Ripple CEO believes that for cryptocurrency to succeed regulation must take place

Cryptocurrency should be regulated

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Ripple CEO Brad Garlinghouse believes that cryptocurrency and Blockchain should be regulated despite the opposition. The CEO who was speaking to CNBC fast money said that the blockchain revolution could only be better when there is cooperation with regulatory bodies. According to Mr. Garlinghouse:

“I think it’s important for the entire industry to know that we have to work with regulators. It’s good to understand that Blockchain revolution can only happen within the regulations it cannot happen outside the system. There are many people who are against the idea of regulation, but it will serve to be good in the long run.”

“As the Ripple community, we are ensuring that all our transactions are happening through a registered financial institution.”

“All financial transactions should have a regulated Inpoint to make the work easier for regulators. I believe it’s very important for all investors in the world to understand there regulatory concerns around cryptocurrencies. With all that in mind it’s also important to understand that not all coins are created the same, and it’s important to understand the differences.”

The Governor of the Bank of England seems to be advocating for regulations also. Speaking at the Inaugural Economics conference, Mark Carney asked for all digital currencies to be regulated at the same standards as the rest of the financial system. According to Carney: “I believe the time is right to hold cryptocurrencies to the same standards as the rest of the financial system.”

The governor believes digital currencies would benefit more by being part of a financial system but also cautioned that such privileges come with massive responsibilities. According to Carney:

“I believed the best out of cryptocurrencies will be seen after they are regulated. At the end of the day, a lot will have been achieved and focus will not be on the regulation alone but also the elimination money laundering, illegal activities and also terrorism financing.”

Carney concluded by saying that: “At the moment crypto-assets have a lot of issues with customer protection, market integrity, terrorism financing, tax evasion and even money integrity. If all these are looked into then, it would be safer to invest in digital currencies, and more people would be attracted to the market.”

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