XRP is for payments, Bitcoin for ‘speculation,’ says former US Treasurer


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XRP is for payments, Bitcoin for ‘speculation,’ says former US Treasurer

Amid the ongoing legal battle between Ripple and United States’ securities regulators, a former U.S. Treasurer and Ripple board member has voiced assist for XRP.

Former Treasurer Rosa Rios, who joined Ripple’s board of directors in Could 2021, took to Twitter on Sunday to reiterate her confidence in XRP whereas criticizing different cryptocurrencies like Bitcoin (BTC).

Rios argued that jurisdictions like China are now cracking down on Bitcoin as cryptocurrencies like BTC allegedly present nothing greater than a software for hypothesis. Tagging Bitcoin, Ripple and its cost ecosystem RippleNet, the previous U.S. official wrote:

“XRP’s main function is facilitating cross border funds whereas different cryptos discover their worth in hypothesis. China’s newest transfer brings this level house.”

Rios served because the U.S. Treasurer from 2009 to 2016 below President Barack Obama, overseeing all forex and coin manufacturing actions with an annual price range of $5 billion.

“Blockchain and crypto will underpin our future world monetary programs,” Rios declared on becoming a member of Ripple’s board, including that the agency is “considered one of greatest examples of find out how to use cryptocurrency in a substantive and bonafide position to facilitate funds globally.”

Rios additionally expressed considerations over cryptocurrencies being a software for felony actors. “There’s nonetheless loads of work to be finished when it comes to actually figuring out what’s backstage, how blockchain actually works, how sadly cryptos are used to fund the darkish internet and different illicit actions,” she mentioned.

Associated: Ripple is helping Bhutan pilot a CBDC

Launched in 2012, Ripple is a distributed open supply protocol and remittance system created by U.S. firm Ripple Labs. The corporate gives various cross-border payment solutions alongside being concerned in central financial institution digital forex initiatives.

Earlier this 12 months, Ripple co-founder Chris Larsen argued that Bitcoin would lose its leadership because the world’s most valued cryptocurrency if it doesn’t transfer away from its proof-of-work consensus mechanism.