The chief executive of Ripple has made these comments during the talk with Ross Leckow, the Deputy General Counsel of the IMF at the Singapore Fintech Festival. They were discussing the regulations that were being introduced in the ASEAN, which, among other countries, includes Singapore, Malaysia, Thailand, Indonesia, and Philippines.
According to Garlinghouse, clarity in the regulatory frameworks has a great potential of promoting the adoption of cryptocurrency and blockchain, and the uncertainty still existing in some of the markets surprises him.
The ASEAN marketplace has established express policies regarding blockchain and digital currency, but they struggle with correspondent banking. Therefore, Ripple has made the decision to concentrate on this sector, with Garlinghouse claiming that approximately half of the entire Ripple’s clientele is based in this region, with the Singapore HQ making a successful 200% expansion within the past year. Garlinghouse also stated that Thailand has not only been supportive of the new tech, but even went as far as to legalize the Ripple digital currency.
Eventually, Ripple intends to present the so-called Internet of Value to provide immediate and inexpensive international payments.
In the meantime, Leckow promised Garlinghouse that the IMF intends to give its support to the countries of the ASEAN region by duly establishing policies without restraining the advancement in blockchain and digital currency startups.