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Binance announces joining the European blockchain industry group

By:
on Sep 3, 2020
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  • Binance has just announced that it will join a European blockchain industry group, Blockchain for Europe.
  • The group has another well-known partner — the US-based crypto startup, Ripple.
  • The group's goal is to help bring balanced policy and regulatory governance for crypto and blockchain.

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A new announcement was recently posted by Binance, the world’s largest cryptocurrency exchange. The company revealed that it was joining a European blockchain industry group, Blockchain for Europe.

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Binance joins Blockcahin for Europe

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The move is rather big, both for Binance and the European blockchain industry. It comes at an interesting time, just as the EU policymakers are making serious efforts to find a way to oversee the emerging blockchain tech.

As for Blockchain for Europe, this is a blockchain association headquartered in Brussels. One of the major members of the association is Ripple, a Californian crypto startup that was behind the development of XRP.

The organization is a strong advocate for regulatory governance and balanced policy in regard to blockchain technology. Of course, the EU wishes the same, as it aims to create a set of rules for cryptos and its underlying technology.

The EU has been working on regulations since the Libra announcement

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At this time, the European Union lacks any specific cryptocurrency regulations, however. While crypto has been traded in EU countries for years now, the EU itself did not see the need to tackle the emerging digital finance industry until Facebook’s announcement of its own coin, Libra.

In doing so, Facebook suddenly emerged as a company with a massive reach that could offer a completely unregulated coin to an entire world. As a result, the EU had to act, study the crypto industry, and try to come up with laws and rules that would not limit the use of digital coins so much as to make them useless, but still limit it enough to prevent criminal activity.

Facebook’s Libra caused a similar reaction around the world, not only among regulators but among the banks, as well. It was one of the main reasons for China to speed up its CBDC development, which led to a number of other countries’ central banks doing the same or entering the CBDC race from scratch.

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