The CEO of stablecoin issuer Circle says dollar-pegged digital assets should become a mass export of the United States.
In a new interview on CNBC Television, Circle CEO Jeremy Allaire says the US should promote “full reserve digital dollars” as a means to preserve the value of the US dollar.
Allaire also says the US budget situation is “out of order” – something that could also be helped by a transparent digital dollar system.
“First and foremost, we must first focus on the strength and competitiveness of the dollar. We have a situation in the world where even though the dollar is the reserve currency, there are a lot of places in the world that don’t want the dollar to be that currency.
So first we need full reserve digital dollars, like stablecoins, to become a mass export product of the United States and if a major currency comes on the internet, make sure it is a digital dollar…
The fundamental issue we are dealing with here is a sound money issue. There are currently no sound monetary principles embedded in our monetary system. Virtually every government in the world is – I won’t say they’re all bankrupt – but they have enormous debts.
The United States has an enormous debt burden, its budget house is not in order.”
The CEO calls on US regulators to clearly define what digital assets are, how they can be bought and sold, and how they can be used.
“Most importantly, we need statutes that define what these different types of digital assets are. Digital tokens are a huge innovation and they are an innovation in terms of economic incentives and others.
We need laws that say, this is what a digital token is, this is how you offer one, this is how you distribute it and users can use it, whether it’s a game or whatever it is.”
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