Over the last two days, Calibra CEO David Marcus has been faced with questions from US lawmakers. The hearing concerned the structure of the Libra currency, foregoing mistakes, and future vision.
Despite the detailed responses of David Marcus, the overall mood of the project, among congressmen, remained negative.
The community is interested in this issue and continues to discuss it on TV, media and social networks.
So, yesterday Ripple CEO Brad Garlinghouse was as a guest of the popular Squawk Box show on CNBC. He explains what Libra has to do to make this world a better place.
— what Do you want me to say? (@rippleonian) July 19, 2019
Garlinghouse said that the Libra project would be very useful for increasing social awareness and use cases:
“When we think at the macro level, it’s been good for the world because it has a lot of attention on sector technology.”
He states that a large number of people in the world live without standard banking services. These people can be included in the financial system through a widely used network of platforms only.
According to him, Facebook entered the cryptocurrency sector somewhat arrogantly.
When Garlinghouse was asked why he had accused Facebook of arrogance, he said the social network management has acted arrogantly towards US officials. The social network did not consult with the authorities before publishing the Whitepaper Libra and launching its testnet.
Garlinghouse noted that there is not a single bank in the Libra Association, which will monitor the blockchain. So, banking organizations saw a competitor in the face of the Libra infrastructure and opposed the implementation of the project.
Unregulated Cryptocurrencies May Have a Bad Effect on Digital Ecosystem
Ripple CEO says if people want to use such technologies effectively and benefit from the blessings they provide, we must regulate this.
“We can’t expose any more risks such as the financing of terrorism and money laundering. Like Ripple, we focus on these problems first and foremost and find their solutions. In this sense, Ripple is in harmony with the current financial system,” – he states.
Garlinghouse suggests that Facebook has chosen Switzerland as a location for the Libra Association because clear legislative measures have been created in this country. The United States is inferior to the European state.
In this regard, the US government should make regulations more clear for business, but the requirements can’t be mitigated, as this will lead to rampant crime in the crypto space. As an example, he cited the illegal Silk Road marketplace, which accounted for a significant amount of transactions in Bitcoin.
At the end of the interview, Garlinghouse explains the dynamics of cryptocurrency rate. He believes that over a long period of time, the price of digital assets will depend on its usefulness. Cryptocurrencies will rise in price or gain adjusted positions.