Ripple to Urge UK to Regulate Crypto

Ryan Zagone from Ripple urges Britain to follow Japan's example
16 April 2018   914

The developer of the Ripple urged the British regulators to follow the example of Japan and introduce new rules to put an end to the "Wild West" in the cryptocurrency market. This is reported by The Telegraph.

Ryan Zagone, head of relations with regulators Ripple, said that Britain needs to strike a balance between "risk containment and the development of innovation." He pointed to 3 "pillars" that lawmakers should take into account when developing appropriate rules: investor protection, combating money laundering and financial stability.

We’re at that time now where we need more clarity and rules and we need more certainty. It’s a good time to start revisiting that ‘wait and see’ ­approach taken by regulators.
 

Ryan Zagone

Head of relations with regulators, Ripple

Zagone argues that Japan is a leader in this field, and that other countries, particularly Britain, can use it as an example.

Last month, Chancellor of the Exchequer Philip Hammond announced the creation of a new working group that will help "manage the risks associated with crypto assets" and protect investors. The group included representatives of the Treasury, the Bank of England and the Office of Financial Regulation and Supervision.

Nevertheless, Zagone believes that measures taken by the government are not enough.

R3’s New App to Support XRP Payments

Corda Settler is a opensource application in the CorDapp pack and makes it possible to make payments for payment obligations in the Corda networ
06 December 2018   129

Banking blockchain consortium R3 has announced the launch of the Corda Settler application for international cryptocurrency payments in corporate distributed networks. The first supported digital asset in the application is the XRP token, CoinDesk reports.

The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together. While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.
 

Richard Gendal Brown

CTO, R3

Corda Settler is a opensource application in the CorDapp pack and makes it possible to make payments for payment obligations in the Corda network through any parallel means supporting cryptocurrency, crypto assets or traditional payment mechanisms that can provide cryptographic confirmation of the fact of settlement of transactions.

In particular, the application verifies the transfer of the expected amount to the recipient’s account, automatically updating the Corda registry. Also in the developers' plans is the addition of support for deferred netting of transactions and settlements on pre-established amounts in real time.

When a payment obligation arises in the Corda system, one of the parties may request payment in XRP tokens. The other party will receive a notification of such a request and that it must configure the payment to be sent to the specified address before a certain date. As soon as the oracle service confirms the payment, the parties may consider the obligation fulfilled.

Application support for the XRP token may seem somewhat unexpected if we recall the recent court proceedings between R3 and Ripple, but a source close to the situation claims that the disagreements did not have anything to do with it. The very launch of a new payment mechanism, he said, should give greater legitimacy to cryptocurrencies.