Ripple has been one of the few companies in the cryptocurrency industry that has stated that instead of fighting against banks, cryptocurrencies can be used to make the fiat process faster and the financial ecosystem much more streamlined. During a recent Ripple Drop interview with Chris Larsen, the billionaire founder of Ripple reiterated the fact that the company was building a foundation upon which multiple layers of technology could work.
Larsen claimed that Ripple focused on moving value with the help of the distributed ledger in a bid to make transactions faster and more transparent. The founder said:
“What we are planning to achieve is analogous to the internet protocol. Digital assets are impossible without the all important blockchain technology and these assets in turn play an important role in reducing liquidity, overall costs and greasing the value of other assets like the dollar and the pound.”
Chris Larsen also admitted that fiat currency will remain the dominant form of capital but what crypto and blockchain can do is to supplement that growth. The founder was further asked about the situation of regulatory clarity in the United States and what should be improved. According to the Ripple official, the key word is ‘clarity’ because that is what is missing in the States. In his words:
“There are way too many inconsistencies in our rules with way too many question marks about basic aspects of regulations. This is what is holding back innovation and developments in the space which truthfully has to boom. We at Ripple advocate that the best system that can be opted by the government will take into consideration the customer first.”
Larsen urged governmental agencies such as the FINCEN and the Treasury to work together so that cryptocurrencies can be fostered in an environment of safety and innovation. The best part is that the advantages of using such a technology will be felt positively across the board, he said. Ripple’s founder was frank in admitting that even though the United States may not have crypto laws like Singapore or Switzerland, it still needs their regulatory clarity.
Ripple had another reason to rejoice yesterday as its native cryptocurrency, XRP saw its liquidity index hit an all time high on Bitso, a popular cryptocurrency exchange. The XRP/MXN pairing on Bitso scored an all-time rate of 6.254 million, beating the previous ATH of 5.993 million.
