(BlockBar) On July 28, Ripple, the Block Chain Payment Network, submitted an open letter to U.S. regulators, hoping to hold a new hearing on encrypted currency regulation in Congress this week.
The U.S. government’s attitude toward digital currencies is mixed in this industry. They support digital currency in a broader sense, but their attitude towards Libra digital currency in Congress is worrying. So, Brad Garlinghouse, Ripple’s CEO, wants to appeal to the Washington government to be more tolerant of the industry in some ways in the future. At the beginning of the letter, Garlinghouse wrote: “Many participants in the block chain and this industry are highly responsible, and we will be responsible for U.S. and international law. But at the same time, we also have the responsibility to serve for the majority of people. ”
Ripple is the issuer of the digital currency, Ripple, which can be used as a local token for payment networks and related projects. Nowadays, many banks around the world wants to use Ripple network to reduce the cost of international remittances. At the same time, the company also finds itself often the focus of controversy in the encrypted currency industry. The main reason is that people often argue about Ripple’s relationship with the Ripple currency. They feel that the company’s rights may be too centralized and not in line with the original intention of decentralizing the block chain.
In the letter, Garlinghouse affirmed the positive role of the central bank in monetary management, and said that local and overseas financial and technological companies have also contributed to improving the speed of global capital flows and reducing costs. He stressed that encrypted currencies and block chains could lead to greater financial inclusion and economic growth, and said that encrypted currencies would not shake the status of the dollar as a sovereign currency, but only as a complement to it. The emergence of Bitcoin is the best proof.
He also mentioned that trust is an important prerequisite for currency to be widely accepted. The success of math-based bitcoins is mainly due to the de-trust in the trading process. Then he continued, “I don’t think the central bank can take for granted play an important role in issuing currency and formulating monetary policy. I think for centuries, the government has been very suitable for this work, because a strong government endorsement, people will have a sense of trust in this currency, and it is precisely the premise for people to accept this currency. ”
Finally, Garlinghouse said that the company’s response to this innovative industry has attracted the attention of the international community. “I hope the government will actively regulate this industry and avoid some high-quality enterprises and capital outflows resulting from improper regulation, thus losing the leading position of technology in the United States.” On 30 July, members of Congress will again hold a hearing on encrypted monetary regulation and policies related to block chains.
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