Ripple Co-Founder Chris Larsen Talks XRP Regulation and Internet of Value at Money 20/20
Ripple's Chris Larsen at Money 20/20: Regulation and Internet of Value
This year’s iteration of Money20/20 saw Ripple Chairman and Co-Founder, Chris Larsen, have an in-depth ‘fireside chat’ with Arjan Schütte, the Founder of Core Innovation Capital, about all things crypto. To start off with, Larsen talked about his early years where he worked as an entrepreneur. He then went on to expound his views on a plethora of different topics including the disruptive potential of blockchain, regulation of the alt-asset domain and the Internet of Value.
When asked about his philosophy regarding how he approaches tech development, Larsen gave a very insightful answer by stating that there’s “a difference between wanting to do good and not wanting to do bad.” Elaborating further on this point, he said that Silicon Valley has moved fast and broken things without worrying about the consequences.
“Pure code is one thing, but it has to also be compliant and regulated. Technology is embedded in everything these days, and people are scared. They don’t want to hear how you’re going to break things.”
To rectify this scenario, Larsen said that he firmly believes startups and tech companies need to become more conscious and have more empathy towards their customers. Not only that, when talking about the potential of blockchain, the Ripple Chairman acknowledged the technology as being highly disruptive and also having immense potential within a vast array of niche’ industrial sectors.
Larsen: “We need to work with the traditional financial system, not disrupt it completely”
On the topic of social responsibility, Larsen said that the crypto sector should learn from projects such as Thorn, which makes use of a specialized technology that is designed to stop child exploitation on the internet. By doing this, he says digital assets would be able to “earn their way in the world” and at the same time bring about positive global change (all while working hand-in-hand with the traditional financial system).
“Working within the system. A big part of stopping this fetish for disruption is getting involved in the industry. Work with banks. By working with the system, you are automatically confronted by what the concerns are. If you’re only on your own path, you don’t see what these issues are.”
Crypto Can Help Prevent the Next Major Financial Crisis
Talking about regulatory issues and how he thinks a framework needs to be created so as to help people benefit from blockchain technology, Larsen said that a new set of governance protocols need to be fostered so that consumers can be protected from incurring unwarranted economic losses.
Not only that, he also said that he firmly believes that digital assets have the potential to stop the onset of the next financial meltdown— since they can solve many of the global liquidity problems in existence today. Larsen went on to cite the example of XRP, a virtual currency that is designed to provide “instant transfers of value across borders without a pre-funded nostro account”.
Closing out his keynote address, Larsen mentioned that he firmly holds to the belief that altcoins will be a driving force within the global finance sector in the near future. In this regard, he hopes that Ripple’s mission of enabling the Internet of Value can help allow for money to be moved around as easily (across borders) as information does today.