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Circle CEO: Crypto transfers need cash properties without regulatory restrictions

 


According to Circle CEO Jeremy Allaire, digital cash systems built on top of the blockchain must retain the properties of physical money to attract more users in developing countries. They must be able to do this without regulatory restrictions.


In a panel discussion at the World Economic Forum 's annual meeting entitled "Remittances for Recovery: A New Era of Digital Money," Allaire spoke about the characteristics that make physical cash an ideal medium of exchange. According to him, the saying "cash is king" applies to good reason. He also mentioned portability, privacy and the role of physical money in upholding individual sovereignty.


"Cash is a really great product. People like cash. It's private, it's secure, it's bearer, it provides a final settlement between you and a counterparty," Allaire said. He then added:


"So much energy is being expended in the world to eliminate the features that make cash so powerful. People in countries around the world prefer cash to mobile money for good reason, because it gives them more autonomy and economic freedom. "

Allaire responded to Asif Saleh's observation that transfers via mobile wallets are limited by the lack of acceptance of digital technologies in the receiving country. Saleh is the Executive Director of BRAC Bangladesh, a non-profit poverty alleviation organization.

"A lot of the political and regulatory problems that limit the power of money transactions are about depriving people of their economic freedoms," Allaire said. "We need to think about how to solve these problems by developing models that actually offer forms of digital cash that also have the properties that make cash so attractive to people."


With a SIM card, people all over the world can easily access the Internet. Through this mobile identity, Allaire said, people should also be able to connect digital wallets where they can send and receive cryptocurrencies like USD Coin ( USDC ).


"There are models by which this can work. Policymakers and regulators need to adapt, rather than making everyone else adapt to their constraints."

In this context: WEF 2022: Ripple CEO has visited the US Securities and Exchange Commission several times before the XRP trial


Remittances provide relatively stable capital flows for low-income countries as migrants send money home to their families. It is estimated that such remittances account for about 4 percent of the gross domestic product of low-income countries and about 1.5 percent of the GDP of middle-income countries. Proponents of decentralized finance (DeFi) claim that DeFI can reduce remittance fees by billions of dollars annually.

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