The former U.S. Treasury Secretary stated that XRP is used for payment and Bitcoin is used for “speculation”

exist The ongoing legal battle between Ripple And U.S. securities regulators, former U.S. Secretary of the Treasury and Ripple’s board members expressed their support Ripple.

Former Minister of Finance Rosa Rios (Rosa Rios) Join Ripple’s board of directors May 2021, Sunday on Twitter Reiterate She has confidence in XRP and criticized other cryptocurrencies such as Bitcoin (Bitcoin).

Rios believes that jurisdictions like this China is now cracking down on Bitcoin, Because cryptocurrencies like BTC are said to only provide a speculative tool. The former U.S. official wrote while labeling Bitcoin, Ripple and its payment ecosystem RippleNet:

“The main purpose of XRP is to facilitate cross-border payments, while other cryptocurrencies find their value in speculation. China’s latest move brings this home.”

Rios served as the Secretary of the Treasury under President Barack Obama from 2009 to 2016, overseeing all currency and coin production activities, with an annual budget of $5 billion.

“Blockchain and cryptocurrency will support our future global financial system,” Rios declared when he joined Ripple’s board of directors, adding that the company “how to use cryptocurrency in a substantive and legal role to promote global payments” One of the best examples.”

Rios Express Worry about cryptocurrency as a tool for criminals. “There is still a lot of work to be done in terms of really understanding what is going on behind the scenes, how the blockchain really works, and unfortunately how cryptocurrencies can fund the dark web and other illegal activities,” she said.

related: Ripple is helping Bhutan pilot CBDC

Ripple was released in 2012 and is a distributed open source protocol and remittance system created by the American company Ripple Labs.The company offers a variety of Cross-border payment solutions At the same time participate in the central bank digital currency project.

Earlier this year, Ripple co-founder Chris Larsen thought Bitcoin will lose its leadership If it does not deviate from its proof-of-work consensus mechanism, it will become the most valuable cryptocurrency in the world.