The announcement of Facebook’s Libra Coin really shocked the entire crypto space. Everyone was talking about the coin and the possible effect it would have on the crypto market. A lot of CEOs and top analysts gave their views and thoughts about the coin. Some said it would crush Bitcoin (BTC) and other coins in the market. Whereas, others believe it would further boost the adoption of digital currencies in the crypto market. Recently, Brad Garlinghouse – the CEO of Ripple – shared his thoughts about Facebook’s Libra coin.
The Payment Innovation Does Not Need Facebook, It Needs Regulation – Cryptocurrency News Today – Cryptocurrency Market Update
Recently, the CEO of Ripple talked about regulators, Facebook’s libra coin and the future of the digital economy as regulators and policymakers enter a new phase. XRP (XRP) – the native digital currency that runs the Ripple Network – came into existence back in 2012. The crypto project’s goal is to work alongside regulators, banks, and financial institutions to revolutionize cross-border settlements by using digital ledger technology.
Facebook is about to make a debut into the crypto space. The social media giant recently released the whitepaper for its new digital currency – Libra Coin. Facebook also announced a consortium of firms to help it create a payment platform that can tap into the already existing 2.5 billion users of Facebook. The announcement is about a month old and it has already prompted two congressional hearings. The payment platform of Facebook aims to revamp the global financial system. The platform has also left governments gasping for air, making them wonder if the ultimate goal of Facebook is currency domination, competing with fiat currencies all over the world including the US Dollar.
The Future of Payments and Money Is Shifting
Garlinghouse also said that the future of payments and money is shifting. In a statement, the CEO of Ripple said:
“I am heartened by the largely thoughtful dialogue from the congressional hearings about Facebook’s Libra coin this week. Members of the committee are supportive of payments innovation and blockchain in the US, but they are cynical that Facebook is the right agent due to the history of broken trust. This debate is very important and healthy for the continued growth of the crypto industry. We need to ask and provide answers to the tough questions, make sure our systems are battle-tested and have adequate regulations and oversights in place for consumers’ protection.
Garlinghouse quoted Congressman Patrick McHenry saying ‘Whether or not Facebook is involved, change is here. Cryptocurrencies exist. Blockchain technology is real.’”
President Donald Trump recently came out bearish on Bitcoin (BTC) and the entire digital currency space. The US President ranted against Facebook’s Libra coin and Bitcoin (BTC) last week. Garlinghouse responded to Trump’s message and emphasized the need for regulators and politicians to do their diligence and realize that digital currencies have come a long way and they are here to stay.
XRP (XRP) Price Today – XRP / USD
The native currency on the Ripple Network – XRP – is considered one of the best cryptocurrency to invest in 2019. However, the recent price trend in the crypto market is not encouraging. The crypto market recently experienced a heavy dip. However, most coins in the market now recovering gradually. At the press time, XRP USD live price is $0.3138 after an increase of about five percent over the past twenty-four hours. The current market cap of the digital currency is $13.44 billion with a trading volume of $2.57 billion over the past day.