This Ripple executive should not be praising China

[bbc.reporter]

I reckon Ripple's legal team should begin researching Ripple's rights as a company and how its assets can be protected after Trump has issued an executive order declaring that anyone in America that has dealings with the Chinese will be blocked and the American government might freeze or confiscate their assets.

https://www.whitehouse.gov/presidential-actions/presidents-executive-order-hong-kong-normalization/



Garlinghouse said China is ahead of the U.S. when it comes to the regulatory aspects of the disruptive sector.

His comments come as the Far Eastern superpower has already begun trials of its digital currency. Similarly, Blockchain-based infrastructure is, also, undergoing advanced testing in Hangzhou, Shenzhen, and Hainan

“In some ways, I’m in awe of it,” said Garlinghouse in the Fireside Chat, adding “these technologies may, in fact, be very foundational for the future of how financial systems work, and they want to make sure that they have capabilities at the heart of them.”

Meanwhile, Ripple co-founder Chris Larsen has similarly appreciated Chinese efforts in the past. As CryptoSlate reported, he said “China is so far ahead of us” while noting the country’s $1.4 trillion warchest for emerging technologies such as blockchain.

Read in full https://cryptoslate.com/ripple-xrp-ceo-is-in-awe-of-chinas-crypto-and-blockchain-approach/

[Coyster]

China and the United States are not the best of friends atm, and i'd expect to see more sanctions against each other in the coming months and years. As for Ripple, i do not think they've gone contrary to the executive order by praising China's CBDC initiative and regulatory policy on cryptocurrency, imo it doesn't mean they have any dealings with China, but they are putting their company at risk, making those statements just three days after the executive order was issued, if a case is to come out of this, it would be one they could have easily avoided.

[DoubleEdgeEX]

It´s not a liey he is coming up with nor is it cheap Justin Sun alike attention seeking. It´s simply the truth, China is ahead and USA and Europe are lacking behind. Maybe some US developers and CEO take his statement as a motivation to work harder, trying to keep up with the Chinese. However, it´s easier if you have just one party ruling over everything than 2 constantly trying to frame each other. The elections don´t help that situation either. Eventually CH and USA can´t live without each other, CBDC must be interexchangeable and this needs both countries to agree to a standard.

[masterrex]

I think that statement is just portraying the truth, Its noticeable that United States is behind with China in terms of cryptocurrency innovation thats why Mr Trump and U.S government should not take it as a hostile act against the United States. by the way, China and United States relationship is deteriorating and the crypto industry might be affected somehow because the citizens of both superpower nation are actively participating in cryptocurrency development so I hope it will not result into a big problem.

[Bttzed03]

Appreciating efforts of the Chinese Government in implementing blockchain and digital currencies is not a bad thing and does not necessarily violate any law or that executive order. I'd say that Ripple executive is playing it safe with the US while maintaining a positive view of China. We never know what's going to happen in the future. Who knows if Trump will remain as POTUS or if China suddenly opens more opportunities for crypto companies.

[akram143]

Coins like Ripple are here for form a centralized crypto ecosystem that is why he is praising Chinese centralized coins and expecting other countries to do the same.But why we need centralized system again, because we are so far good with fiat if we need some change then it should comes under decentralized way only.

[aprilnot]

they just praise it, doesn't mean they have a dealings with China. the fact is that China is quite friendly with crypto and their development is one step further.

I don't think you need to be afraid of Trump statements. after all it's just a statement, there is no legal basis for blocking. plus many retail companies that have cooperative relationships with China. if he really wants to block it, there will certainly be many who oppose it.

[bittraffic]

I have not read the lines where Trump declares that anyone in America that has dealings with the Chinese will be blocked and the American government might freeze or confiscate their assets. But China wouldn't like what they are about to be doing if this is the case.  More businesses in US will cripple if they do that. That would be punishing his own people. Aren't they importing products from China?

[bbc.reporter]

they just praise it, doesn't mean they have a dealings with China. the fact is that China is quite friendly with crypto and their development is one step further.

I don't think you need to be afraid of Trump statements. after all it's just a statement, there is no legal basis for blocking. plus many retail companies that have cooperative relationships with China. if he really wants to block it, there will certainly be many who oppose it.

It appears that you did not read the executive order.

This is broad, however, I reckon it has given Trump broad powers to do anything he wants versus Americans and American companies that have any type of dealings with China.

https://www.whitehouse.gov/presidential-actions/presidents-executive-order-hong-kong-normalization/

Does Ripple have direct or indirect dealings with China or a Chinese person or company?

[bbc.reporter]

State backed implies it has the support of the Chinese Communist Party. I reckon that these blockchain platforms should begin consulting with their legal teams if they have offices open in America in regard to Trump's new executive order.



China's state-backed Blockchain-based Service Network (BSN) has integrated with six public chains including Tezos, NEO, Nervos, EOS, IRISnet and Ethereum.

Source https://www.coindesk.com/chinas-blockchain-infrastructure-to-extend-global-reach-with-six-public-chains