Weiss Contradicts Ripple, Banks Are Not Necessary For Crypto Adoption
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Weiss Contradicts Ripple, Banks Are Not Necessary For Crypto Adoption

February 25, 2020      Tarulika Jain

Crypto Rating Agency, Weiss has replied to Brad Garlinghouse, CEO of Ripple, on his statement regarding the urgency for banks to shake hands with the cryptocurrency industry to pace up the speedy global adoption.

Ripple Aims To Win Confidence Of Regulators

Garlinghouse is not interested in making banks immaterial. He clarified that he is progressing to put down the apprehensions of bankers to get informed with everything related to cryptocurrency and win their confidence.

Brad, during an interview on CNN, disclosed that once the regulators are assured that the regulatory framework is not circumvented, they get confident about the particular sector. He explained that Ripple follows every regulatory guideline of the authorities and tokens can be used to solve real-world problems rather than circumventing regulation.

Weiss Response To Garlinghouse

Weiss Agency responded to Brad that Cryptocurrency industry does not need any banking system for any of the reason stated by him. The agency counters that it is not necessary to get compliance for the required adoption of the currency. It reminded that the cryptocurrency is decentralised, which is meant to replace the centralised system and not to relate with them. On the contrary, Weiss suggested that Brad and his company, Ripple Labs Inc.must keep up with crypto compliance with banks.

Crypto Enthusiasts Contradicts Rating Agency

Crypto enthusiasts support the CEO of Ripple and consider compliance with authorities as one of the ways to expand the adoption of cryptocurrency. One of the analysts stated that ordinary people trust the central authorities and their confidence can be gained by shaking hands with the banking sector but without hampering the nature of decentralisation.

On the contrary, crypto traders expressed their anger after Weiss stated to counter the financial institutions. Many of the employed that crypto cannot replace banks, but at best can complement and revive the outdated traditional economic systems. Thus, Ripple must move forward with its policy of following the regulations and work accordingly.

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Tarulika Jain
Tarulika Jain

Tarulika is an engineering graduate and an eloquent crypto blogger. Being a digital economy supporter, she keeps herself updated with the latest innovation in the crypto industry, Blockchain Technology, Internet of Things and other technologies. Currently, she curates the simple and interesting content for Crypto guides for beginners. If you want to learn more about the cryptocurrencies, latest trends of blockchain-powered AI applications, you are free to follow her on LinkedIn and Twitter.