MEP Kaili: Banks Can’t Stop Us From Using Blockchain

A Greek member of the parliament (MEP) of the European Union, Eva Kaili, declared that central banks have too much control over people’s deposits, according to a post published on Ripple’s blog on Feb. 8.

According to the post, Kaili made the comments at the Ripple Regionals event in London last week. The MEP said that she realized that central banks had too much control over people's funds after the debt crisis in Greece.

During her talk — which was dedicated to how the EU will regulate blockchain and cryptocurrency — Kaili also stated that she believes blockchain technology will permeate all sectors of life:

“[b]y its nature, blockchain technology doesn’t recognize borders, [...] It’s unstoppable.”

She also warned the audience that “[y]ou will be disrupted if you don’t try to understand it. Instead you need to see the potential.”

Speaking about the benefits that blockchain-based systems could bring to cross-border payments — such as faster processing and lower fees than legacy systems — Kaili declared:

“If there are benefits for European citizens, there are no banks that can stop us from using [blockchain].”

Kaili has reportedly been a key figure in advocating for funding for blockchain development in Europe and clarity around regulations.

As Cointelegraph previously reported, in May 2018 the European Parliament Committee on Industry, Research and Energy passed a resolution authored by Kaili that outlined the benefits of adopting blockchain and distributed ledger technology.

In December 2017, Kaili argued at a European Parliament policy dialogue that cryptocurrencies will increase decentralization and make intermediaries less relevant.