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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 crypto is not likely to replace fiat […]

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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.

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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Criptomonedas

Nuevas Reglas Provisionales en Canadá Regulan la Criptoexposición de Los Bancos

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De acuerdo con las nuevas pautas provisionales emitidas por la autoridad financiera del gobierno canadiense, las instituciones financieras, incluidos los bancos y las aseguradoras, solo pueden arriesgar una parte insignificante de su capital en criptomonedas y otros criptoactivos.

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Compañías

El Fondo de Inversión CDPQ Cancela su Partición en Celsius

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El Fondo de Inversión CDPQ Cancela su Partición en Celsius

El gigante de los fondos de pensiones canadiense Caisse de dépôt et placement du Québec (CDPQ) ha dado por perdida su inversión de 150 millones de dólares en la empresa de préstamos de criptomonedas en dificultades Celsius, reconociendo que la empresa entró en el floreciente sector «demasiado pronto».

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Compañías

CEO de Coinbase: Cerraríamos el Staking de Ethereum si Nos Amenazaran los Reguladores

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CEO de Coinbase: Cerraríamos el Staking de Ethereum si Nos Amenazaran los Reguladores

Con el Departamento del Tesoro de EE.UU. sancionando diferentes proyectos como el mezclador de monedas Tornado Cash a principios de este mes, y la tan esperada fusión de Ethereum que se avecina, los entusiastas de la blockchain temen que la regulación gubernamental podría interrumpir los desarrollos en el espacio.

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