Thursday, December 5, 2019

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

Avatar
Babatunde Modupe
I am a freelance writer, Poet, blogger and cryptoenthusiast that is totally interested in blockchain technology and sharing it's Information with others.

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.

- Advertisement -
- Advertisement -

Latest News

BDO Network Announces FY19 Global Revenue of $9.6 Billion

CHICAGO & BRUSSELS--(BUSINESS WIRE)--BDO, one of the world’s leading global networks of independent public accounting firms, today announced its...

Persimmony Celebrates 17 Years of Providing Case Management Software Serving the Public Good

IRVINE, Calif.--(BUSINESS WIRE)--On Dec. 9, Persimmony celebrates its 17th anniversary of providing case-management services in the health care and social services arenas. Persimmony has grown...

Figure Closes Series C Round of $103 Million to Expand Lending Products and Executive Hires

Morgan Creek Digital Leads Round, Firm’s Co-Founder and Partner, Pompliano Joins Figure Board As Company Marches Forward on Mission to Reinvent Lending Through Power...

CULedger Showcases Successful Cross-Border Payment Solution, Supported by Partners R3 and Luxoft, a DXC Technology Company

DENVER--(BUSINESS WIRE)--CULedger, a credit union service organization (CUSO) that focuses on delivering the world’s premier network of one-to-one financial exchange for credit unions, unveiled...

Cargo Insurance Market Procurement Intelligence Report | Evolving Opportunities With Allianz SE and Chubb Ltd in the Cargo Insurance Market

LONDON--(BUSINESS WIRE)--#MarketIntelligence--SpendEdge has been monitoring the global cargo insurance market and the market is poised to experience spend growth of more than USD 5...