The potential that cryptocurrency has to grow is phenomenal. Over the past ten years, the space has grown massively so why couldn't it grow any further?
The CEO of Ripple, Brad Garlinghouse has given his views on the growth of the industry and its potential to actually replace fiat currency for good. With this in mind, Garlinghouse noted China leading the US with respect to creating an in-house cryptocurrency that is backed by the Yuan. in an interview at The Economic Club Of New York, Garlinghouse talked about Ripple’s technologies, stating:
“Ripple applies modern technologies to global financial infrastructure and cross border payments in a way that can massively improve it for banks, and we’re not changing the regulatory framework. Every transaction is still KYC and checked for AML.”
The CEO went onto cite Facebook’s upcoming Libra cryptocurrency and the whitepaper behind it. Garlinghouse says it could have been successfully deployed if Facebook was able you gain trust over its users and government bodies.
Even though Ripple’s presence in the cross-border payments space has led to many consider it a bank, Garlinghouse clarified that Ripple doesn't hold deposits, wallets or accounts.
“In some ways we are plumbers, like we’re enabling a much more efficient plumbing. You can’t do an anonymous transaction on ripple net because every end point we work with as a regulated financial institution.”
Addressing the regulations, the CEO of Ripple added that there was no reason for new regulations as Ripple added that there was no reason for new regulations as Ripple is built on “robust regulatory frameworks” as of today’s banking system. Garlinghouse went onto say, “we’re pro-regulation, we’re not trying to change that.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!