Ripple's CEO: We Do Not Need Libra Cryptocurrency

Since the Libra project was announced, lawmakers around the world have been against Facebook. Now Ripple has joined the whole dispute. Which side did it take?

Ripple attacks Libra

After weeks of controversy around Libra and fears about how Facebook's increasing power will affect the privacy of users and the US dollar, the cryptographic market has entered the discussion. During a recent conversation at Bloomberg TV, Ripple's CEO, Brad Garlinghouse, opted for the legislators. For the first time, he stated that Facebook's actions are not only ambitious but also arrogant. He also added that the community does not need a new currency.

Financial regulation matters. Know your customer and anti-money laundering, and anti-terrorist financing… these are important foundational pieces of our financial system, and we need to make sure that the future constructs keep that in mind.

Garlinghouse expressed concern that projects that want to use cryptocurrencies to solve real problems will be caught up in a conflict between the US government and Facebook. CEO also referred to the statement of the President of the US, Donald Trump, who said that all cryptocurrencies are bad. He suggested that many early noise-based projects expire well before the widespread adoption of cryptography.

"I think the U.S. dollar works pretty well. We don't need a new fiat currency"-- Ripple CEO Brad Garlinghouse on why he thinks Facebook took an arrogant approach with Librahttps://t.co/faVtrXTMej pic.twitter.com/aAs8YyyiEU

— Bloomberg TV (@BloombergTV) 29 lipca 2019

Other cryptocurrencies in the viewfinder

Garlinghouse did not stop expressing his views on Libra, but he also mentioned Bitcoin and Ethereum. He stated, among other things, that Ripple operates in accordance with the regulations of banks, in contrast to Bitcoin and Ethereum, which are "controlled by Chinese miners". It is highly probable that Ripple's CEO spoke about competition in such was in order to protect his own brand and product. However, the strategy he chose may turn out to be unfavourable. By taking such steps and attacking the most popular cryptocurrencies, Ripple may risk crushing its own brand.