Brad Garlinghouse from adjacent Ripple (XRP) of Facebook’s Libra
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Ripple’s CEO, Brad garlinghouse occurred recently in the case of CNBCs Squawk Box to talk about the digital currency from Facebook, Libra,.
Garlinghouse said that the massive attention that it has acquired Libra is a positive effect for the future of Finance – despite the strong rhetoric and the widespread condemnation of Facebook:
I think on the macro level, it was good for the world, because it has drawn a lot of attention on a number of technologies that can really benefit from Mainstream Banking and the Mainstream of the consumer experience around the banking. I think there is maybe a little arrogance to consider maybe Silicon Valley arrogance – with the way Facebook is addressed, and without some of the stuff before you put los.
Garlinghouse said that he agrees with the US Secretary of the Treasury Steven Mnuchin, the published values, a warning against the new digital assets such as Libra and the dangers of unregulated currencies:
Thus, these technologies may well be used, this must be done on a regulatory and compliant manner. We can not generate more risks – be it the financing of terrorism, whether it’s laundering the money. These are things that Ripple has focused from the beginning to ensure that we work together with the existing System.
On the question of what is meant by the term “Silicon Valley arrogance,” said Garlinghouse:
I think the conversation with the regulators, Facebook has started some time ago, and I think they had some of these reservations heard loud and clear, and I don’t think that you have taken the time, some of them.
Garling house and serve also to the fact that the Facebook Libra Association, a consortium of companies that will oversee the new project, has no banks as a Partner. By Facebook missed it, the old System, i.e. banks to a request for cooperation, used Facebook effectively against the existing System:
There is a great Chance to change the way the world financial systems what’s in it for consumers, businesses, etc. very beneficial. But, again, it is not to be regarded as a competitor to the banks. […] As David Marcus came out and said that “the end of Western Union” would mean, it was a huge call in the banking world around the world, had observed, such as Big-Tech-advance players in this space.
Already a few days ago, the CEO of Ripple has responded to the Statements by the US Secretary of the Treasury Steven Mnuchin on Twitter, after the latter has laid out his concerns and his criticism of crypto-currencies openly. In a series of Tweets garlin house, said that he fully agrees with the US Treasury Secretary, that Cryptocurrencies will not replace his life time of Fiat currencies. However, garlinghouse also wrote that not all crypto-currencies should be lumped together.
Garlinghouse said that Ripple is “the other”. Cross-border payments in the field, in the Ripple (XRP) currently the leader is. He said that the industry and his company can be successful if you work together with the regulatory authorities and the policy.
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