T] hat narrative is fortunately changing and politicians are recognizing that there is a strong advantage that digital assets (crypto) bring. "

Sarbhai identified some of these benefits as an improvement of financial inclusion and" removal "barriers to trade." He supported his claims by emphasizing recent developments in Thailand, which provided a solid regulatory framework for cryptographic activities

In the US context, Sarbhai has responded to concerns about the likely Ripple native token, XRP, under a security classification – as stated in merose high-profile lawsuits.

He pointed to the open source protocol of the XRP register and its independence from the same company, emphasizing that RIpple controls only 7% of the operational validation nodes on the network. He also stated that XRP investors do not secure an equity or equity position when they purchase the asset, and pointed out that countries such as Australia, the Philippines and Thailand have therefore classified XRP as commodity.

Sarbhai has particularly touched on Ripple's likely to launch a commercial application of its xRapid liquidity solution for banks "in the next month or so."

As reported earlier, China is a good example of a country that holds a notoriously tough position against decentralized cryptocurrencies, even though La blockchain makes its way to the highest levels of political structure.

This spring, Chinese President Xi Jinping openly praised the blockchain as an example of a "new generation" of technology that provided "discoveries", and the country sealed the world record for blockchain patent applications submitted for all 2016 and 2017.

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