Circle CEO Jeremy Allaire: Digitalization has impacted the core of the financial system

According to the International Financial News, Circle CEO Jeremy Allaire said at a sub-forum of the "Reshaping the Future of the Financial and Monetary System" at the 2020 Winter Davos Forum that "If you want to compare the challenges of technology and digitalization to the financial services industry as an arch , Then it can be said that the challenge is still at the very front of the arch. For example, the institution has just replaced a new user interface, but the challenge has now reached the culmination of the arch, and the turning point has arrived-along with the blockchain and digital assets The rise of stablecoins. At present, digitization has affected the core of the financial system-currency issuance, circulation, use, etc. "" The financial system is different from the communication system. There are real issues of identity and risk, but we must re-examine these issues. The solution-now a rigid enforcement mechanism that is ultimately tied to national sovereignty and their regulatory mechanisms. We must look for global solutions and technology-driven approaches when using blockchain and digital currencies to encounter identity risks. "