People want digital money, governments need to embrace it, says CIRCLE CEO

There’s a reason cash is king and people all over the world want a digital form of cash that is private, offers final settlement, and can’t be turned off by the central party, argued Jeremy Allaire, co-founder and CEO of digital payments. company Circle .

Aller said that in order for the benefits of cash to be brought to the digital economy and potentially cheapen remittances, governments first need to recognize that this is what people want.

There is so much energy in the world to remove the features that make cash so powerful, he said, adding that people want to know if their digital currency is as good as cash.

“We have to keep the digital cash, it has to work on the open internet, it has to work in the mode of interaction with anyone and anywhere,” Allaire said.

Comments were made during a panel discussion organized by World Economic Forum on Monday, which was also joined by the CEO Ripple Brad Garlinghouse and Asif Saleh, CEO of Bangladesh Development Organization BRAC .

Garlinghouse, however, said during the discussion that while he agreed with Aller on a philosophical basis, appealing to regulators to adapt to us would not work. He stated that this approach was dead on arrival.

The Ripple CEO also added that he agreed that cash can benefit people, but reminded panelists that if you ever come to a bank and ask to withdraw $20,000 in cash, you’ll be asked a lot of questions.

However, ripple’s CEO agreed that remittances can be made cheaper and better than they are today, while acknowledging that some of the obstacles to doing so include existing players. [] corporations, as well as governments.

Similarly, Circles Allaire said that we take it for granted that information can be shared instantly to anyone anywhere for free.

Allaire also said that he believes we are on the cusp of a world in which the concept of cross-border payment will sound as crazy as the concept of cross-border email.

We don’t think about cross-border emails [] it’s absurd to think about it. Similarly, the concept of remittances will disappear, Allaire said.