CEO Ripple: cryptocurrency will not succeed in replacing Fiat

Brad Garlinghaus, head of California-based Fintech startup Ripple, agreed with US Treasury Secretary Stephen Mnuchin that cryptocurrencies could not replace fiat money, and also said that the head of the Ministry of Finance had consulted with him about the regulation of the crypto industry. He said this in one of the latest posts on Twitter.

I agree that I’m crying for your life. (2/7)

– Brad Garlinghouse (@bgarlinghouse) July 15, 2019

So, yesterday, Stephen Mnuchin held a press conference , during which he stated that the US authorities have “very serious doubts” regarding both the digital currency of Libra and bitcoin and other cryptocurrencies in general.

CEO Ripple is convinced that digital assets will not be able to "crush the dollar or other G20 currencies in our time." At the same time, Garlinghaus emphasized that it is impossible to cut the entire cryptoindustry with one comb, since it has come a long way since the times of Silk Road.

“In order for our industry to be successful, we need to work with regulators and within the established framework … If we want to achieve maximum progress, we need to work together with the existing financial system, and not against it,” the head of Ripple said.

He also raised the sensational lately kriptovalyutny project Libra on Facebook, stressing that the new coin "should meet the same standards as for other regulated financial institutions."

It is worth noting that the Chancellor of the British Treasury Philip Hammond spoke about Libra. So, in a conversation with CNBC, he said that the British authorities did not intend to somehow interfere or stop the Facebook project.

Moreover, Hammond is sure that politicians and legislators should not be at all involved in developing measures to control Libra, since this is entirely the task of regulators.

“We are not going to give up on it [from Libra] or try to stop it. We are going to interact with it and work with others to ensure its effective regulation, ”the politician said.

At the same time, he noted that he sees a difference in the structure of management between Bitcoin and Libra.

Recall that in the coming days, July 16 and 17, a hearing will be held on Libra in the Banking Committee of the Senate and the Financial Services Committee of the House of Representatives, respectively. Earlier, Calibra CEO David Marcus published a written version of his upcoming speeches in the US Congress.

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