Ripple has written an open letter to the United States Congressmen, warning them to not paint the whole cryptocurrency world with a broad brush, furthering that cryptocurrency is not meant to kill the U.S. Dollars but to complement it.
The CEO of Ripple Brad Garlinghouse, and Executive Chairman and Co-founder of Ripple, Chris Larsen, in a well-worded letter enjoined the honourable congress member to seclude responsible partakers in cryptocurrency and blockchain at large from those who may be involved in shady dealings, saying like Ripple, many in the blockchain industry are responsible actors.
The letter reflects the what Ripple has been doing with regulatory bodies from country to country, and how it has been transparent on its dealings especially when it comes to seeking regulatory clarity with government.
Of a truth, Ripple has been transparent and working with central banks across the universe. In India, Ripple has a good reputation with its central bank, as well, in Saudi Arabia, where SAMA is even imploring banks to adopt the solution.
Ripple CEO Brad Garlinghouse has said in the past that the remittance firm is willing to be transparent and abide by regulatory to achieve the massive cryptocurrency adoption.
In the open letter, Ripple’s Brad Garlinghouse said a host of cryptocurrency related firm are “responsible to U.S. and international law”.
While cryptocurrency adopters are willing to circumvent central banks across the world, Brad in his statement maintained that Ripple as well as other cryptocurrency firm do not take the regulatory role of central banks in issuing currencies and setting monetary policy for granted.
Ripple’s letter did not rubbish the government, instead, it states that government is responsible for issuing out cryptocurrency because of trust that people have in them centuries back.
In this wise, Ripple says it has employs blockchain technology and cryptocurrency in partnership with regulated financial institutions to move funds across border.
Ripple Says cryptocurrency Complements Existing Currencies
It is a common saying in the cryptocurrency space that crypto is designed to take over U.S. Dollars and some other currencies. The open letter written by Ripple reflects that digital currencies are a complement for existing currencies like the US Dollars and not replacement for them.
Brad and Chris are of the opinion that cryptocurrency will open the world to a greater financial inclusion and economic growth the same way the internet did.
The letter then advice the US government to lead the way in cryptocurrency adoption like it did with the internet, by unearthing economic opportunities in the industry.
In conclusion, Ripple demands regulatory clarity from government to not kill the the innovations, tax revenue and the available jobs that are available through the nascent technology.
Crypto Faces Bashing
From China to the U.S., cryptocurrency is facing rigorous bashing from governments. Recently, the U.S congressmen attacked Facebook’s Libra in a series of hearing, warning that the social platform cannot launch a digital currency due to the fact that it lacks trust.
During the seating, featuring the head of Facebook’s Calibra David Marcus, who was a former employee at PayPal, the congress committee of banking raised series of issues on cryptocurrency.
While Facebook’s Libra was attacked by them, some countries are willing to give the digital asset a fear hearing and adopt it provided it is going to have a sound anti money laundering policy in place.
The likes of China and lately India have not given cryptocurrency a fear hearing, instead, India is seeking to ban anything digital currency in the country.