Circle CEO wants Libra's unique operating mechanism to trigger positive regulation

Circle CEO wants Libra's unique operating mechanism to trigger positive regulation

Translator: Play the coin family ElaineHu

Jeremy Allaire, co-founder and CEO of the payment company Circle, said in an interview with Bloomberg on July 5 that Facebook's Libra will implement a closed-loop licensing system that imposes its own requirements on regulation. .

In the interview, Allaire pointed out that the regulatory methods for different stable currencies are different. He explained:

"There is a really critical difference between a stable currency running under a closed-loop licensing mechanism and a stable currency running on the public Internet – Libra currently reflects this difference in the initial release."

Allaire also pointed out that the latter is the practice of the stable currency USDC jointly issued by Circle and the US cryptocurrency exchange Coinbase. He also pointed out that he hopes Libra can promote the development of national policies on digital assets. He pointed out:

“Our view is that you know that cryptocurrency and blockchain represent the latest developments in the 21st century economic structure. It is vital to have an opportunity to implement policies that allow us to grow on a large scale in the same way as the Internet.” .

As Cointelegraph reported in May this year, Allaire pointed out that the cryptocurrency sector needs regulatory certainty, and the current definition of cryptocurrency is too broad.

Allaire also said in an interview that he expects non-sovereign value storage digital assets such as Bitcoin (BTC) to be used on a large scale in the future, and he also expects the use of stable assets to grow.

Allaire also recently debated with Canadian businessman and television celebrity Kevin O'Leary. O'Leary said that cryptocurrencies pose a serious challenge to the compliance of the financial services industry.

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