Ripple News Today: Ripple CEO, Brad Garlinghouse Says China Controls Bitcoin and the Blockchain Will Not Affect Banking Activities 

Ripple gets the first bank from Oman on its RippleNet platform

Brad Garlinghouse, the CEO of Ripple shared his opinion about the cryptocurrency sector during the 2018 Stifle Cross Sector Conference. Standing before the audience, Garlinghouse, talked about the long-term impact of the Ripple ledger and the future of the cryptocurrency universe.

Ripple and the Banking Industry

During the conference, Garlinghouse was interviewed by Lee Simpson, a tech analyst. He was asked about his thoughts of the cryptocurrency landscape and how Ripple is going affect banks. There have been some misconceptions about how Ripple will influence the banking industry but Garlinghouse corrected the negative impression.

While some people believe that the Ripple technology will disrupt banking system, Garlinghouse said that the technology will be a supplement and not a disruption to banking systems.

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In his words:

“The ripple blockchain is not going to disrupt banks. It will play a significant role in how banking systems work but it will not disrupt them. It is a short-sighted opinion.”

The Ripple technology was created to serve as a gross settlement system and a payment remittance network that will change the way banks and individual’s transfer money globally.

When asked about the long-term goals of the Ripple, he said:

“There are so many unbanked or underbanked people. The transformation will fundamentally change how millions of people participate in banking process. Our goal is to change the way this works and bring millions up to step with the system.”

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China Controls Bitcoin

Garlinghouse also said that China controls Bitcoin. He denounced Bitcoin as the upcoming global currency and said that Ripple is going to surpass Bitcoin thanks to its faster transaction speed and market place applicability.

In his words:

“Transactions done on the Bitcoin blockchain take up to 45 minutes to be completed. Many prominent people including Steve Wozniak has said that Bitcoin may become the world’s primary currency. Personally, I think it’s absurd. No major economy will allow Bitcoin to become the accepted currency. It doesn’t make any sense.”

 

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