2020 a crucial year for regulatory clarity around crypto, Ripple CEO

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In his recent interview CNN host Julia Chatterley on 17th February 2020 Ripple CEO Brad Garlinghouse spoke on a plethora of topics ranging from clarity in crypto laws, eagerly awaited Ripple IPO and future of Ripple.

The tech maverick has set high expectations from the year 2020. Earlier this year, he forecasted that 2020 would see some newsworthy mergers and acquisitions. He also estimated an exponential rise in the cryptocurrency adoption rate this year.

Now, it appears that this crypto enthusiast is in no mood to hold back his arguably over the top predictions for 2020. Speaking about the regulatory clarity, Garlinghouse claimed that this year would be a turning point for the global crypto laws as more and more countries continue to offer better clarity on rules and regulations governing it.

Last month, Singapore brought its crypto-focused Payment Services Act into force to foster the growth of the cryptocurrency industry in the region. India also took a step forward and shedding light on its presumably hostile stance against crypto by declaring that cryptocurrencies are not banned in the country however made it illegal for banks and financial institutions to deal with them.

Ripple CEO hopes to see more clarity on crypto laws in 2020

Per Garlinghouse, this year will see the US government taking steps forward in the direction of cryptocurrencies and offering better guidelines and framework for its governance. When regulators see that cryptocurrencies like XRP are, in fact, a means to address some of the most challenging real-world problems and not created with an intention to bypass government regulations, they are likely to embrace them and utilize them, he asserts.

When commenting on why Ripple should be regarded as seemingly the most efficient and seamless cross-border payment setup, Garlinghouse stated that the company had carried out a transfer of fifty-four million US dollars ($54 million) worth XRP into Mexico last week, which represented almost eight percent (7.5%) of the flow of US dollars into Mexican pesos.

Moreover, the Ripple CEO also said that the firm is looking for opportunities to expand into new regions, which largely depends on regulatory clarity some countries offer. We want to expand into the Indian market; however, the unclear stance of the government is one reason we are holding ourselves back, he claimed.

Ripple IPO not in the pipeline at the moment

When asked about whether or not Ripple is indeed seeking initial public offering (IPO) this year when he went on to predict that 2020 will be the year of IPOs, at the World Economic Forum conducted in Davos last month, Garlinghouse confirmed that the firm does not see an IPO in the near future.

When you take a look at the company’s balance sheet, it boasts of flexibility that nurtures the growth of the XRP ecosystem. We wish to retain that flexibility in the near future, he said.

Garlinghouse compares Ripple’s growth with Amazon

When talking about Ripple and its seemingly rising popularity, Garlinghouse excitedly remarked that Ripple’s growth reminded him of Amazon’s rapidly growing prominence. Amazon’s humble beginnings involved taking on industry leaders such as Barnes and Noble and emerging as the most preferred e-books seller. Similar to their success story, Ripple too, being a blockchain firm at its core, is making great strides in cross-border payments services.

Just as Amazon seamlessly made a transition from being the most in-demand e-books seller to the most popular online retailer, selling everything under the sun, we too, at Ripple, diversify our portfolio and grab a much more significant market share in the next five years, he stated with confidence. 

Featured Image by Pixabay

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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