A document from Ripple outlining the advantages of XRP and cryptocurrencies for the UK government has been submitted to the British parliament.
The document recognizes UK government actions in cryptocurrency, including the Financial Services and Markets Bill and the Crypto-Asset Engagement Group.
The document’s importance was mentioned by Edward Farina, director of social adoption at XRP Healthcare. He acknowledged Ripple’s pro-active cooperation with law enforcement.
In addition to highlighting XRP as the native token of the XRP Ledger (XRPL), which is independent of Ripple Labs, Ripple also covered the fundamentals of blockchain technology.
In discussing XRP and other cryptocurrencies’ possible uses, advantages, including cost-effectiveness and safe financial transactions, were highlighted.
The emergence of cryptocurrencies has spawned a brand-new sector that fits with the UK’s technological and financial prowess, encouraging innovation and boosting the country’s economy.
According to an announcement from general counsel Stuart Alderoty, Ripple intends to increase its activities in London. The business stressed the benefits of cryptocurrency for the 1.2 million UK residents who don’t have access to conventional banking systems.
The importance of a robust regulatory environment for the UK’s cryptocurrency market was underlined in the document. While pushing for legislative clarity to solve UK crypto businesses’ difficulties, Ripple commended the nation’s fintech achievements and infrastructure while encouraging innovation and investment.
Ripple also emphasized XRP’s low environmental effect and eco-friendliness. The company highlighted partnerships with Energy Web and the Rocky Mountain Institute to spearhead decarbonization efforts within the XRP Ledger and acknowledged the energy consumption of blockchain technology.
As part of its support for the Crypto Climate Accord, which aims to lessen the environmental impact of cryptocurrencies and advance a healthy global financial ecosystem, Ripple reaffirmed its commitment to becoming carbon neutral by 2030.
