Conference Money20 / 20 Asia takes place March 13-15 in Singapore. Here gathered more than 400 global industry leaders from across the global ecosystem of payments and financial services. Quotes the CEO of Ripple, brad Garlinghouse, read the material.

On the first day of the conference Dilip Ratha, lead economist in the world Bank’s migration and remittances, spoke about global trends remittances and told about future costs. Ratha said that the most important goal of sustainable development the world Bank is to reduce the cost of remittances on a global scale from 7 to 3 percent by 2030.

CEO Ripple, brad Garlinghouse, tied these statistics with the purpose of the Ripple network.

– If we fail to reduce the cost of remittances by 300 basis points by 2030, we failed, ‘ said Arlinghaus. – If we are successful, we will not talk of 300 basis points and 30 basis points for the payment of remittances.

The statement itself is bold, and the potential positive impact of reducing the cost of cash transfers is so much can be exponential to the global economy. Arlinghaus hopes that a money transfer in the amount of $ 200 will cost 60 cents and not $ 14 as the average today. The payments will be made instantly.

Garlinghouse also said: digital assets could work together with financial institutions and not to violate them. He argued that “the global payments and banking will not be changed from the outside; they are changed from within.”

The question of how he evaluates the solution xCurrent from Ripple compared to the SWIFT system used by financial institutions for the settlement of cross-border payments, the General Director of Ripple said: “SWIFT Published the rate of error is six percent. Imagine if six percent of your would not have passed without additional human intervention”.

The online audience of the conference suggested Garlinghouse refer to Ripple and XRP with criticism. Concerns about the volatility of XRP for Ripple payments CEO considers unreasonable: “We are talking about three seconds volatility risk when using XRP for cross-border payments. You are exposed to more volatility when implementing a traditional transmission with a fiat currency, it takes a few days.”

“We are working with decentralized technologies, – said Arlinghaus. – If the Ripple will disappear, and I really hope this does not happen, the XRP Ledger will continue to exist.”

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