Ripple Gains More Recognition: New European Central Bank President Praises Ripple And Circle
Ripple has a great year so far, and the San Francisco-based company was in the spotlight a lot due to various partnerships and other achievements. It’s been also working on boosting the XRP ecosystem as well.
Now, Ripple makes headlines again after being praised by an important name in the financial sector.
The future president of the European Central Bank (ECB) has a record of respecting the potential that crypto has.
Banks need to adapt to the new technologies
According to the Daily Hodl, Christine Lagarde, who is a French lawyer and the current managing director of the International Monetary Fund has shown support for crypto companies such as Ripple and Circle as well.
During the Paris Fintech Festival earlier this year, Lagarde, who will be the first female ECB president, warned banks.
She explained that they need to act and adapt to new technologies to better serve their customers.
“I think in the banking system at large in many, many countries, the difference will not be between those who are disrupted and those who survive. The difference will be between those who are cannibalized because they’re not seeing it coming, and they’re not embracing it, and those who self-induce that cannibalization,” she said.
Showing support for Ripple and Circle
She continued and explained “And I’m using cannibalization on purpose because it’s a bit of a striking, horrible word. But it’s really what it means. You’re going to disrupt your business model. You’re going to change it. You’re going to reduce your costs. You’re going to expedite your transactions, and you’re going to inspire confidence.”
She also brought up Ripple and Circle: “If you think of Circle, and Ripple and all those – that’s where they are active and helpful.”
Legarde also said that cryptos require regulation in order to maintain stability in the financial sector.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.