Former President of the United States, Bill Clinton, expressed his opinion on the crypto sphere and its regulation at the Swell conference organized by Ripple in San Francisco.
During the conference, numerous topics were discussed including the field of blockchain and cryptocurrency. Bill Clinton was the key speaker of the first conference day. He touched on a wide range of issues and made some interesting statements:
- Bill Clinton urged financial regulators to give up excessive control of the crypto industry. He added that governments can simply stifle this area if they increase the pressure on fintech projects.
- At the same time, the former president stressed that in order to identify negative sides and vulnerabilities, it is necessary to carefully study the technology. Clinton also acknowledged that new technologies cannot avoid the abuse of their capabilities. He made an analogy with the global positioning system (GPS), which caused similar concerns. But this does not mean that the old regulatory regime should be applied to new technologies.
- Bill Clinton also focused on the problem of unequal access of people to new technologies, in particular to the blockchain. This situation, he said, is comparable to the restrictions for users when e-commerce emerged in the late 1990s.
- The former president noted in his view the main advantage of the distributed ledger technology was the ability to use blockchain to make cross-border remittances. This statement looks particularly interesting in given that Ripple, the organizer of the conference, just recently announced that XRapid product will now be available for commercial use. The project is focused on payment providers and financial institutions seeking to minimize costs in making cross-border payments while increasing their speed.
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