The chief executive officer of Fintech firm Ripple, met directly with the Georgia Prime minister to push regulation and adoption of crypto.
Ripple is a San Francisco-based Fintech firm, which is popularly known to provide financial transactions for small and big businesses globally. Ripple firm can provide high-speed XRP ledger blockchain Network-based transactions because of its self operational system, without support of public computational power.
Recently on the occasion of the 2022 World Economic Forum, Ripple CEO Brad Garlinghouse had a meeting with Irakli Garibashvili, Prime minister of Georgia. In the meeting, the main discussion seeks to bring precise regulation to the crypto & blockchain industry.
The Prime minister said:
“Great talks with Ripple CEO Brad Garlinghouse! Shared Georgia’s vision on the future of blockchain & regulation.”
The Prime minister said that they discussed the those types of regulatory frameworks, which will give room for the crypto & blockchain industry to evolve.
“We aim to evolve as a tech & innovations hub. Shared Georgia’s story as the 1st country to bring Blockchain in public services.”
The official Twitter account of Ripple firm shared a tweet of this meeting and said that it was honored for him for that moment.
Few reports noted that the Prime minister of Georgia made an offer for Ripple Executive during the meeting, to establish a corporate service center in Georgia.
Reportedly PM said:
“The Prime Minister offered the CEO of Ripple to open a corporate service center in Georgia and noted that Georgia has a favorable investment environment and the country has a stable location.”
Ripple: A centralized crypto project
No doubt that transactions fees in the Ripple network are very low and also better to use for the payment purposes because of the high liquidity of its native token XRP but crypto proponents don’t support Ripple because they see Ripple as a Centralized blockchain Network, where everything is under the control of Ripple firm.
At present, Ripple is under legal hurdles because of the lawsuit filed by US Securities and Exchange Commission (SEC). According to the SEC agency, Ripple’s native token XRP is a security, which is unregistered with the Securities body.