XRP Mass Adoption In Europe: Luxembourg’s Minister of Finance Accepts Ripple’s Tech – XRP, Classed As Payment Token
Ripple and XRP are on a quest for mass adoption, and things seem to be going in the right direction.
Ripple’s technology, accepted in Luxembourg
Pierre Gramegna, Luxembourg’s Minister of Finance, seems to have reportedly hinted at the acceptance of Ripple’s tech in his country.
As expected, this gave the XRP Army of fans the faith that the event could lead to mainstream adoption in Luxembourg and also other European countries as well.
Just a few days after XRP received the security clearance by the Luxembourg Private Equity and Venture Capital Association (LPEA), “Gramegna hinted on the acceptance of Ripple blockchain technology in the country,” reports TodaysGazette.
The online publication said that the Finance Minister shared a photo of himself and Chris Larsen, the Executive Chairman and Co-founder of Ripple on Twitter.
Gramegna mentioned a potential growth of Ripple in his country and other European countries as well.
“Excellent exchange of views with Chris Larsen. Looking forward to the further development of Ripple in Luxembourg and Europe”, Gramegna stated.
Reading this, it’s no wonder that Ripple and XRP fans got all excited.
More than that, the University of Luxembourg also confirmed its participation in a Ripple-funded research program at the University Blockchcian Research Initiative.
— Pierre Gramegna (@pierregramegna) April 9, 2019
— uni.lu (@uni_lu) April 12, 2019
XRP is not a security token
Not too long ago, a paper that’s been released by the Private Equity and Venture Capital Association in Luxembourg (LPEA) said that Ripple’s XRP is a Payment Token and not a security token.
The paper has classed XRP and BTC in the Payment Token category, and it’s claimed that both these digital assets can be used for transferring value and as a means of money for quick transactions.
It was also said that Payment Tokens do not have a specific issuer and this means that “token holders have no right to claim against the issuer of the token.”
Anyway, what happened in Luxembourg can become a precedent and more countries could follow.
Larsen co-founded Ripple in 2012 and now fulfils the role of Executive Chairman. A long-standing advocate for financial privacy and education, Larsen and the Ripple Foundation gifted $25 million to San Francisco State University in April 2019.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.