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Jeremy Allaire, co-founder and CEO of Circle Payment Company, said Facebook's Libra would operate under a closed-loop authorization system, along with its own regulatory requirements, during an interview. with Bloomberg published on July 5th.
During the interview, Allaire pointed out that there were different different stablecoin implementations in their regulatory approach. He explained:
"There is a fundamental difference between stable coins that operate under the same closed-loop authorization system – this is how Libra is proposed today, at least in its initial version – compared to coins. stable currencies that can be executed over the Internet. "
Allaire also said it was the USDCoin approach (USDC), the jointly published stablecoin by Circle and the US Coinbase cryptocurrency exchange. He also said he hoped Libya would trigger the development of national policies on digital badets. He said:
"Our point of view is that, you know, crypto and blockchain are somehow the fabric of the 21st century economy, and there is an opportunity to put in place a policy that allows us to thrive. large scale in the same way that the Internet has flourished. from the middle to the late nineties and politics was really essential to allow this. "
As Cointelegraph reported in May, Allaire has already pointed out that the cryptocurrency space required regulatory certainty and that the current definition of cryptocurrency was too broad.
During the interview, Mr. Allaire also stated that he expects the mbadive adoption of non-sovereign digital badets like bitcoin (BTC), but that 39; it also provides for growth in the adoption of stable coins.
Allaire also recently debated Kevin O 'Leary, a Canadian businessman and TV personality, who said that cryptocurrencies posed serious compliance problems for the financial services sector.
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