XRP is for funds, Bitcoin for ‘speculation,’ says former US Treasurer
Amid the continued authorized battle between Ripple and United States’ securities regulators, a former U.S. Treasurer and Ripple board member has voiced help for XRP.
Former Treasurer Rosa Rios, who joined Ripple’s board of administrators in May 2021, took to Twitter on Sunday to reiterate her confidence in XRP whereas criticizing different cryptocurrencies reminiscent of Bitcoin (BTC).
Rios argued that jurisdictions like China at the moment are cracking down on Bitcoin, as cryptocurrencies like BTC allegedly present nothing greater than a software for hypothesis. Tagging Bitcoin, Ripple and its fee ecosystem, RippleInternet, the previous U.S. official wrote:
“XRP’s primary purpose is facilitating cross border payments while other cryptos find their value in speculation. China’s latest move brings this point home.”
Rios served because the U.S. Treasurer from 2009 to 2016 beneath President Barack Obama, overseeing all currency and coin manufacturing actions with an annual funds of $5 billion.
“Blockchain and crypto will underpin our future global financial systems,” Rios declared on becoming a member of Ripple’s board, including that the agency is “one of best examples of how to use cryptocurrency in a substantive and legitimate role to facilitate payments globally.”
Rios additionally expressed issues over cryptocurrencies being a software for legal actors. “There’s still a lot of work to be done in terms of really knowing what’s behind the curtain, how blockchain really works, how unfortunately cryptos are used to fund the dark web and other illicit activities,” she stated.
Related: Ripple helps Bhutan pilot a CBDC
Released in 2012, Ripple is a distributed open-source protocol and remittance system created by U.S. firm Ripple Labs. The firm gives numerous cross-border fee options alongside being concerned in central financial institution digital currency tasks.
Earlier this yr, Ripple co-founder Chris Larsen argued that Bitcoin would lose its management because the world’s most valued cryptocurrency if it doesn’t transfer away from its proof-of-work consensus mechanism.