Regulators Now Taking Holistic Approach to Blockchain, Ripple Says

A Ripple executive has noted a shift in policy among regulators to accept cryptocurrencies like they embrace blockchain.


The head of Ripple’s regulatory relations for the Asia-Pacific and the Middle East, Sagar Sarbhai, noted a significant shift in regulators’ approaches to handling blockchain and cryptocurrencies, and that policymakers across the world are now taking a more holistic approach.

Speaking to CNBC Market, Sarbhai said that globally, regulators are starting to look at digital assets as having the same importance as distributed ledger technology and have moved away from a compartmentalized approach.

“A couple of years ago the narrative was blockchain good, crypto bad,” he said. “But I think what we’re now seeing is more and more regulators, policymakers, taking the whole space in one conjunction. So you cannot have runways built without the airplanes … That narrative is thankfully changing because policymakers, regulators see that there is a strong benefit that digital assets and cryptocurrencies bring in.”

Among the most critical contributions of blockchain and cryptocurrencies is they improve financial inclusion as well removing barriers to commerce, he said.

He noted that government financial policymakers are now more receptive to cryptocurrencies from their previous hardline stand and creating an apparent separation between digital assets and blockchain. Traditionally, regulators are hostile to digital currencies but accept their underlying technology.

Indeed, institutions see blockchain’s potential to revolutionize the financial system but are hesitant to embrace crypto assets.

According to Sarbhai, Thailand’s new policy framework for cryptocurrencies is seen as a significant development in the industry.

At the same time, he expressed concern over sentiments by US regulators to classify Ripple’s native token, XRP, as a security. He pointed out the XRP Ledger operates as an independent entity from Ripple, with the company owning only seven percent of the validator nodes on the network.

But more importantly, Sarbhai said XRP is open source, which means the participation of the community and developers are sustaining the platform. In addition, XRP holders do not own a stake in the Ripple portfolio. This is the reason why the Philippines, Thailand, and Australian have classified XRP as a commodity.

Early today, XRP and Stellar (XLM) recorded sudden surges on the fresh news about an XRP use case. Rumors that YouTube will allow tipping crypto coin is said to be responsible for the latest price increases. XRP and XLM are coins for social media use.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

Crypto casinos
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin56,964 0.38 % 0.36 % 0.41 %
Ethereum4,575.5 1.06 % 3.79 % 7.17 %
Binance Coin625.70 1.07 % 0.87 % 5.80 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana225.50 0.82 % 2.51 % 9.71 %
Cardano1.550 0.69 % 2.91 % 7.18 %
XRP0.9776 0.93 % 3.17 % 5.31 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2215 0.68 % 1.42 % 7.23 %

Bitcoin (BTC) $ 56,571.00
Ethereum (ETH) $ 4,519.34
Binance Coin (BNB) $ 617.44
Tether (USDT) $ 0.999
Solana (SOL) $ 222.21
Cardano (ADA) $ 1.54
XRP (XRP) $ 0.968664
USD Coin (USDC) $ 0.998615
Polkadot (DOT) $ 35.44
Dogecoin (DOGE) $ 0.205621