CRYPTO

For Bitcoin ‘speculation’ to pay XRP, says former US Treasurer

In the ongoing legal battle between Ripple and U.S. securities regulators, the former U.S. treasurer and Ripple board member has expressed support for XRP.

Former Treasurer Rosa Rios, who joined Ripple’s board of directors in May 2021, took to Twitter on Sunday Repetition His confidence in XRP when criticizing other cryptocurrencies such as Bitcoin (BTC).

Rios argued that the judiciary, like China, is now cracking down on Bitcoin, because cryptocurrencies like BTC provide nothing more than a tool for speculation. Bitcoin, Ripple and its Payment Ecosystem Tagging, Replenet, a former U.S. official wrote:

“The primary purpose of XRP is to facilitate payment at the border when other cryptos find their value in the estimate. China’s latest move has brought this point home. ”

Rios served as U.S. Treasurer from 200 to 2016 under President Barack Obama, overseeing all currency and coin production activities with an annual budget of ৫ 5 billion.

“Blockchain and crypto will depend on our future global financial system,” Rios announced of joining the Ripples board, adding that the company is “one of the best examples of how cryptocurrency can be used in a core and legitimate role to facilitate global payments.”

Rios has expressed concern that cryptocurrency is a tool for criminal actors. “There’s still a lot of work to be done to figure out what’s behind the scenes, how blockchain actually works, and unfortunately how it’s used for crypto dark web and other illegal activities,” he said.

Related: Ripple is helping the Bhutanese pilot to a CBDC

Published in 2012, Ripple is a distributed open source protocol and remittance system developed by the US company Ripple Labs. The company is involved in the central bank’s digital currency project as well as providing payment solutions at the border.

Earlier this year, Ripple co-founder Chris Larsen argued that Bitcoin would lose its leadership as the world’s most valuable cryptocurrency if it did not move away from its evidence-based sensing process.