Claims “XRP is used for payments, Bitcoin for ‘speculation'”

As the legal battle between Ripple and US securities regulators continues, a former US Treasurer and Ripple board member expressed support for XRP.

Former treasurer Rosa Ríos, who joined Ripple’s board of directors in May 2021, posted on Twitter on Sunday. in your messageHe reiterated his dependence on XRP while criticizing other cryptocurrencies such as Bitcoin (BTC).

Ríos claimed that cryptocurrencies like BTC are nothing more than speculation, arguing that jurisdictions like China are collapsing Bitcoin. Tagging Bitcoin, Ripple, and the RippleNet payment ecosystem, the former US official wrote:

“XRP’s main goal is to facilitate cross-border payments. Other cryptocurrencies find their value through speculation. China’s latest move proves this argument.”

Ríos served as US Secretary of the Treasury in the administration of President Barack Obama from 2009 to 2016. He oversaw all banknote and coin production activities, corresponding to an annual budget of $ 5 billion.

When Ríos joined Ripple’s board, he said: “Blockchain and cryptocurrencies will support our future global financial systems.” He added that the company is “one of the best examples of how to use cryptocurrency in an important and legitimate role to facilitate payments globally.”

Ríos also expressed concern about cryptocurrencies as a tool for criminal actors. “There is still a lot of work to be done in terms of really knowing what’s behind the curtain, how blockchain really works, unfortunately, how crypto is used to fund the dark web and other illicit activities,” he said.

Related: Ripple CEO Says SEC Acted Against Investors By Filing Lawsuit

Launched in 2012, Ripple is a distributed open source protocol and remittance system created by the American company Ripple Labs. The company offers a range of cross-border payment solutions, as well as participating in central bank digital currency projects.

Earlier this year, Ripple co-founder Chris Larsen argued that if Bitcoin does not move away from the Proof of Work (PoW) consensus algorithm, it will cease to be the most valuable cryptocurrency in the world.

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