Friday, July 10, 2020

“In Crypto We Trust,” Jeremy Allaire Hypes Bitcoin At IMF Spring Meeting

Trust is key to the adoption of any technology. If it is not trusted, the necessary adoption cannot follow. During the International Monetary Fund’s spring meeting held in Washington, D.C. on Wednesday, Circle CEO, Jeremy Allaire perhaps voiced out the notion of many in the world, that “In Crypto We Trust.”

Cash Usage Declines

During the panel discussion at the International Monetary Fund’s spring meeting held in Washington, D.C. on Wednesday, the panelists discussed how the economy was being reshaped by cryptocurrency and other digital technologies.

IMF director, Christine Lagarde noted that the use of cash is reducing in many countries globally. She cited an example of Sweden where only 13 percent of transactions were settled with cash in 2018.

In recent time, consumer increasingly use their smartphones to make purchases with digital payment platforms, though bitcoin hasn’t popular as a payment instrument, but more for speculative investment.

According to Lagarde, the situation places banks in a dilemma. She added that “Banks will have to adopt to survive, or disappear. They will have to decide cash or no cash.”

“In Crypto We Trust”

Meanwhile, during the panel discussion, Jeremy Allaire, co-founder, and CEO of crypto unicorn, Circle, utilized the panel as an opportunity to explain why cryptocurrencies like bitcoin are such attractive assets.

Allaire noted that “In Crypto We Trust” is an effective saying “we believe in math”. He further stated that since crypto is firmly rooted in mathematics, and cryptography is a secure means to build decentralized systems. This means that it is trustworthy.

Also, Sarah Youngwood, the CFO of JP Morgan’s Consumer and Community Banking division, also contributed on the usefulness of blockchain technology. Youngwood stated that “With blockchain, we can put the information on the ledger so we can clear that this is a good actor and good transaction immediately instead of waiting for confirmation from [traditional means].”

JPMorgan has adopted the blockchain technology and plan is underway to issue its digital currency soon.

Cryptocurrency Adoption

As reported by BTCNN earlier, IMF director, Christine Lagarde stated that Cryptocurrencies adoption is shaking the banking system. She noted that it is evident in the way it is affecting the mode of operation of the banking system. Hence, she suggested the need for regulations of the industry and followed up with monitoring.

Lagarde’s thought on cryptocurrencies indicates the trust in the industry as confirmed by Allaire. This is gradually changing the trend of the financial world, though cryptocurrency is still nascent.

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