After yesterday, JP Morgan Bank announced the launch of the JPM Coin, which will be the bank that backed the bank. Brad Garlinghouse or Ripple's CEO came out to comment immediately.
He said that the bank's digital asset solutions are unrealistic and "deeply misunderstood". Such comments are made in his personal opinion article written after the opening. The JPM Coin coin, using the name of the article "The Case Against BankCoin", indicates the reason why the Cribo coin with the bank backed up would fail later.
"Digital assets issued by banks will be able to be used to pay effectively between banks issued only. Then there are two situations that occur. Scenario One: Every bank around the world stops competing, turning to use the same digital coin. Accept the rules and control the same use And live together in peace Second situation (The situation is more likely): Banks that are not in the group that issue digital assets Make out their own coins under their rules and supervision
It looks like it's going to happen when the FT points out like Citi's Citicoin and includes Goldman Sachs with their SETLcoin coins. At the end, there will be more digital coins distributed more than they currently have. If the bank of the digital asset group is different Want to exchange money or trade with the other party They will have to exchange markets between their digital assets. And ordinary money exchange market So difficult!
The second big problem of 'utility coin' that seems to be backed by a currency basket. When it is backed up by cash It will not be an asset anymore. It is responsibility That must be at the end of the international money movement Which will be considered as creating a new system without increasing unnecessary And slow down the steps! "
Based on Garlinghouse's data, independent digital assets will make the bank the best system to pay. And truly entered the modern era And he believes that XRP is an independent digital asset That can cause this
"We strongly believe that the bank needs independent digital assets in order to truly process transactions and we believe that XRP is in the best position for that role. It returns to the basis of what makes digital assets unique and special - a universal currency, which means that everyone can use it to exchange valuables anywhere in the world. Globalization provides global access to digital assets and the ability to pay faster than traditional assets.
Compare with other independent digital assets (such as Bitcoin or Ether). XRP can be sent across the border most efficiently in seconds. In fact, we have conducted tests with banks around the world to prove that XRP can reduce liquidity costs for cross-border trade. "
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