The cryptocurrency market’s march towards mainstream adoption has been evidenced by several companies trying to get on the good side of the country regulators and governing bodies. The latest example of this movement is the ‘Blockchain for Europe’ initiative.
The main aim of Blockchain for Europe is to ensure that the collaboration of the countries within Europe that will enable the field of blockchain technology and cryptocurrencies to propagate better.
The founding members of the group are Ripple, the parent company of the second largest cryptocurrency XRP, and NEM, which had recently signed a cooperation pact with the United Arab Emirates [UAE] Ministry of Community Development [MOCD].
Dan Morgan, the Head of Regulatory Relations at Ripple had stated:
“Ripple is delighted to be a founding member of Blockchain for Europe. This is a critical time for policymakers in Europe as they seek to develop the right regulatory framework to capture the benefits of both digital assets and blockchain technology.”
This is not the first time that there has been an interest by European countries in the FinTech industry, with the Establishment of the European Union Blockchain Observatory and Forum [EUBOF]. The first step taken by the EUBOF was the creation of an interactive map around Europe that would give enthusiasts a chance to explore the local cryptocurrency scene.
NEM co-founder Kristof Van de Reck also added:
“There is a lack of unbiased information especially when it comes to the open and decentralised application of the technology. We aim to provide insights which are not tailored to the agenda of specific organisations or stakeholders.”
The cryptocurrency scenario in Europe has been something of a rollercoaster and countries like France would have a strong stance on it. According to a recent report, citizens of the P5 nation had fallen prey to a Bitcoin [BTC] scam that resulted in the loss of a massive $30 million.
A lawyer specializing in Heritage issues, Helene Feron-Poloni said:
“Bitcoin is very complex to understand, very technical. Investors do not necessarily understand what is happening but simply say: this time, I do not miss the opportunity to earn money”
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