There is a 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 party, argued Jeremy Allaire, co-founder and CEO of digital payments company Circle.
Allaire said that for the benefits of cash to be brought into the digital economy, and potentially make remittances cheaper, governments first need to accept that this is something people want.
“There’s so much energy in the world aimed at taking away the features that make cash so powerful,” he said, adding that people want to know if their digital currency is “as good as cash.”
“We have to preserve digital cash, it has to work on the open internet, it has to work interoperably with anyone, anywhere,” Allaire said.
The comments came during a panel discussion hosted by the World Economic Forum on Monday, which was also joined by Ripple CEO Brad Garlinghouse and Asif Saleh, CEO of the Bangladesh-based development organization BRAC.