XRP is for payments, Bitcoin for ‘speculation,’ says former US Treasurer

In the midst of ongoing legal battles between Ripple Securities Regulators and Ripple, a former U.S Treasurer and Ripple board Member has spoken out in support of XRP.

Rosa Rios, former Treasurer, joined Ripple’s board in May 2021. She took to Twitter to reiterate her faith in XRP and to criticize other cryptocurrencies like Bitcoin (BTC) on Sunday.

Rios claimed that China and other countries are cracking down on Bitcoin because cryptocurrencies such as Bitcoin are primarily used for speculation. The former U.S. official who wrote the following:

“XRP’s primary function is to facilitate cross-border payments, while other cryptos are valued in speculation. This is what China’s recent move demonstrates.”

From 2009 to 2016, Rios was the U.S. Treasuryr under President Barack Obama. He oversaw all currency production and had an annual budget $5 billion.

Rios stated that “Blockchain” and “crypto will underpin our global financial systems,” when he joined Ripple’s board. He also said that Ripple is “one the best examples of how cryptocurrency can be used in a substantive role to facilitate international payments.”

Rios expressed concern that cryptocurrencies could be used to finance criminal acts. She stated that there is still much to learn about the blockchain’s true workings and how cryptos are used to finance illicit activities.

Related: Ripple helps Bhutan pilot a CBDC

Ripple, a distributed open-source protocol that allows for remittances and payments, was released in 2012. Ripple Labs is involved in several central bank digital currency projects and offers a variety of cross-border payment options.

Chris Larsen, Ripple’s co-founder, stated earlier this year that Bitcoin’s leadership position as the most valuable cryptocurrency would be lost if it didn’t abandon its proof-of work consensus mechanism.