It is impossible for any form of government’s currency to dominate the world, says Ripple’s Craig DeWitt, Senior Director of Products.
DeWitt in an opinion shared on Twitter reiterated that it is almost impossible for any government, no matter how powerful, to coast the world with its currency. He opined that it will not be possible for any government’s currency, be it digital, cash or Central Bank Digital Currency (CBDC) to own the financial industry entirely.
The Ripple employee pushed forward that XRP token will therefore become the bridge between all the available currency globally.
He mentioned that “you will see a decentralized bridge asset facilitate global exchange between govt [SIC] currencies … I think that bridge is XRP.”
You won’t see a single govt’s currency dominate the world.
You will see a decentralized bridge asset facilitate global exchange between govt currencies (cash, digital, #CDBC, whatever)
I think that bridge is #XRP
— Craig DeWitt (@CryptoCwby) November 14, 2020
Earlier DeWitt had mentioned how cryptocurrencies continued to suffer in the hands of unclear regulatory procedures, which at the moment makes Ripple Labs Inc. be considering moving out of the US.
The Ripple official had sued for patience in the crypto industry over the uncertainty in digital currency regulation.
In a conversation, DeWith mentioned that the US would soon embrace cryptocurrency and design a standard framework to that effect.
Brazil Thinks CBDC Few Months After Consultations with Ripple
Brazil’s central bank is thinking of launching its Central Bank Digital Currency (CBDC), a memo has indicated.
This comes a few months after consulting with Ripple. May 2020, Ripple CEO Brad Garlinghouse held a consultative meeting with the Central Bank of Brazil where “institutional matters” were aggressively discussed.
Brazil’s central bank on its website mentions it had a close conversation with the Ripple CEO during which president Roberto Campos Neto conversed with Garlinghouse and some three other representatives from the firm.
While the center of discussion was not made public, the banker’s bank points that the meeting was focused on “institutional matters.”
Already, Ripple is leading the crypto space in seeking regulatory clarity from government across the world. However, there still remains the fact that regulators paint the whole industry with a broad brush, making it hard to separate the wheat from the chaff.
Ripple, from the beginning, had mentioned that XRP is not designed to replace the government’s currencies and to stay anonymous. The fintech giant declared it was ready to work with the government without hiding under the decentralized nature of cryptocurrency to keep XRP users anonymous.
While financial institutions are adopting Ripple’s On-Demand Liquidity, a payment solution making use of XRP, they are still scared of holding the digital token due to regulatory uncertainties. A case in point is that of MoneyGram that makes use of ODL but still does not hold XRP due to unclear regulations.
