Ripple CEO Brad Garlinghouse just opened Ripple Swell 2020, which focuses on the current global payment landscape. Ripple Swell is an annual conference that converges the world’s most trusted voices in payments, financial services, blockchain technology and policy, to discuss better ways of money movement globally. There are speakers from international organizations like the World Bank and World Economic Forum.
On Ripple Swell 2020, Mahesh Uttamchandani from the World Bank Group, explains the importance of payment digitalization. he says,
If every government digitized their existing social payments, as many as one hundred million more people globally could gain access to financial services, and the access gap between men and women could drop by as much as 20% in some countries.
Ripple, with versions of replacing SWIFT and facilitating global payments, has been evolving and innovating. But sometimes regulation may not stimulate innovation.
The conference comes at the time of the U.S. tightening regulations on cryptocurrencies. On Oct 8, DOJ announced the release of “Cryptocurrency: An Enforcement Framework” report. It stated that innovation must follow laws. Many industry leaders have expressed their concerns about the report.
Ripple, as a US-based company, has felt stressed as well. Ripple CEO has tweeted consecutively worrying about the cryptocurrency enforcement framework issued by DOJ. he said,
The lack of a single national regulatory framework is putting US innovation and US companies at a significant disadvantage. All we’re asking for is a level playing field – if we need to move to another country to get that, then that’s the path we will have to take.
Ripple Swell will discuss more exciting payment innovations, but with regulatory concerns as well.