Altcoins, Cryptocurrency, News, Ripple (XRP)

Former US Treasurer Says Primary Purpose Of XRP Is To Facilitate Cross Border Payments

Rosa Rios (the former treasurer of the United States as well as a board member of Ripple) has shared a post on social media stating that she considers the XRP-token to be the cryptocurrency having the core purpose of assisting the cross-border payments however the majority of the other cryptocurrencies is seen as having the value thereof in speculation. According to Rios, who entered the directors’ board or Ripple in May this year, the latest crackdown of China over the crypto market and the related operations is a move to curb the crypto market’s speculation.

The tenure of Rios as a Treasurer under the United States is reported to have had expanded between 2009 and 2016 beneath the presidency of Barack Obama. During her occupation, she observed the entirety of the crypto production operations. In the early phase of this year, while joining Ripple as a member of its “board of directors,” she stated that the future global system of finance would be based on cryptocurrency, and Ripple, in this case, is among the prominent instances by playing a legitimate and essential role.

She also noted that a lot of work is yet needed for the prevention of the “dark web” along with other such illegal activities. It is of great importance, she added, that Ripple works to be a for-profit organization to assist the development and promotion of XRP and XRP Ledger (the software at XRP’s back). An XRP product under Ripple is named as RippleNet which provides linkages between hundreds of the institutions of finance through a distinct API to speed up the transfer of money in addition to having cheaper rates and more reliability.

In the previous year, the U.S. SEC (Securities-and-Exchange-Commission) sued Ripple along with two executives thereof by putting an accusation of collecting up to $1.3B via a securities offering of virtual assets which was not registered with the SEC. Jeremy Hogan (an XRP supporter and legal expert) focused that a crypto-supply shock could have resulted from the settlement of the Ripple lawsuit. A frequently circulated tweet stating the response of the SEC to the question of a consumer about the status of XRP, that the use and characteristics of a cryptocurrency is the defining factor for it to be a security, has been cited by Ripple in its legal fight with the securities department.

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