When it comes to remittances, cash is still king. At WEF22, Circle CEO jerallaire says digital cash systems built on the blockchain must hold the qualities of physical money without regulatory restraints to attract more users.
all the features that make physical cash an ideal medium for exchange. There’s a reason why “cash is king,” he said, referring to physical money’s portability, privacy and role in securing individual sovereignty.
“Cash is a really great product [...] People like cash. It’s private, it’s secure, it’s a bearer instrument, it provides final settlement between you and a counterparty,” he said, adding: “There’s so much energy in the world aimed at taking away the features that make cash so powerful. There’s a reason why people in countries around the world actually would prefer cash over mobile money because it gives them more self-sovereignty, it gives them more economic freedom.”are limited by the destination country’s lack of adoption of digital technologies. Saleh is the executive director of BRAC Bangladesh, a nonprofit organization aimed at tackling poverty.
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