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Ripple CEO Supports Bitcoin and Libra When US Treasury Secretary Doubts Crypto

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Ripple CEO Supports Bitcoin and Libra When US Treasury Secretary Doubts Crypto

The United States authorities are expressing “very serious doubts” over the decision of Facebook to release its own Libra cryptocurrency in 2020. This was announced on Monday by US Treasury Secretary Steven Mnuchin, answering journalists at the White House.

According to him, digital currencies could contribute to Money Laundering and other illegal activities. This also promised that the authorities would make an effort to counter violators of the law.

“This is indeed a national security issue,” Mnuchin said in a briefing for reporters at the White House. “We will not allow digital asset service providers to operate in the shadows,” he said.

US Treasury Secretary did not mention any concrete measures that the department intends to take, but many of his words were spoken in unison with the statements that were made by US President Donald Trump last week.

He also added that he plans to discuss this “problem” during the G-7 summit to be held this week in France, stressing that extensive discussions on this issue are already underway with Fed Chairman Jerome Powell.

Ripple CEO Brad Garlinghouse could not resist commenting on this. In his series of tweets, Brad does not support Mnuchin regarding the invalid conclusion in crypto and business.

Also READ  Impatient XRP Holders Sell Token Due to Downward Price Movement

Is Garlinghouse Able To Bias US Government’s Judgment?

According to the CEO Ripple project, Bitcoin is supported by the institutions of several legitimate and reliable companies around the world. He asks the government to collaborate with crypto experts to further the safety of the space and its consistency with legal use.

As Brad states Facebook cryptocurrency is an excellent digital equivalent of paper money.

For further development and the ability to keep up with innovations, the US authorities have to support crypto and cooperate with the crypto community. XRP to accurately position a mechanism to solve cross-border payment problems.

Recently, Brad Garlinghouse said that he does not consider Bitcoin as a competitor. At the same time, he is rather optimistic about the leading cryptocurrency.

Besides, Garlinghouse described the general fundamental differences between XRP and the first cryptocurrency, noting that BTC acts as a means of accumulation, or digital gold, while XRP is positioned to a “currency bridge” because of its efficient transfers.

Garlinghouse also noted that he does not believe that in the future there will be a single cryptocurrency that controls all the others. Various crypto assets will exist as long as they offer a solution to real-world problems.

Victoria Tiebienieva is an Ukrainian based cryptocurrency writer with over 5 years crypto experience. Victoria has written numerous articles for popular cryptocurrency website across Ukraine. She just joined Today's Gazette as our Europe Correspondent.She's available for conversation on victoria@todaysgazette.com

1 Comment

1 Comment

  1. mcq

    July 16, 2019 at 1:56 pm

    Hi,

    this article is poorly written and basically incorrect

    The treasury guy doesn’t doubt crypto but says that they need to adhere to requirements that also apply to regulated financial institutions in order to receive the approval of treasury

    Brad Garlinghouse doesn’t state facebook is an excellent digital equivalent of paper money, he says that it would need to adhere to the same regulatory requirements as regulated financial institutions

    so basically they are saying the exact same thing in regards to facebook and the treasury guy is in fact bullish about crypto as long as its properly regulated, which is what they are working on now

    you should have added that the treasury guy also says that bitcoin is for white nationals and this FUD article would be complete

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