Could Iran and North Korea use XRP?
Among other things, Vays explained that masquerades as a cryptocurrency. Like other experts, he also stated that Ripple Labs controls the XRP token and the entire XRP Ledger project is centralized. Furthermore, according to Vays, XRP has no real use either. According to the ex-banker, there is no need for a volatile token to transfer money between two financial institutions.
Finally, Vays also stated that Ripple’s business plan is dishonest. The token is merely used to make a few “super rich” and to make money by selling XRP tokens to stock exchanges and partners, and then investing in “failing companies like MoneyGram”.
The new accusations against Ripple accuse the company of being centralized. In a recent tweet, Vays commented on a recent statement made by Ripple CEO Brad Garlinghouse that Ripple has no influence on the price of XRP.The ex-banker raised the hypothetical question of whether it would be possible for countries economically sanctioned by the US, such as North Korea and Iran, to use Ripple’s remittance platform and its on-demand liquidity payment solution without US interference.
On the one hand, it should be noted that Vays’ thesis is highly speculative. From today’s point of view, it is very unlikely that Ripple is looking for new business partners in enemy countries of the USA, such as Iran or North Korea. Ripple is keen to work with the existing financial system through various initiatives.On the other hand, this is probably exactly the point Vays wants to emphasize. Unlike other cryptocurrencies, Ripple is a company behind the XRP token that has a huge impact on the entire XRP ecosystem and still owns nearly 60% of the entire XRP supply.
Author : Jake Simmons