Concerns relating to the cryptocurrency space have found a new dimension. Trump’s Twitter rant on the same while being highly criticized, also raised the profile of the cryptocurrency market. Ripple’s Brad Garlinghouse however, agrees with it.
The Ripple CEO made news after he sided with Secretary Mnuchin, the Treasury Secretary who was critical of potential risks that Facebook’s Libra could pose in the future. In a recent interview with Fox Business, Garlinghouse said that he agreed with Donald Trump’s rant on Twitter on Bitcoin and Libra. Garlinghouse said,
“I actually very much agree with what the Secretary, I agree with what the President tweeted last week on these points. It’s critical that we think about these new technologies, really like any new technologies that they are thinking about regulatory frameworks. I do think that some of the cryptocurrency world have taken an approach of, how do we circumvent governments, how o we circumvent regulations? But I think that it’s also clear that we should not paint this as one broad brush.”
According to the CEO, any fresh technology can be abused in various ways. Taking the opportunity to talk about Ripple’s role in the same, he said that Ripple was engaged in enabling regulated institutions, and financial institutions like banks to become more efficient by means of partnerships and collaborations. He said,
“We partner with some of the largest banks in the world to help them more easily move money around on a cross-border basis.”
Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.