A Ripple executive has emphasized the importance of adopting a technology-neutral approach to cryptocurrency regulation. Navin Gupta, managing director of South Asia, Middle East, and North Africa at Ripple, believes that regulations should be based on the activity being conducted rather than the specific technology being used. He argues that whether a transaction occurs on a blockchain or through traditional means should not matter; what matters is the purpose and use of the virtual asset. Gupta suggests that regulations should focus on the specific nature of the transaction, such as whether it is a payment instrument or a security instrument. This approach would allow for more flexible regulations that can adapt as blockchain technology evolves. The unique characteristics and global portability of cryptocurrencies have posed challenges for regulators, leading to calls for comprehensive oversight of crypto globally. While some jurisdictions, like the United Arab Emirates, have taken an open stance towards cryptocurrencies, others, such as Saudi Arabia, have yet to introduce clear rules. Gupta believes that educating regulators and introducing non-speculative use cases, such as crypto remittances and payments, are key to navigating the varying legal landscapes. By demonstrating the real utility and benefits of cryptocurrencies, regulators can be more receptive to the industry. In line with this, Ripple has announced a partnership with mobile payments provider Onafriq to open new payment corridors between African countries and Australia, the United Kingdom, and the Gulf Cooperation Council.
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This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇦🇪 🇸🇦 🇪🇬 🇲🇦 🇦🇺 🇬🇧 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Navin Gupta |
| Companies | Cointelegraph, Financial Stability Board, Ripple, Group of Twenty, Egypt, International Monetary Fund, Morocco, Onafriq, United Arab Emirates, Saudi Arabia |
| Currencies | Bitcoin |
| Securities | None |
