Ripple is currently performing quite well in various aspects. Ripple is actively promoting its strategies, which are highly valued by many individuals and organizations. New partnerships and statements by Ripple representatives are important in this regard. Thus, the commercial bank of Vietnam TPBank (Tien Phong) joined the Ripple network, and Ripple government relations manager Ron Hammond said that education is necessary for the introduction of laws on the blockchain.
Ripple and TPBank
Ripple has partnered with TPBank (Tien Phong), a commercial bank in Vietnam. Thanks to Ripple, TPBank seeks to accelerate international money transfers. Ripple technologies will be used in a commercial bank in Vietnam for transfers from Japan to accounts at TPBank. In the future, the organization also plans to support transfers through Ripple and from South Korea.
TPBank greatly appreciates Ripple’s responsiveness in updating transaction data. In addition, Ripple allows them to conduct financial transfers extremely accurately and cheaply. It is worth noting that this is the first bank from Vietnam that began cooperation with Ripple, becoming a member of the company’s network. However, judging by a good assessment from TPBank, other Vietnamese banks may join Ripple in the future, also seeing how great advantages this cooperation provides.
Ripple government relations manager Ron Hammond said at Blockchain Week 2019 in San Francisco that education is needed to enact laws on the blockchain. According to the representative of Ripple, certain problems arise among regulators due to the fact that the blockchain is not yet well understood. In order to understand exactly what norms to introduce for the field of crypto technologies, you must first understand well the very essence of these technologies. While there is no understanding, blockchain bills, as the representative of Ripple emphasized, will be inhibited.
Ripple is trying to ensure that government agencies begin to understand various aspects related to blockchain technology. According to Hammond, this will ultimately give really thought-out laws for the crypto industry. Such laws, as the representative of Ripple emphasized, will allow both to protect consumers and at the same time promote innovations in the blockchain.