Not all banks will want to take advantage of the cryptocurrency. What’s the problem?

The CEO says Ripple brad Garlinghouse, the largest banks have a good reason for the introduction of cryptocurrency and blockchain innovation. Even in spite of the obvious threat that these technologies are the current banking oligopoly. This statement he made on may 20 during the Decode Recode podcast with Kara Swisher.

Garlinghouse and drew attention to the fact that Ripple is actually cooperating with financial institutions and regulators, and does not compete with them. In his opinion, questions about money laundering and the financing of terrorism by themselves will come to naught. But while the regulators describe them as some of the most significant disadvantages of the cryptocurrency and anonymous transactions.

The head of the Ripple: the government and banks have never not going anywhere

Banks have tried and tested and valuable legal and regulatory framework, which is very important for companies. And I believe that banks will continue to carry this favor, they are good at. Here only in order to conform to actual realities, they somehow have to work with cryptocurrencies and bloccano.

Garlinghouse not spared the difficulties that may be faced because of banks. According to him, most of them like decisions that define Ripple as the network allows to avoid additional costs. At the same time there are banks that will be profitable to use cheaper solutions and to lose their oligopolistic control over the sector. He cited the example of Citibank, which last year got 8 billion profit only for the service transfers from other banks.

We will remind, in the autumn one of the major players in the banking sector, JPMorgan Chase has already announced the release of its digital asset in the blockchain JPM Coin. In our cryptodata there are still a lot of other useful information, look into.

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