The prime minister of Georgia has invited Ripple’s CEO, Brad Garlinghouse, to the country to discuss cryptocurrency adoption. According to reports, the CEO recently met with prime minister Irakli Garibashvili and his deputy in Davis.
An online news platform in Georgia reported that Garlinghouse had been invited to the country to establish a corporate service center. The prime minister cited Georgia’s stable political establishment and favorable business environment.
Georgia is the leading country in Blockchain adoption as it is the first to adopt the technology in public service. The country integrates blockchain technology into the process of land registration.
However, the full details of the meeting are yet to be made public by the two parties involved.
Garlinghouse Discusses Crypto Regulations
Ripple’s CEO touched on the crypto regulations in a roundtable discussion at the World Economic Forum (WEF) meeting.
The Davos meeting has top players from the crypto industry in attendance.
According to Garlinghouse, there is uncertainty regarding cryptocurrency regulations worldwide. There is a need to have regulatory clarity in the industry.
Moreover, Garlinghouse added that the United States should have been leading the way in implementing guidelines. The problem needs an immediate solution to safeguard the industry.
Ripple is one of the few crypto exchanges in the U.S. battling with regulators over alleged wrongdoing. The network was accused by the U.S. Securities and Exchange Commission of operating unregistered accounts.
This led to an ongoing lawsuit involving Ripple and the SEC over the past few weeks over the sale of its token, XRP. Ripple has been slammed with the most significant fine in the industry’s history.
Furthermore, regulators worldwide find it challenging to implement strict guidelines for the crypto industry. But bar China, most were unable to effectively tackle crypto mining, let alone transactions.
As more people adopt cryptocurrency, the use of digital assets will rise, which calls for effective regulation. The European Union (EU) is concerned with the wide acceptance of digital tokens and has called for strict guidelines.
Ripples’ Investment Move
The crypto service provider has just revealed a $100 million investment fund to fight climate change, which is remarkable. The carbon market will utilize the investment to help improve the carbon market. The carbon market enables businesses to trade their carbon credits.
The new feature is designed to offset carbon emissions that most businesses find difficult to prevent. And Ripple is taking a step further as it plans to develop a new feature to tokenize carbon credits.
Carbon emission has been a hot topic of discussion in the crypto space, particularly as some regulators ban crypto mining. Many countries are pushing for the adoption of renewable energy sources to cut carbon emissions.
Moreover, the crypto industry is seen as the most significant contributor to carbon emissions due to energy-intensive mining. However, some crypto mining firms have begun adopting the zero-emission initiative in their operations.
Ripple can be the key to unlocking Georgia’s full adoption of cryptocurrency if the prime minister wants it to happen.