Ripple CEO, Brad Garlinghouse, has been talking on yet another topic at the Singapore Fintech Festival. This time it was about the importance of regulation in driving adoption of blockchain technology and cryptocurrency.
Garlinghouse made these remarks while talking to the Deputy General Counsel, Ross Leckow, of the International Monetary Fund (IMF). The public debate revolved around the regulatory frameworks emerging in the Association of Southeast Asian Nations (ASEAN), which includes Singapore, Indonesia, Thailand, Malaysia and Philippines, amongst others.
Garlinghouse said, “Regulatory clarity has a huge ability to drive digital asset and blockchain adoption. It is surprising how many markets still have uncertainty.” While the ASEAN markets have set regulations, the banking sector still poses problems for the various countries, and this is the sector that Ripple targets in the region. The Ripple CEO said, “Nearly 50% of all of our global customers are based in the region, and our Singapore headquarters continues to be a growth engine for Ripple — expanding by 200% in the past year.” He also added that Thailand supported Ripple’s technology and has legalised XRP, Ripple’s native token.
Meanwhile, Leckow assured Garlinghouse that the IMF plans to support these countries in creating proper regulations without suppressing development in blockchain and cryptocurrency projects. Indeed, it can’t have escaped the notice of some that Chris Larsen, co-founder and former CEO of Ripple on the IMF’s Fintech advisory board.
What Ripple hopes to achieve in the end is an Internet of Value; a term coined by Ripple Labs that aims to allow instant and economical cross-border payments. We have already reported that several of the world’s largest banks are using Ripple’s xCurrent product for international transfers, while non-bank payment providers are using Ripple’s xRapid software that utilises the XRP token as a means of facilitating fast and less expensive international transfers between fiat currencies.