In the recent Singapore Fintech Festival, there were huge discussions about the mainstream adoption of digital currencies. Executives from different crypto firms were involved in the discussions done during the Fintech festival. Circle CEO, Jeremy Allaire, believes that soon digital currency will be in the hands of hundreds of millions of users.
Circle CEO Says Digital Currencies to be in Early Phase
While talking about digital currencies, Circle CEO claims that digital currency is still in its early phase of development. Despite being in the early phase, digital currencies are performing really well. Even though Circle CEO believes digital currency to be in a good phase, other executives were of a different opinion. Makoto Takemiya, chief executive of Soramitsu, has said that due to the current behavior of crypto users, there are a lot of hurdles in widespread adoption. However, Allaire claims that the major focus at the moment is on consumer experience only which will also help people to take all the crypto advantages. There were also suggestions that to take forward the widespread adoption, cryptocurrency should be easy to use. Among the whole discussion, the major focus was also on the impact that regulations will have on crypto adoption.
Cryptocurrency Needs Regulation Due to Illicit Activities
While discussing the crypto regulations, the panel said that the major reason to regulate crypto is illicit activities associated with it. Diem’s Levey mentioned that the central bank digital currency (CBDC) is not having any kind of threat to cryptocurrency projects. In fact, he believes that private organizations need to have harmony with this kind of initiative by the government. He said:
“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 from the vision that, I think, we all have.”