As this remains to be a concern within the XRP community, the chief technical officer at Ripple, David Schwartz, has recently involved in a conversation where he highlighted the obstacles facing the digital currency.
Ripple CTO who has always been there for XRP community members in answering technical questions related to the ecosystem, recently responded to questions on Twitter regarding the reason why banks are holding back from using XRP as expected.
David Schwartz noted:
“I think there are a combination of obstacles. Regulatory uncertainty, last mile problems, fear of reprisals from existing partners, and so on.
Another big thing is that the very best customers are ones that are going to use bridge assets to build new products.
They’re heavily motivated to see projects to completion and will push the benefits all the way down to customers. But in that case, even when they’re 100% ready to go, they still have 0 customers because the product is new. So it’s slow to get momentum.”
David Schwartz Reacts to the Newly Launched JPMorgan Digital Currency
As reported a few days ago, the banking giant JPMorgan has officially launched its digital currency.
According to the report, the crypto asset is specially designed to power payments across borders, which places the new coin as XRP’s direct competitor.
Reacting to the new development, David Schwartz pointed out that “JPM Coin will only be useful for people who trust JPM, are in a jurisdiction that’s compatible with JPM, and aren’t concerned about their sovereignty. A system nobody can own and control is, IMO, better – especially if you compete with JPM, or hope to.”
Considering the point above, JPM may not be competing with XRP, the global cryptocurrency used by Ripple for its cross-border payment platform, On-Demand Liquidity (ODL).
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