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Circle’s Co-founder and CEO, Jeremy Allaire, spoke about the current scenario of Bitcoin and other cryptocurrencies and the letter from the U.S. House of Representatives regarding the development of Facebook’s Libra.
Facebook’s Libra, a digital coin aka global coin, caused enough upheaval that Representatives from the U.S. and Europe were concerned about its effects on their respective currencies. Jeremy Allaire spoke to CNBC regarding the same, stating,
“I think it is outstanding that we finally have national scale policy attention on cryptocurrencies. I think this has been an issue that has been on sidelines from a regulatory perspective.”
With Bitcoin growing and gaining traction in the mainstream media around the world, there was a need for regulatory authorities in respective countries to give Bitcoin a closer look. However, on a macro-level, cryptocurrencies are still on the sidelines, while Bitcoin is trying to attract the attention of institutional investors.
Allaire added,
“Central bankers, treasury officials, others around the world have been largely dismissive of this for a number of years, but what’s very clear now is that cryptocurrency is here to stay on a massive scale. It’s going to play a fundamental role in the transformation of the economic system as build a digital-based economy.”
Although Facebook has only released the whitepaper for Libra, it was enough to cause unrest and scare regulators and financial departments across the world. The technology right now is moving at “an incredible pace,” said Allaire, and Facebook’s Libra, which is still in the whitepaper phase, is just the tip of the iceberg.
The technology, which is moving at a rapid rate, is a chance for policymakers to “learn because this is a major breakthrough in the global economy.”