The concept of blockchain has changed the outlook of the world’s financial systems. The world’s financial system has come to embrace the blockchain technology concept. But the means of which the world’s financial policymakers should handle cryptocurrencies was one of the major discussion during the recent SWELL conference held by Ripple.
We should, however, note that blockchain technology came at the time when the world’s financial system wasn’t efficient as much. Right now, blockchain technology is aiding quick transactions and cross-border payments around the globe – thus, we can say blockchain technology is revolutionizing the world. But to this end, the increased jeopardies and the unfortunate happenings in the crypto-space is making blockchain an unsafe haven.
But, there were a couple of positive views put on the table by lawmakers during the Ripple SWELL conference this year, which has started to show some positive effect now.
The discussion between policymakers during Ripple event
At the SWELL conference, different discussion sessions were done. But the session dubbed “Crypto Regulation Around the World” involved experts and policymakers in the crypto space featuring the executive from Abu Dhabi Global Market, Richard Teng; former attorney from the SEC (Security and Exchange Commission) Compliance Inspections and Examination office, Michael S. Didiuk; Anchari Suppiroj of Thailand’s Security and Exchange Commission (SEC); and Ross Leckow, the deputy general counsel from the International Monetary Fund (IMF).
From the Ripple SWELL conference 2018, Abu Dhabi and Thailand were appreciated for creating specialized structures to regulate cryptocurrencies. The two countries have different frameworks, but both governments have offered great measures and provisions for cryptocurrencies.
Furthermore, Suppiroj and Teng emphasized that the concept of countries collaborating with the crypto-industry is essential. Subsequently, Suppiroj stated during the conference that policymakers should aim at working with the crypto-industry, too.
On the other hand, Teng stated:
“If you look a year ago, I think most global regulators had the view that this asset class might go away. In the last three to six months, I’d say there’s been a drastic shift in sentiment: they’re going to stay. Let’s look at the right regulation for [digital assets], and how do we approach it in the right direction.”
Richard further expressed that Abu Dhabi is on the right stance being that it can enforce new rules quicker than other nations. He also added that the need for policymakers to get to know cryptocurrencies very well is vital and that they shouldn’t have fears, instead, they should acknowledge its benefits.
The United States speaker, Michael S. Didiuk, talked on how different governments such as Thailand as well as Abu Dhabi are welcoming new technologies.
He acknowledged the fact that the main aim of the Security Exchange Commission is to understand the workings of cryptocurrencies and its risks plus the benefits. Didiuk didn’t fail to state the fact that enforcing new policies and regulations will be the main aim of SEC in years to come.
“In the short- to medium-term, I think you’re going to see a lot of focus on enforcement.”
He also pointed and agreed to the fact that policymakers should understand both the risks and the benefits involved concerning digital assets and give a final verdict to it. According to Leckow, the risk involved in cryptocurrencies are becoming predominant, but the crypto-space has lots of benefits to make the world’ financial system more efficient. He believes for the world’s financial system to be efficient and effective; regulations need to be created.
So, let it be the regulators from Abu Dhabi, Thailand, or United States, one thing was common in their talks during recent Ripple event, SWELL.
And that’s, everyone acknowledged the benefits of cryptocurrencies and hinted towards somewhat polite policies in the making. Probably that has started showing some positive effects not only on Ripple’s XRP but also the whole market as all the top cryptocurrencies began their week in green today.
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