It’s not without reason that “cash is king”, and people around the world want a digital form of cash that is private, offers final settlement, and cannot be “turned off” by a central part, said Jeremy Allaireco-founder and CEO of digital payments company Circle.
Source: capture video / weforum.org
Mr. Allaire said that for the benefits of cash to be integrated into the digital economy and for remittances to be potentially cheaper, governments must first recognize and accept that it is something that people people wish.
“There are so many forces in the world aimed at weakening the use of cash,” he said, adding that people want to know if a digital currency is “equivalent to cash.”
“We need to preserve digital money, it needs to work on an open internet, accessible to everyone, it needs to work interoperably with anyone, anywhere,” Allaire said.
The comments were made during a roundtable hosted by the World Economic Forum on Monday, which was joined by the CEO of Ripple, Brad Garlinghouseand Asif SalehCEO of Development Organization BRACbased in Bangladesh.
Mr Garlinghouse, however, said during the discussion that while he agrees with Mr Allaire “on a philosophical basis”, approaching regulators with the attitude “you have to adapt to us ” will not work. This approach is “counterproductive and will kill the chick in the bud”, he claimed.
Ripple’s CEO added that he agrees that cash can provide many benefits, but he reminded the panelists that “if you ever walk into a bank and ask to withdraw $20,000 cash, they’re going to ask you a lot of questions.”
Nonetheless, Mr Garlinghouse agreed that remittances can be made cheaper and more efficient than they currently are, while admitting that some of the “barriers” to achieving this include “the grip of existing players […] businesses as well as governments.”
Similarly, Mr. Allaire said we take it for granted that information can be delivered “instantly to anyone, anywhere and at no cost.”
Mr. Allaire added that we are at the dawn of a world where “the concept of a cross-border payment will be as absurd as that of a cross-border email.”
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