- Global leaders from Circle, Soramitsu, Coinbase and Facebook, ‘Diem’ Association, joined the conversation at Singapore Fintech Festival.
- Jeremy Allaire, CEO of Circle, called this time as a broadband moment of digital currency.
- Levey former U.S. undersecretary for terrorism shows his concern for government involvement.
In the Singapore Fintech Festival many world-class fintech founders and investors gave their opinion on the topic can digital currencies birth the next generation of world-class payment systems including leaders from Coinbase, Circle, Soramitsu etc.
Singapore Fintech Festival is the world’s largest and most inclusive fintech festivals inviting global leaders, policymakers, investors and multilateral agencies. The Day 2 mainly focused on infrastructure, with sessions on foundational digital infrastructure, distributed ledger and digital currency. Legendary industry leaders from Diem (prior known as Libra Association), Coinbase, Circle, and Soramitsu gave their piece of thoughts on this discussion.
Money is a digital data, and this could be one of the biggest revolutions in money said Makoto Takemiya from Soramitsu when asked about his thoughts on Can Digital currencies birth the next generation of world-class payment systems?
Circle CEO, Jeremy Allaire thinks ordinary people will be hooked to make payments in digital currencies once exposed
Cryptocurrency news is in the limelight this year. And it is exciting to see how the digital currency will unfold the new world. Jeremy Allaire, CEO of Circle, gave his point on the table conference and compared the current situation to 1998’s world vast web explosion. It created a lot of excitement in people to see how the world would work after the mass adoption of the internet, but it took a lot of time for people to understand and only a few were able to adopt such change. Now we could see after 10 or 20 years how the world looks with the internet.
He declared this phase as the cusp phase at which people and investors are starting to realise the importance of digital currency. He added that people in upcoming years will love digital currency mode of payment and will whine why they were not exposed to this before?
Stuart A. Levey shows concern about governments getting too involved
Levey, former U.S. Under Secretary for Terrorism and Financial Intelligence, intervened the conversation and said that government regulation is the one which distinguishes fintech from the internet. To reach more broadly and for the mass adoption, government support and harmonisation is necessary to make it a successful project.
As everything comes with advantages and disadvantages, cryptocurrencies are no exception.
Making the cryptocurrencies as the mode of payment is a profound risk, and whatever happens, fintech revolution should not be pointed out and viewed as a threat Allaire shows concern.
Cryptocurrency has a history of funding for terrorism and illicit activities. Cryptocurrency can give a new face to the existing world. Still, proper measure and planning should be taken before the activation and appealing people for mass adoption of the digital currency.
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