Amidst the rising regulatory concerns over Libra coin, introduced by Facebook, the crypto community is eyeing on Ripple and its cryptocurrency XRP. The community is observing the smartest and unique way that Ripple is working with regulators and meantime offering XRP-based solutions to the payment industry.
Ripple v/s Facebook’s Libra
Ripple, the companies behind the XRP cryptocurrency, have long been offering blockchain-based payment solution services to the payment firms and banks across the world. In essence, the firm equipped its native cryptocurrency, XRP with its blockchain products such as xRapid, xCurrent, and so on which is currently used by many payments and financial entities for cross-border transfer of funds.
However, this isn’t a new system for Ripple – it has quickly gotten the attention when US Treasury Secretary Steven Mnuchin talked about Facebook’s Libra and urged that “We’ll not allow digital asset service providers to operate in the shadows.” Sec.Mnuchin remarked the national security issue that may probably occur due to Libra and demands that the crypto industry needs more regulations at the moment.
“This is indeed a national security issue,” Sec. Mnuchin said on the need for more regulation in the crypto space. “We will not allow digital asset service providers to operate in the shadows.” https://t.co/03CEzStDZE pic.twitter.com/zykiOLkm96
— Bloomberg Crypto (@crypto) July 15, 2019
Nevertheless, back in 2018, Ripple’s Global Ops and Partnership head Emi Yoshikawa said that “Ripple works with the worldwide regulators and the world.” Speaking at the Asia Pacific Fintech Forum in Beijing, she outlined;
“Ripple works with governments and regulators around the world to help them better understand the problems we solve for customers using #blockchain. It is all about a real use case.”
Besides Emi’s statement, Ripple’s CEO Brad Garlinghouse in an interview at CNBC’s Fast Money raised the increasing approach to “cooperate with regulators.” Accordingly, he discussed that;
“It’s incredibly important that the entire industry recognizes that we have to work with the regulators, we have to work with the system.”
Someone is willing to play by the rules in #crypto
Registered with Fincen -✔
Registered as a MBS -✔
Signed agreement with Coinfirm wherein the latter will explore compliance w/anti-money laundering (AML) provisions -✔
Hiring BSA Officer -in progress@ripple & #xrp -thats who pic.twitter.com/256DZJf7wn
— TB (@TBCrypto) July 16, 2019
Brad Garlinghouse Advised Facebook
In addition to his earlier statement, Brad Garlinghouse on July 15 expressed his views on Facebook’s Libra and strongly advised to follow regulatory regime if intending to go forward. He marked his consent on the opinion of Sec. Mnuchin and President Donald Trump about cryptocurrency and states that “I agree that crypto isn’t likely to replace fiat currencies.”
For the industry to succeed, we need to work with regulators and within policies, Brad Garlinghouse tweeted.
Talking about how Ripple has moved forward with the hands of regulators and offer XRP-based solutions to various global firms, Garlinghouse explained as follows;
In a nutshell, Garlinghouse quickly counseled Facebook to work with the regulators and within policies. If not; he thinks;
We risk squashing innovation here in the US and letting foreign interests take control of this new sector of our global economy.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.