Tone Vays took crypto enthusiasts on a spree seeking clarification on the reason why XRP is accepted for payments. The Derivatives trader expressed his dismay on Twitter, which gained attention in no time. Where some users pitched in to defend the token, others jumped in to mock Vays.
Why is $XRP being accepted for payment? Can someone at @Ripple explain what #XRP is? Is it a currency? Are you officially announcing that you have done what @Libra_ is trying to do? Are you competing with $EUR & $USD like #Bitcoin as a global currency? https://t.co/rtDG9CuSSU
— Tone Vays [Bali – Financial Summit] (@ToneVays) October 3, 2019
In his inquiry, Tone asked if XRP is qualified as a currency. The users came buzzing with replies reciting the traits of the token. XRP is qualified as a medium of exchange similar to other currencies and can also aid micro-payments. The coin can, as well, act as a base currency for faster and more secure cross-border transactions. MoneyGram and several major financial institutions express interest in adopting the token for the same purpose.
Moving forward, Tone Vays sarcastically accuses if XRP’s objective is to mirror Facebook’s Libra. A user responded to clear the query, highlighting the token’s adherence to the legal regulations over its six-year development period.
There is a major distinction between a crypto, XRP, that has worked with regulators and central banks around the world for 6 plus years and a crypto, Libra, that is a frontal attack to displace the status quo for central banks and fiat.
You know what it is. #xrpthestandard
— XRP: On Demand Liquidity (@khughbreslin) October 3, 2019
Since its inception, XRP has managed to stay out of trouble. Moreover, Libra is currently caged under regulatory scrutiny, which is fueling the enigma of its launch.