Ripple CEO Garlinghouse and U.S. Treasury Secretary Mnuchin Discloses Their Opinion

Ripple CEO Garlinghouse revealed on his Twitter account that he and U.S. Treasury Secretary Steven Mnuchin had a private meeting on virtual currency regulation. "Both sides want sound and reasonable discussions and regulations with a certain understanding," he explained.

However, after seeing a news conference early this morning by U.S. Treasury Secretary Steven Mnuchin on virtual currency regulation, he expressed his view that he had "very serious concerns" as it centered on the regulatory issue of Facebook's virtual currency Libra, which is currently at the center of the issue.

Garlinghouse, in addition to Trump's scathing criticism of Libra on his Twitter account last week, denied the possibility that the two men's concerned virtual currencies could subvert the G20's legal currency, including the dollar, but expressed understanding about the policy on virtual currency regulation.

As Finance Minister Mnuchin pointed out, the entire virtual money industry should not be treated the same way. Each virtual currency has its own characteristics and naturally needs to respond to the policy scope with the regulators," he explained.

On Facebook's virtual currency Libra, meanwhile, the company said in its white paper, "the purpose of creating a new legal currency is to comply with regulations and to support systems that meet the same standards as other regulatory financial institutions."

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