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Ripple Discussed with UK Government on Crypto and XRP Adoption in UK
July 12, 2023
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A written evidence document submitted by Ripple to the U.K. parliament discusses the potential benefits of XRP and other crypto assets to the U.K. government.

Despite a case of growing prominence, the adoption of cryptocurrencies has faced hurdles in countries like the U.K. due to regulatory and environmental concerns. To this end, Ripple submitted a written evidence document to the U.K. parliament, discussing the benefits of XRP and crypto to the country.

In a recent tweet, Edward Farina, Head of Social Adoption at XRP Healthcare, called the attention of the XRP community to the document, highlighting its prominence in the grand scheme.

Despite the document being dated September 2022, it highlights the efforts at communication between Ripple and the U.K. government regarding XRP and crypto adoption and their potential benefits to the country’s economic and financial standing.

In the document, Ripple acknowledged the efforts put in by the U.K. authorities in regulating the nascent crypto industry. These efforts include the Crypto-Asset Engagement Group proposed by the HM Treasury and The Financial Services and Markets Bill. The bill, introduced by The Parliament in July 2022, received Royal Assent on June 29, 2023.

Ripple further shared insights into the rudiments of blockchain and crypto assets. The company highlighted XRP as the native token of the XRP Ledger (XRPL). It emphasized the asset’s independence from Ripple Labs as a company.

Crypto Could Benefit the UK

Ripple then pointed out the potential benefits of XRP and other cryptocurrencies to the U.K. These benefits span both economic and social aspects. 

From an economic standpoint, crypto and XRP have the potential to make financial transactions more affordable, faster, and more secure. This improves the existing financial framework offered through traditional means.

Moreover, the emergence of the crypto sector creates an entirely new industry that aligns with the U.K.’s strengths in tech and finance. This presents opportunities for firms with novel business models to flourish, contributing to the overall growth of the U.K.’s economy.

Ripple is already making efforts to expand its reach in the U.K. In April, Stuart Alderoty, the firm’s General Counsel, disclosed the company’s plans to grow the business in London.

On the social front, crypto holds the promise of improving financial inclusion across the country. They can benefit the 1.2 million unbanked individuals lacking access to essential financial services. 

Ripple Emphasizes Need for Regulation

Ripple emphasized the importance of a comprehensive regulatory framework for the crypto industry in the U.K.

While acknowledging the country’s existing fintech success, infrastructure, and talent, Ripple highlighted the need for regulatory clarity to overcome the biggest obstacle U.K. crypto businesses face: uncertainty

The lack of a holistic regulatory framework creates an environment where market participants may hesitate to innovate, restricting investment and impeding the expansion of operations.

XRP Transcends Environmental Concerns

Ripple highlighted the eco-friendly characteristics of XRP, underscoring its minimal environmental impact. They acknowledged the energy consumption linked to blockchain technology and emphasized the need to address this concern.

Ripple noted its strategic collaborations with Energy Web and the Rocky Mountain Institute to drive the process of decarbonizing blockchains, beginning with the XRP Ledger.

Ripple has made a firm commitment to attaining carbon neutrality by 2030 or even earlier. Additionally, Ripple actively supports the Crypto Climate Accord. This initiative aims to curtail the environmental impact of cryptocurrencies and foster a sustainable global financial ecosystem.

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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If you find value in my content, consider showing your support via:

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🔗 Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
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