Ripple CEO: Can China Control Bitcoin?

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Ripple CEO Brad Garlinghouse made some comments about China and cryptocurrencies during the DC Fintech Week conference. Garlinghouse criticized the fact that regulators in the USA still cannot reach a consensus on cryptocurrencies and claimed that China has made very strategic moves in this regard.

Ripple CEO Brad Garlinghouse, one of the guests of the DC Fintech Week conference held on October 19, criticized the different views of the regulators in the USA about cryptocurrencies and stated that the Chinese dominance in crypto money is higher than the USA. According to the Ripple CEO, regulators in the US have differences of opinion regarding cryptocurrencies, while China is completely strategic on this issue. According to Garlinghouse, this strategy in China has gone beyond digital yuan work.

Garlinghouse continued his views on cryptocurrency dominance by also commenting on the Chinese president. The CEO suggested that if Chinese president Xi Jinping loses too much BTC, Jinping could introduce new regulations to the Bitcoin blockchain network.

“Bitcoin Mining Is Not Decentralized”

Ripple’s CEO made controversial claims about Bitcoin mining later in the conference. Garlinghouse stated that, due to the nature of Bitcoin mining, it actually has a central functioning and that we often overlook this fact:

“Bitcoin mining is 65 – 75% controlled by Chinese miners, and in such a situation it is difficult to argue that the Chinese Communist Party has no opportunity to control mining activities.”

The Ripple CEO has also recently made some comments on digital central bank coins. Garlinghouse viewed CBDCs as a positive dynamic in the financial system. However, he also stated that CBDCs are not a threat to Ripple or XRP. Garlinghouse said that just having digital central bank money or being able to make a payment in Argentine peso and Australian dollars would not provide a complete solution to payment problems.

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