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28 Sep Ripple Board Member Says XRP Is For Payments While Other Cryptocurrencies Are For Speculation

Posted at 12:56h in Coindenex by Piyush
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In the midst of the ongoing legal battle between Ripple and US securities authorities, a former US Treasurer and current Ripple board member has declared support for XRP.

Rosa Rios, a former Treasurer who joined Ripple’s board of directors in May 2021, took to Twitter on Sunday to express her support for XRP while criticizing competing cryptocurrencies such as Bitcoin (BTC).

Countries like China, according to Rios, are now cracking down on Bitcoin, alleging that cryptocurrencies like BTC are nothing more than a vehicle for speculation. Using the hashtags Bitcoin, Ripple, and its payment ecosystem, RippleNet, the former US official wrote:

“While other cryptos find their value in speculation, XRP’s primary function is to facilitate cross-border payments. China’s new move emphasizes this point.”

From 2009 to 2016, Rios served as the US Treasurer under President Barack Obama, overseeing all currency and coin production activities with a $5 billion yearly budget.

“Blockchain and crypto will underpin our future global financial systems,” Rios said upon joining the Ripple board, adding that the firm is “one of the finest examples of how to use cryptocurrencies in a large and lawful manner to facilitate payments globally.”

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Rios is also afraid that criminals may utilize bitcoins. “There’s still a lot of work to be done in terms of truly understanding what goes on behind the scenes, how blockchain works, and how cryptos are unfortunately used to support the dark web and other criminal activities,” she added.

Ripple is a distributed open-source protocol and remittance system created and published in 2012 by Ripple Labs in the United States.

In addition to participating in central bank digital currency programs, the firm provides a number of cross-border payment options.

Bitcoin would lose its status as the world’s most valuable cryptocurrency, according to Ripple co-founder Chris Larsen, if it does not ditch its proof-of-work consensus mechanism.

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