The United States acting comptroller of the currency (USOCC), Brian Brooks, has in a recent interview spoken tough about the renowned global payment network, SWIFT, by calling it one of the most ironically named organizations in the world.
Brooks, an Ex-Chief Legal Officer at the US largest cryptocurrency exchange, Coinbase, pointed out that the US, unlike UK, Singapore, and China is still lagging behind in terms of real-time payment adoption, he argued that this can only be achieved through technology.
The OCC head went on to explain that there is a pressing need to move into an era where instantaneous virtual payments will become the order of the day in the US, as such payments will eliminate errors, he further reiterated that cryptocurrencies stands a major phenomenon that cannot be ignored if this is to be achieved.
When asked how soon he feels the total adoption of real-time payment through existing technology would be achieved in the US, Brooks responded that the adoption would depend on the cryptocurrency market that would be made available to the crypto enthusiasts in the US community, he added that the OCC is dedicated to creating an avenue where cryptocurrency holders can assess their assets like a checking account.
However, Brooks explained that there are some questions about the cryptocurrency industry that requires attention, among which include; if banks should be allowed to participate in the cryptocurrency market or to connect with blockchain, and if there should be digital currencies that will be issued by both the central banks and private companies backed by banks.
Recall, that the OCC in July authorized nationally regulated banks to render cryptocurrency custody services, a move that has been predicted earlier by the Ripple CEO, Brad Garlinghouse, in 2018.
Ripple Tackles SWIFT, Bitcoin, and other Transfer Giants
It is important to mention that the Ripple (XRP) network has been a major challenger of SWIFT and other transfer giants such as Bitcoin over the past few years, as Ripple is offering unique instant cross-border payments services.
The Ripple CEO, while comparing Ripple with other transfer networks, boasted that an XRP payment only takes few seconds to process while SWIFT transfers on the other hand take days to complete. Whereas, BTC takes minutes, this according to him eliminates volatility concern, hence places Ripple a hedge ahead of its competitors.
Nonetheless, the Ripple network’s On-Demand Liquidity (ODL) solution that utilizes XRP as its native coin token is now responsible for about a quarter of all RippleNet transactions.