The CEO of Ripple, Brad Garlinghouse recently appeared at the Singapore FinTech festival where he spoke about various issues around the crypto community.
Singapore FinTech Festival 2018 is organized by the Monetary Authority of Singapore (MAS) in collaboration with SingEx and in partnership with The Association of Banks in Singapore (ABS). This year's festival will feature two new elements this year: Asean Fintech Showcase and Artificial Intelligence in Finance Summit. A visitor can journey through more than 400 exhibitors from 35 countries and 16 country pavilions, and participate in the food and beverage experience. They boast to be the biggest festival of its kind.
Crypto Regulation In ASEAN region
He spoke with the International Monetary Fund’s Deputy General Counsel Ross Leckow about the uniqueness of the ASEAN markets and how Ripple plans to capitalize on it. He started by discussing the regulatory issues and adoption of cryptocurrencies in the region. He praised Singapore for being the only country that can be deemed “the leader in this space.” He added:
“Thailand would be another country that we’ve seen that is expressly and explicitly legalized and endorsed digital assets including XRP. We’ve seen some of that same activity in the Philippines.”
According to Garlinghouse, the leading reason for the technology not being widely accepted is regulatory uncertainty. It was surprising to see the skepticism of authorities even though these technologies solve a real-world problem.
“If we can have that regulatory certainty and I’m talking about Ripple but I’m also talking about for other companies in this space also the more quickly we can see the adoption of those technologies.”
XRP Predictions Of Last Year
Ross Leckow then asked about the CEO’s prediction about the coin from last year. Brad stated:
“My prediction a year ago… I was here at the Singapore Fintech Festival and I got into trouble when I went back to the office because the PR team said that I had overstepped by predicting that within a year – I predicted that financial institutions like banks would be using XRP in their payment flows.”
So, Garlinghouse thinks that his prediction has come true, especially the part that the banks are using XRP in their payment systems. He made sure that he spoke for the entire crypto space and not only Ripple or XRP. Other coins such as Steller have also made good progress in the same space.
He noted that the process of adoption will accelerate when the banks realize that solutions provided by such technologies are actually a profit making ideas.