Commenting on the importance of regulation in the technology sector, Brad Garlinghouse, CEO of Ripple, said that the introduction of regulations will lead to the adoption of blockchain and cryptocurrency.
Garlinghouse made these remarks as he spoke with the Assistant General Councilor, Ross Leckow, of the International Monetary Fund (IMF) at the Singapore Fintech Festival. The topic of their discussion revolved around the regulatory frameworks emerging in the Association of Southeast Asian Nations (ASEAN). Some of the members of ASEAN include Singapore, Indonesia, Thailand, Malaysia, the Philippines, among others.
The importance of the Internet of value
"Regulatory clarity has a great ability to drive the digital asset and the adoption of blockchain It's amazing how many markets still have uncertainty," said Garlinghouse.
The ASEAN market has established clear rules for blockchain and cryptocurrency, but they face challenges in the corresponding banking sector. Therefore, Ripple has focused its attention on this sector: "Almost 50% of all our global customers are based in the region and our Singapore headquarters continue to be a growth engine for Ripple, expanding by 200% in 39, last year ". Garlinghouse added that Thailand has not only supported this new technology, but its regulations have even legalized XRP.
Ultimately, Ripple plans to introduce the Internet of Value – a term coined by the company – to enable immediate and economic cross-border payments.
Meanwhile, Leckow has assured Garlinghouse that the IMF plans to support these countries in creating appropriate regulations without suppressing the development of blockchain and cryptocurrency projects. In fact, the Fintech Advisory Board of the IMF includes Chris Larsen, co-founder and former CEO of Ripple.
The XRP is "clearly decentralized"
Last month, in an interview with the Cheddar financial news network, Garlinghouse said that XRP is "very clearly decentralized". He justified his claim by stating that even the CEO of the company is not able to change transactions or change the ledger.
Garlinghouse also spoke against critics who spread false information about the decentralized nature of Ripple. He claimed that some of these people have an economic interest in dropping XRP. The rest of these people belong to the group that believes that government and regulation should not exist in the cryptographic sphere, he explained at the CB Insights Future of Fintech 2018.
Garlinghouse added that the XRP is in the middle of a "crypt of the holy war", but knows that the only way to enable the Internet of value is by collaborating with financial institutions and following the regulations appropriate.
Flickr foreground image.
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