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Circle CEO: Hundreds of millions of consumers will use digital currencies soon

At Singapore Fintech Festival, Circle CEO Jeremy Allaire said that "third-generation blockchain technology would see digital currency in the hands of hundreds of millions, if not billions of users."

According to cointelegraph, Allaire featured on a panel alongside the CEO of Facebook’s ‘Diem’ Association (formerly Libra Association) Stuart Levey, Coinbase CPO Surojit Chatterjee, and Soramitsu CEO Makoto Takemiya, to discuss the question: Can Digital Currencies Birth the Next Generation of World-Class Payment Systems? 

Allaire claimed that digital currencies are still very early in their development but are about to take a leap analogous to that from dial-up internet to broadband.

“We’re right on the cusp, of what I like to think of, as the broadband moment of digital currency.”

Nevertheless, Soramitsu’s chief executive noted that the current user experience of crypto remains a barrier to widespread adoption, despite the underlying technology already being “good enough for everyday use.”

Allaire countered that the focus of much of the innovation in the sector has shifted towards the consumer experience, and he also predicted that improved user experiences will allow ordinary people to become hooked on crypto’s advantages:

“Users will be saying, ‘How could I ever have not had this before!’”

Bouncing off Allaire’s analogy of the broadband moment, Coinbase’s Chatterjee proposed mainstream adoption needs a “TikTok moment”, where users find it “just so easy to use.”

Diem’s Levey said the panel that governments feel the need to regulate digital currencies owe to concerns over illicit activity, and the circumvention of financial sanctions.

He said that Central bank digital currencies (CBDCs), are not a threat to cryptocurrency projects, and private organizations should work to harmonize with government initiatives. He also added that Libra will incorporate any new CBDC’s that are launched.

Levey stated:“It is true that what the Chinese are doing is profound, but it does have the result of the central government authority having access to every detail of every transaction. Which is very different to the vision that, I think, we all have.”

Singapore #Coinbase #Circle #Digital Currency #Fintech #Libra #CBDC

#Regulation

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