Cryptocurrencies are not substitutes for fiat currencies - Brad Garlinghouse

The head of Ripple Brad Garlinghouse supports the view of the US government towards digital assets. In a recent series of tweets he explained why the new assets should not and probably would not disrupt the existing global financial system.

"I agree that crypto isn't likely to replace fiat currencies - I have been very vocal that crypto isn’t likely to disrupt the US dollar and other G20 currencies in my lifetime," he wrote.

Also, Garlinghouse added that he discussed the issue with Steven Mnuchin and shared the view of the American government. 

To speed up the development the blockchain industry should cooperate with the existing system, he emphasized. The digital money should exist within the regulatory framework to succeed. 

Garlinghouse believes that XRP has unique features that will allow making cross-border payments cheaper and faster. The company is already working with financial regulators and payment systems such as MoneyGram.

"XRP is uniquely equipped to solve a multi trillion dollar problem by offering a dramatically faster and cheaper bridge for cross border payments. @Ripple already works with regulators, banks and financial institutions (like @MoneyGram) to implement this around the world." he said.

Commenting Libra, he mentioned that the social network would have to comply with the standards applicable to the financial institutions.