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Blockchain companies want to stay on the good side of Europe, apparently. Ripple XRP, NEM and company have founded a new association to represent the interests of blockchain and cryptocurrency businesses across the continent.
The so-called "Blockchain for Europe" association claims to be the first unified voice for industry on European soil. The company aims to promote the understanding of technology – and highlight the "true nature and potential" of blockchain and distributed register technology.
As part of this program, Blockchain for Europe wants to ensure that the European Union and its member states are preparing regulations to stimulate the growth of the sector. Unfortunately, your website appears to be inactive at the moment.
"Ripple is delighted to be a founding member of Blockchain for Europe, "said Ripple's chief regulatory officer, Dan Morgan." This is a critical moment for policymakers in Europe as they seek to develop the right regulatory framework to reap the benefits of both digital resources and blockchain technology ".
"There is a lack of impartial information especially when it comes to open and decentralized [sic] application of technology ", added NEM co-founder Kristof Van de Reck." We aim to provide insights that are not adapted to the agenda of specific organizations or stakeholders. "
Despite the messianic tone, it is clear that the association is here to seek the interests of blockchain companies. We hope that European regulators will also consider the interests of consumers when they consult blockchain companies on the best ways to create a legal framework that allows growth in the sector.
Regarding the "true nature and potential" of the blockchain, many argue that technology is still in its infancy and is full of problems that could end up harming consumers.
Keeping this in mind, lawmakers need to pay attention to the alleged marketing language often used by blockchain start-ups in search of their own interests. While blockchain is certainly an intriguing prospect, technology is far from being a viable commercial-grade solution – and regulators need to consider it.
Europe and the blockchain
For the record, the European authorities are gradually entering the blockchain. The European Commission – the main executive body of the union – has set up the Observatory and the EU Blockchain Forum to monitor the growth of the sector and identify the best path for spatial regulation.
In fact, the Observatory is already working hard. Recently, the agency published a report that reports some of the biggest clashes between blockchain technology and the new general data protection regulation (GDPR).
The report suggests that although the authorized blockchains have no problem ensuring compliance with the new law, blockchain without authorization like Bitcoin could be in trouble.
It seems that with Europa for Blockchain, Ripple and the company want to make sure they do not stay behind.
Published December 4, 2018 at 12:41 UTC
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