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A Ripple executive noted a shift in policy between regulators to accept cryptocurrencies as they embrace the blockchain.
Ripple's chief regulatory relations for the Asia-Pacific and the Middle East, Sagar Sarbhai, significant change in regulators' approaches to managing blockchain and cryptocurrencies, and that politicians around the world are taking a more holistic approach.
Speaking at the CNBC Market, Sarbhai said that globally, regulators are starting to look at digital assets as having the same importance as general accounting technology and have moved away from a compartmented approach.
"A couple of years ago the narrative was good, cryptic, bad blockchain," he said. "But I think what we are seeing now is more and more regulators, policymakers, who take up all the space in a conjunction, so it is not possible to build tracks without airplanes … That narration is fortunately changing because those responsible for policies, regulators see that there is a strong advantage that digital resources and cryptocurrencies bring. "
Among the most critical contributions of blockchain and cryptocurrency is that they improve financial inclusion as well as remove obstacles. he said.
He noted that those in charge of the government's financial policies are now more receptive to cryptocurrencies from their previous position and are creating an apparent separation between digital resources and the blockchain. Traditionally, regulators are hostile to digital currencies but accept their underlying technology.
Indeed, institutions see the potential for blockchain to revolutionize the financial system, but are reluctant to embrace cryptographic resources.
According to Sarbhai, the new framework for cryptocurrencies in Thailand is seen as a significant development in the sector.
At the same time, he expressed concern over the sentiments of US regulators to classify Ripple's native token, XRP, as a security. He pointed out that XRP Ledger operates as an entity independent of Ripple, with the company having only 7% of the network validation nodes.
But most importantly, Sarbhai said that XRP is open source, which means community participation and developers are supporting the platform. Furthermore, XRP holders do not own a stake in Ripple's portfolio. This is why the Philippines, Thailand and Australia have classified XRP as a commodity.
At the start of today, XRP and Stellar (XLM) recorded sudden increases on new news on an XRP use case. The rumors that YouTube will allow the crunching of the crypto currency would be responsible for the latest price increases. XRP and XLM are coins for the use of social media.
