According to Rosa Rios, former U.S. Treasurer and now a Ripple board member, XRP’s value lies in its focus as a cross-border payment medium, while other cryptos rely on speculation just to be valuable.
Rios also highlighted China’s intensified crackdowns on cryptocurrencies and said that this policy stems from the government’s desire to bring an end to the crypto market’s speculative nature.
This speculative nature not only brings any economy to uncertainty but also puts investors’ money into greater risks and away from the legal protections provided by governments.
Ripple’s big crypto role
Rios served as U.S. Treasurer and oversaw the United State’s currency production from 2009 to 2016 under the Obama administration.
She said that one of the major reasons why she joined Ripple is that the company serves as a great example of how cryptocurrencies should be used and how to tap their true value.
But Rios admitted that even with cryptos’ big potential, a series of legal frameworks and policies should be implemented to make sure that cryptos can only be used for legitimate transactions.
She said that the government and crypto businesses should work together to prevent cryptocurrencies from being used on illegal transactions, which includes funding the dark web.
Ripple and XRP
Ripple has developed an XRP product called “RippleNet” which provides reliable connections to hundreds of financial institutions all over the world using only one API which results in cheaper, faster, and more secure fund transfer.
The company’s chief executive officer, Brad Garlinghouse, said Ripple is planning to go public after it settles the lawsuits filed by the Securities and Exchange Commission.
The plan was supposed to be executed in 2020 but was hindered because of SEC’s charges against the mobile payments network company.
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