IMF is bullish on XRP but bearish on Facebook’s Libra coin

The IMF is bullish on XRP but bearish on Facebook’s Libra coin. Despite this the Bitcoin Maximalists have been spreading their fake news and FUD propaganda against XRP once again, this time resorting to calling Facebook’s Libra coin “an XRP killer”. Pathetic. How low are they going to sink next?

Bitcoin was supposed to change the world, Bitcoin anarchists wanted to kill off banks and kill off Facebook yet here their messiahs are preaching that JP Morgan before and now Facebook – are going to destroy XRP, all the while building up the possibilities that these same evil banks and global companies like Facebook are going to save their precious BTC.

It really is quite sad that they have to resort to such pathetic fake news in order to slowly bleed out their holdings by selling to the gullible and ignorant. Bitcoin died in 2017, get over it and grow up already.

But rather than focusing on all the lies, let’s instead take a look at what Christine Lagarde has been saying (Lagarde is since 2011 the Managing Director and Chairman of the International Monetary Fund and one of THE most important people on the planet).

IMF is bullish on XRP but bearish on Facebook’s Libra coin

IMF is bullish on XRP but bearish on Facebook's Libra coin

Lagarde on distributed ledger technology:

“I think the role of the disruptors and anything that is using distributed ledger technology, whether you call it crypto, assets, currencies, or whatever … that is clearly shaking the system… We don’t want innovation that would shake the system so much that we would lose the stability that is needed.”

It is well known that Christine Lagarde and the IMF are big fans of Ripple and XRP, and a number of Ripple top brass have been working very closely with the IMF for a long time:

“International payments using cryptocurrencies can be securely received in minutes and can be rapidly settled in the domestic currency. DLT systems such as Ripple can be used to efficiently process foreign payments and can be supported by international banks and payment companies,”

IMF report on Fintech in Sub-Saharan African countries. 

Speaking this week at the G20 in Japan, Lagarde went on to criticize companies like Facebook:

“a significant disruption to the financial landscape is likely to come from the big tech firms, who will use their enormous customer bases and deep pockets to offer financial products based on big data and artificial intelligence, which could lead to vulnerabilities in the financial system”

“Over the last five years, technology growth in China has been extremely successful and allowed millions of new entrants to benefit from access to financial products and the creation of high-quality jobs,” Lagarde said. “But it has also led to two firms controlling more than 90% of the mobile payments market.”

It is highly unlikely that Facebook will be allowed a free reign on their cryptocurrency as their influence and their massive user bases on Facebook, Instagram and particularly Whatsapp could see the Libra GlobalCoin being used on these networks for money laundering and illicit transactions (Whatsapp is already a hotbed for conducting drug deals and I can see it already happening: “Can you bring over 5 grams of charlie please mate, here’s 250 Libra”).

The argument that Libra could compete against XRP in the global remittance marketplace is also a very naive joke. Without multiple banking licenses and without being regulated across the globe (something Ripple has already spent more than half a decade building up and working on) Facebook will go bankrupt fighting court cases.

As the great Kevin ‘Mr Wonderful’ O’Leary would say “The big banks will crush Zuckerberg like the cockroach he is”.

Educate yourselves, do your own research and don’t believe what 99% of you read on crypto “news” websites. Don’t even trust our very own “Wise Words” blogs as we spend a lot of time trying to fight the fake news in Bitcoin owned and sponsored publications and our own opinions of course creep in. We don’t have all the answers which is why we keep our blogs completely separate from the cryptocurrency news section where we only quote directly from the horses mouth.

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Official Twitter channels to follow for the IMF and for Ripple

IMF News

IMF LIVE

Christine Lagarde – Managing Director and Chairman of the IMF

Gerry Rice – IMF Spokesperson

Ripple

Brad Garlinghouse – CEO of Ripple

David Schwartz – CTO at Ripple and the most intelligent person in Crypto

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Disclaimer

The views and opinions expressed on Wise Cryptos are solely those of the author(s) and are not intended to be taken as investment advice.

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