The CEO of Ripple, Brad Garlinghouse has weighed in on the ongoing attacks received by Facebook over its decision to launch its native digital currency Libra that is to be admitted by users of the largest network’s hosts of social platforms.
The CEO, started by acknowledging the thoughtful dialogue from the congressional hearings on Facebook’s Libra, pointing that the committee are supportive of the innovations from blockchain and payment in the country.
The major problem, according to Brad, is that the US congressman are scared of Facebook, owing to the firms broken trust amidst other issues faced by the social network.
According to him, the debate is needed, welcomed, and healthy for the blockchain industry to grow.
He asserted that though questions are needed to be asked and answered to ascertain that the systems are “battle tested, and have the proper oversight”.
The CEO of Ripple, who has largely been working on promoting Ripple’s XRP through regulatory clarity, emphasized that governments regulations need to be in place to ensure customer protection.
Brad Garlinghouse, quoting a statement from Congressman Patrick McHenry that whether Facebook is involved in the nascent technology or not, blockchain is here to change the status quo.
“Whether Facebook is involved or not, change is here. Digital currencies exist. Blockchain technology is real.”
At the moment, Brad Garlinghouse, is not sure of what would be the response of the American policy makers to meet the opportunities and challenges of cryptocurrency as the world from different ends embraces the technology.
With Libra becoming the talk of the town, there is a belief that the digital currency will finally see the acceptance of different government and finally be supported by the US policymakers.
However, the world is waiting to see the final outcome of the debate and what the Policymakers will do to strengthening and fight challenges of cryptocurrency.
