The leaders of Circle, Diem Association, Coinbase and Soramitsu believe that for the mass introduction of cryptocurrencies it is necessary to simplify interaction with users and find a compromise with regulators and people will begin to use cryptocurrencies.
They came to this conclusion at the Singapore Fintech Festival. The discussion was attended by Circle CEO Jeremy Allaire, Diem Association CEO Stuart Levey, Coinbase Product Director Surojit Chatterjee and Head of Soramitsu
The main theme of the conference was digital currencies, and can they become a new generation of payment tools for international settlements. In his speech, Ellair said that cryptocurrencies are still at an early stage of development, but they will soon “make a leap,” and or the mass introduction of cryptocurrencies it is necessary to simplify interaction with users and find a compromise with regulators and people will begin to use cryptocurrencies. similar to how it happened to the Internet. Thanks to new blockchain-based solutions that are being introduced into various areas, digital assets will begin to be used by “if not billions, then hundreds of millions of people.”
In turn, the executive director of Soramitsu said that the main obstacle to the widespread spread of cryptocurrencies is the lack of user experience. At the same time, Takemia believes that the technology that underlies crypto assets has already been sufficiently developed for everyday use.
Ellyre countered that it is necessary to shift the focus from innovation to improving user interaction. Everything needs to be simplified as much as possible for ordinary people who do not have technical knowledge, then they will be able to evaluate the advantages of cryptocurrencies. Chatterjee added that the ease of using cryptocurrencies is crucial, citing as an example a TikTok that has gained popularity thanks to this factor.
According to Levy, governments are forced to control digital assets because of fears that they could be used for illegal activities and circumventing economic sanctions. Levy believes that digital currencies from central banks do not pose a threat to cryptocurrency projects, so private firms could take part in such government initiatives. Levy also announced his readiness to integrate Libra stablecone with any digital currencies that will be issued by central banks. The head of the Diem Association announced the need to find “compromise solutions” that will follow the requirements of regulators and prevent the illegal use of cryptocurrencies.
Ellyre previously stated that over the next two years, tokenization of assets will become popular worldwide, as this will make assets more liquid and accessible without new systemic risks.
Recently it was reported that digital currencies from the Central Bank can be exchanged for cryptocurrencies.