Brad Garlinghouse agreed with the US government on the issue of regulating the blockchain industry and explained why new assets should not go against the existing financial system.
Cryptocurrencies will not replace fiat money, the head of Ripple, Brad Garlinghouse, is sure about that. He said that he had discussed the topic of digital assets with US Treasury Secretary Stephen Mnuchin, and he supported the position of the American government on this issue.
I agree that crypto isn't likely to replace fiat currencies – I have been very vocal that crypto isn’t likely to disrupt the US dollar and other G20 currencies in my lifetime. (2/7)
— Brad Garlinghouse (@bgarlinghouse) July 15, 2019
“I agree that crypto isn’t likely to replace fiat currencies – I have been very vocal that crypto isn’t likely to disrupt the US dollar and other G20 currencies in my lifetime,” said Garlinghouse.
He stressed that the blockchain industry needs to work with the existing financial system, and not go against it in order to maximize development. To achieve success, digital money must exist within the framework set by regulators, says the head of Ripple.
According to Garlinghouse, XRP is uniquely positioned to make cross-border payments faster and cheaper, and the company is already working with financial regulators, banks, and payment systems, such as MoneyGram. The specialist stressed that after he read the white paper of the Libra project from Facebook, he immediately realized that the social network would have to work according to the standards of traditional financial institutions.
The head of Ripple responded to the press conference of Stephen Mnuchin, during which he said that the US government would not allow digital service providers to “hide in the shadows.” The Minister of Finance added that the Libra cryptocurrency can be used to launder criminal proceeds and creates a problem for the country’s national security.
Ripple (XRP) course joins the other Altcoins and continues to lose value
The mood seems to be still positive at Ripple. Apparently, the XRP course does not worry the CEO. The ripple (XRP) course has plummeted in recent days, similar to many other Altcoins.
Many ripple investors are slowly losing hope for a timely adaptation and see more potential in other projects in the short term.
Ripple remains the leading blockchain company in the financial industry with many big names. However, XRP tends to play a minor to insignificant role, at least until now. Most customers use xCurrent, which does not use the XRP token. But in the near future the xCurrent solution will get an update and support xRapid. Maybe then we will see a positive movement and green numbers for the XRP course.