XRP News Today: XRP Faces Criticism Over Alleged Alignment With Authoritarian Systems

Veteran investor and financial commentator Gary Cardone has recently voiced strong criticism against the cryptocurrency XRP, asserting that it is willing to align with authoritarian systems to maintain its relevance. This criticism comes amidst widespread speculation that the European Central Bank (ECB) may consider using the XRP Ledger as the underlying infrastructure for its proposed digital euro. However, no official decision has been announced by the ECB regarding this matter.

In a statement shared on social media, Cardone claimed that XRP would align with oppressive regimes if necessary for its survival. He also criticized ECB President Christine Lagarde, accusing her of wanting to impose stricter societal controls through central bank digital currency (CBDC) initiatives. Cardone further equated XRP to a financial “crisis,” likening its potential role in monetary policy to a second wave of COVID-19. According to him, continued support for XRP amounts to endorsing the political and financial agendas of central authorities in Europe.

These comments have sparked a new wave of debate within the crypto community. At the heart of the disagreement is the perceived contradiction between decentralization, a foundational principle of cryptocurrency, and cooperation with governments or centralized institutions. Some crypto proponents, including Cardone, argue that CBDCs are tools for surveillance and control, directly conflicting with crypto’s ethos of financial freedom and privacy.

Cardone’s assertions were met with responses from members of the XRP community, many of whom described his comments as misleading and inaccurate. Crypto analyst Robert Doyle, also known as Crypto Sensei, emphasized that the ECB has not publicly disclosed which technology it will use if it proceeds with launching a digital euro. Doyle clarified that while Ripple has engaged in discussions with central banks around the world, including pilot projects in countries like Georgia and Palau, no formal agreement has been made with the ECB regarding XRPL.

Adding to the rebuttal, prominent XRP advocate Moon Lambo responded to Cardone’s statements by accusing him of spreading misinformation. He pointed to the official ECB website, which currently states that no final decision has been made on either the implementation or the technical infrastructure of a potential digital euro. According to Moon Lambo, Cardone’s perspective is shaped more by personal bias than by verified information. He criticized Cardone for undermining trust by promoting unconfirmed narratives as fact.

Legal expert Bill Morgan also weighed in, questioning the logic behind the claim that XRPL, a decentralized and open-source blockchain, could serve the interests of oppressive governments. He argued that the very nature of XRPL contradicts the idea that it could be controlled or co-opted by central authorities.

Although rumors about the ECB adopting XRPL continue to circulate online, there is no definitive proof to support these claims. The European Central Bank has confirmed that preparations for a digital euro are underway, but remains undecided on whether the currency will launch or what platform it will run on. The final decision will be influenced by various factors, including input from the European Parliament and member states.

While some within the crypto space view potential partnerships between blockchain networks and central banks as a sign of mainstream validation, others remain concerned that such relationships could dilute the original purpose of decentralized finance. The controversy surrounding XRP’s rumored role in CBDC development highlights this ongoing ideological divide.