Ripple responds to questions at the UK Parliament block chain hearing


At the cryptocurrency and blockchain hearings held on May 2, 2018, ripple has been criticized by all parties for it's ripple cryptocurrency as well as the blockchain platforms

A former product developer of Blockchain Alliance R3 indicated that ripple's model is no better than the existing SWIET communication system. He also criticized Ripple's proposal to use XRP in international transactions as a pilot project to connect two currencies.

The ministers also pointed their finger at ripple and expressed their doubts about XRP and Ripple Lab. One of the councilmen commented said: “If people purchase the financial assets of Ripple Lab XRP, but the buyers do not own the ownership shares, they even don't have the right to convert it into a traditional currency, which means they will get nothing.”

However, Ryan Zagone, supervisory relations manager, immediately refuted him. He said: "This is a common misunderstanding. XRP is open source, it doesn’t belong to us. We do have a lot of XRP, which is provided by some open source developers. However, there is no direct connection between our company and XRP.”

When asked if the XRP was intended to evade supervision, Zagone emphasized again at the hearing that ripple only sold XRP to institutional investors, not retail investors. They have nothing to do with XRP.

At the end of the hearing, Walker suggested that the committee carefully consider blockchain technology and digital currency(such as ripple digital currency mentioned above). I don't know how things will develop in the future, and whether ripple’s response can convince the parliament, but I think the strict supervision of the parliament is very necessary.

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