October 9, 2019 / news

Ripple CEO: USA Must Respond To China’s Digital Yuan


Ripple CEO Brad Garlinghouse believes China’s digital yuan is a challenge to the United States. Experts shared their opinion about the consequences of issuing the national cryptocurrency by regulators of China in an interview with FOX Business.

Brad Garlinghouse notes that America should think about the possibilities of participating in the rally of national cryptocurrencies. The specialist explained his point of view on the country’s active participation in the development of Internet technologies. In his opinion, work in this direction allowed America to achieve certain advantages, including in geopolitics. At the moment, the country should also not ignore the possibility of benefiting from new technologies.

This [cryptocurrencies] a new technology and the USA should take the role of a leader in this direction, – notes Ripple CEO.

Recall, US lawmakers proposed to consider the possibility of issuing a digital dollar amid concerns about the activity of other countries in the development of national cryptocurrencies.

The specialist also notes that the skepticism of the US regulatory authorities regarding a new financial instrument is not objective. Brad Garlinghouse drew attention to the fact that at the moment there are a large number of various cryptocurrencies on the market.

Currently, the Libra stablecoin, which Facebook is working on, is the American answer to the digital Renminbi.

At the same time, the specialist notes that in America there are a number of other companies, including Ripple, whose main focus is the creation and distribution of cryptocurrencies.

Note, according to representatives of the PBOC, the digital yuan will be in many respects technically similar to the stablecoin Facebook. Recall, against the background of the imminent launch of the national digital currency of China, the shares of the country’s fintech companies have shown growth.


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