The G-7 Finance ministers are concerned over the global Libra coin of Facebook and recently raised their issues over it. The global regulators will not allow Facebook to launch its coin unless their concerns are addressed, earlier revealed.
Earlier Ripple CEO, Brad Garlinghouse, told a source he supports the statement of US President Trump and Secretary of the Treasury Steven Mnuchin they stated regulatory framework must be created. He also informed it is significant that the US government understands that not all cryptocurrency is identical.
He stated, “We shouldn’t paint this with one broad brush. Any new technology can be abused in various ways.”
Ripple CEO mentioned by putting this specific technology within a general term would eventually stop innovation across the US. Ripple completely doesn’t belong to the identical cryptocurrency class. He specified Ripple as a blockchain-based firm that utilizes virtual assets, contrary to digital currencies.
He further said, what Ripple is implementing is allowing financial institutions such as banks. Ripple collaborates with leading banks throughout the world to assist them to easily transfer money across over a cross-border framework.
While a week ago, a Wall Street Journalist mentioned digital coin of Facebook must be developed and also underlined that Libra coin might offer less income Americans with low banking options and push banks to reduce their charges.
Responding to the banking future article’s, Ripple CEO mentioned that he does not believe banks will disappear within his lifespan but also hopes the aim will move to how organizations such as Ripple will build banks more powerfully and ambitiously.
Steven Mnuchin, a week ago mentioned the agency has a lot of issues on the Libra project, regarding to its scope that could be illegally used for money laundering and funding terrorism.
Digital currencies, for instance, bitcoin and others, have been used to promote illegal activities of worth billion dollars. The illegal activities include tax evasion, cybercrime, ransom wear, extortion, illegal drugs, and human trafficking. Maximum users have tried to use digital currencies to finance ‘their maligned behavior.’
Ripple CEO mentions the above issue could be addressed by using a similar technique that was used earlier to handle maximum technologies in the US.
Ripple CEO quoted,
“We can solve these problems using these technologies much the same way the earliest days of the Internet, 25 years ago, the U.S. government created a framework that allowed companies to invest and build on top of these technologies.”
Further Ripple CEO added I believe we should view the emerging technology blockchain and cryptocurrency comparatively.