Ripple CEO: Facebook’s Libra has a problem of Trust
Facebook has announced mid-year, with Libra a digital currency on the market, which will allow people around the world access to financial services. Yesterday’s hearing before the Congress brought no significant new results. The CEO of Ripple is convinced that Libra has a problem of Trust.
Ripple’s CEO, Brad garlinghouse, has expressed a few days ago, already in several Interviews that he is concerned that the regulatory authorities will hinder the crypto market because of the present challenges and their distrust of Facebook, Mark Zuckerberg, and the Libra project. Furthermore, it is from the yesterday’s clear that Facebook also company has a basic Problem with regard to the trust’s policy, the people of the world.
While U.S. politicians Zuckerberg berating during his recent appearance before the financial services Committee of the US house of representatives as well as praise, is trying Garlinghouse clarify that the concepts of the Facebook project Libra are new. In a new Interview on Fox News Garlinghouse describes that he is with some of Zuckerberg’s statements agree, however, that the actual idea is not a novelty on the market (freely translated):
The difference is that the technologies of which he speaks, are already on the market today. Ripple is a U.S. company that uses these technologies for years. We have about 200 customers worldwide.
While Garlinghouse presents the innovations of the Ripple in the heart, is Facebook the crypto-currencies into the spotlight. With over two billion users worldwide regulatory authorities woke up to the whole world, which may have overlooked the progress of Ripple, fast. He also (freely translated):
The good news is that we are with the Vision agree. I think we disagree on how we get there.
Garlinghouse also the question of how Facebook can be summarized in the eyes of the Congress again.
How you got here, and whether it is fair or not, the reality is, and you recognize, there is a trust deficit. And I think that for any financial services you must have this basis of trust. So I think the Timing is interesting to see how Facebook leads to. I thought another interesting example of Mark Zuckerberg’s statement would be, that you will help the American leadership. But they founded Libra in Switzerland.
From the Congress, Zuckerberg reaped a partial acceptance, but also harsh criticism and was even insulted. The U.S. Reporter Andy Barr praised the work of Facebook and proposed to transfer responsibility for the police’s work against money laundering and the financing of terrorism to the Congress (freely translated):
Some of the politicians in this Committee is open for socialism and Central planning. It seems that the assumption is always that the innovations of the private sector are a bad thing. I think that the presumption should be repealed. We in the Congress, the Innovation should be examined for their potential to promote financial Integration, reduce the friction in transactions, to support smaller businesses and the introduction of the financial system in unbestrafte and unterbankte communities.
This is not to say that we should not be asking questions, which of course is what we are doing here today, but in America, a country based on free enterprise and capitalism, it is always better to stand on the side of Innovation, and we should always put the burden on the government to justify regulation and Intervention.
America is not a simple patch for the block chain, companies that wanted to offer innovative new platforms and services. The company Circle that at the beginning of last year, has purchased the crypto currency exchange Poloniex has rejected the exchange. One reason is the still unclear legal framework in the United States was. It remains to be seen whether and how quickly the developments all-around will advance the project Libra to progress. Therefore, Ripple is pushing ahead with an Initiative that calls for a clear regulatory framework for digital Assets in the USA.
Featured Image: Wit Olszweski | Shutterstock
