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Ripple CEO Brad Garlinghouse States Facebook Approaches Crypto with ‘Arrogance’

  • Yuri Molchan
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    The head of Ripple and the company’s top executive are criticizing Facebook’s cryptocurrency, saying that Libra is spitting into the wind

Ripple CEO Brad Garlinghouse States Facebook Approaches Crypto with ‘Arrogance’
Cover image via www.y
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The ambitious crypto project Libra that is aiming to put an end to Western Union and to work allowing people to make transnational payments avoiding banks has been raising critics not only from multiple regulators but also from ‘colleagues’ in the crypto industry.

Ripple’s CEO and Ripple’s senior vice president working with customers are of positive opinion of Libra. However, they cannot but throw a few stones at Facebook’s recent bold project.

‘Libra is a walled garden’, says Marcus Treacher

Earlier this week, a Ripple top executive dealing with customers, Marcus Treacher, said in his CNBC interview that Libra is a walled garden, meaning that it is a closed system, unlike other cryptocurrencies, including XRP. This is its biggest drawback, as per Treacher.

Perhaps he was referring to control that Facebook has over its users’ data, its apps and its software, same as Apple does.

However, a good thing is that by entering the crypto space, Facebook has drawn a great deal of attention to this industry.

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Ripple CEO says, Libra spits into the wind

When a CNBC anchor spoke to the Ripple CEO, Mr. Garlinghouse admitted that Libra, even though not launched yet, is doing a lot to expose crypto to retail users. Still, there were a few points where the head of Ripple criticized Facebook’s crypto project.

Ripple CEO on FB's Libra
Image by CNBC

Among other things, as per Garlinghouse, he was surprised when he saw that the Libra Association does not have any banks among its members.

 A surprise to me, for example, is that in the 28 groups that signed on to the Libra whitepaper, you have zero banks.

Garlinghouse added that this seems to be a ‘stark contrast’ to where Ripple is headed by collaborating with major banks around the globe. On Thursday, e.g., U.Today reported that Ripple signed up the second-biggest bank in South Korea to RippleNet.

He stated that Facebook has been approaching Libra launch with ‘Silicon Valley arrogance’ by opposing the current financial system, whereas Ripple is doing its best to collaborate and does not see any other way of working.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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