Ripple has reportedly been in communication with officials in the United Kingdom government to discuss the opportunities and appropriate policy approach around non-fungible tokens (NFTs) and the XRP Ledger (XRPL).
Sources familiar with the matter indicate Ripple representatives have been emphasizing the need to “regulate the use-case, not the technology” when it comes to developing frameworks for novel applications like NFTs. They have argued the UK should take a balanced approach that allows for innovation while also addressing any consumer risks.
💣 BOOOOOOOOOOM@Ripple has been communicating with the UK 🇬🇧 GOVERNMENT on regards to NFTs and the $XRP Ledger (XRPL.)
— EDO FARINA 🅧 XRP (@edward_farina) November 23, 2023
'Regulate the use-case, not the technology: the right policy approach to NFTs” is one of the key 🔑 elements . pic.twitter.com/OPW2U0RWXh
The talks are aimed at ensuring the UK creates regulations that enable businesses and creators to utilize the efficiency and carbon-neutral nature of technology platforms like the XRPL to support activities involving digital assets. However, the rules would still help prevent potential issues such as money laundering.
Currently, XRP is trading at around $0.62 according to data from major exchanges. The talks between Ripple and UK government come as interest in cryptocurrencies and their underlying technologies continues to grow worldwide. Observers will be watching to see if the engagement leads to UK policies supportive of further development and adoption of the XRP ecosystem. Representatives from Ripple were not available for further comment on the nature of the ongoing discussions.
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