Circle CEO Jeremy Allaire extended on his optimistic thesis on the strength of physical currency at the on-going World Economic Forum 2022 panel discussion, happening at Davos, Switzerland, noting that economic autonomy is the primary quality that makes people choose it over mobile money. The Circle CEO Jeremy Allaire continues to advocate for the acceptance of digital currencies, citing currency’s properties such as mobility, anonymity, and importance in safeguarding individual sovereignty as factors that might make digital cash appealing to people. He stated that digital currency systems must include the element of cash in order to be appealing to consumers.
He added that the appeal should be like WhatsApp and other messaging platforms that revolutionised the phone calling industry, digital currencies such as USDC might radically change how people access international payments. He remarked:
“A lot of the policies and regulatory issues that limit the power of moving money have to do with stripping off people’s economic freedom…Governments have to accept that people want digital cash, and this is a product they want.”
On the basis of an open Internet, Allaire underlined the significance of protecting digital currencies. Excessive regulatory scrutiny, according to the CEO of the second-largest stablecoin by market size, is a big hurdle to the payment business. Cryptographic messages were once considered contentious by authorities, he added, but they are now extensively used and embraced on the Internet as businesses defend such a method of communication as part of human rights. He stated:
“If I can go to a cornerstone, buy a sim card, and put it in my phone, then I can participate in the global Internet and have an identity to communicate… Why can’t I take that mobile identity, download a peer-to-peer digital currency wallet, and use something like USDC?”
Allaire compares the future of cross-border payment to the simplicity of sending emails or making international phone calls. He also gave his response to the notion that the lack of a robust infrastructure behind digital wallets may impede the adoption of digital currencies.
Last week in an interview, Allaire talked about the crypto market crash. He was also taken aback by how swiftly terra price crash happened, interpreting the repercussions as a “triggering mechanism” of the risk-off stance adopted by the larger crypto market.
Read more:
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