Ripple Executive Swell Calls For Activity-Based Crypto Regulation In 2023.

#Ripple's Navin Gupta called for a change in the regulatory approach towards cryptocurrencies in his speech at the #Ripple-XRP Swell 2023 event today. Rather than focusing on the technology behind cryptocurrencies, Gupta suggested that regulations should be based on the types of activities for which they are used, such as payments or securities. He argued that this technology-agnostic perspective will result in more adaptable and effective rules that can keep up with the rapid evolution of blockchain technologies.

The call for a change in regulatory perspective is in line with recent developments in which the Group of Twenty (G20) approved a roadmap put forward by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) for comprehensive global cryptocurrency supervision. Gupta highlighted the different reactions to cryptocurrency in the Middle East and North Africa (MENA) region; While some countries have embraced digital currencies, others have imposed bans or lack clear regulations.

To address these inconsistencies, Gupta suggested that it might be helpful to educate regulators and encourage non-speculative uses of cryptocurrencies. Such uses include remittances and payments, which are less volatile than speculative trading. To support this vision, Ripple has formed a partnership with Onafriq to develop new crypto-based payment corridors connecting various African countries with Australia, the UK and Gulf Cooperation Council countries.

Gupta's advocacy for a technology-neutral regulatory framework is part of #Ripple's broader strategy to promote a stable environment for digital currencies. Gupta believes that by focusing on the activity rather than the underlying technology, regulators can create guidelines that are both effective and adaptable to future innovations in the cryptocurrency space.
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