US Treasury Secretary ‘Absolutely Support' Ripple at World Economic Forum in Davos

  • US Treasury Steven Mnuchin support companies working on in lowering costs in cross-border payment systems
  • “Critical to apply this pragmatism to US regulation,” – Ripple CEO Brad Garlinghouse

During the 50th edition of the annual January get-together in the Swiss Alpine town of Davos, US Secretary of Treasury Steven Mnuchin has offered indirect support to technology company Ripple.

Ripple CEO Brad Garlinghouse took to Twitter to share a quote from Mnuchin at the World Economic Forum (WEF) this week where the US Treasury Secretary said cross-border payment systems have substantial benefits in terms of costs.

On average, the charge for sending $200 is about $14. The cross border remittance involves the combination of fees that combined with the exchange rate margin eats up 7% of the amount sent, as per a 2018 report.

Ripple that uses blockchain technology to move funds across borders makes it possible in just a fraction of the cost. Ripple costs $0.0004 to process a transaction by using digital asset XRP.

Held from Jan. 20-24, Blockchain would be on the World Economic Forum’s agenda but it won’t take the center stage. This time climate will be dominating the event with Greta Thunberg and US President Donald Trump among the top speakers.

Although not crypto, but 135 countries will be debating proposals to dress the tax challenges posed by the global economy which is increasingly becoming digitized.

On the last day of the event, Steven Mnuchin along with, Christine Lagarde, President of European Central Bank, Kristalina Georgieva, Managing Director at the International Monetary Fund, Haruhiko Kuroda, Governor of the Bank of Japan, Olaf Scholz, Federal Minister of Finance of Germany, and Zhu Min, Chairman of the National Institute of Financial Research will discuss the global economic outlook.

The agenda is to reassess geopolitical risks and the fiscal and monetary measures necessary to mitigate an economic downturn in 2020.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

1 COMMENT

  1. Rippl XRP will have a tough time reach the previous heights. But I am sure when FOMO strikes again there will be many new winners, but old ones like XRP will once again take a lot newbies with them.

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