The Three Phases of Global Digital Currency Adoption

The following is a transcript of a presentation by Jeremy Allaire, co-founder and CEO of Circle, who spoke last week at the Hangzhou Blockchain Conference 2020 hosted by Hangzhou Future Sci-Tech City Management Committee and 8btc. “Hello, I’m Jeremy Allaire, the co-founder and CEO of Circle. And I’m excited to be able to join you all for this important event. What I wanted to talk about today was a bit of the evolution of how real-world money has intersected with blockchains to deliver on the promise of global digital currency. And I want to talk about that through the lens of Circle, but also the lens of emerging standards, both technology standards and policy standards that are bringing us closer to the vision that I think many of us share for a new type of more open, global and inclusive financial system that’s built entirely on public blockchain networks. So I want to start by just going back a little bit in time to early 2013 when we were just founding and starting Circle. And we had been witnessing the global financial crisis. We had seen ideas for new global currencies like the SDR (Special Drawing Right), the idea that the different leading economies of the world could come together around common currencies, and also just saw the fundamental challenges both with risk taking and the fundamental structure of fractional reserve banking and thought that digital currency really showed promise as a way forward. Read More...

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