The CEO of stablecoin issuer Circle says digital assets pegged to the dollar should become a mass export product for the United States.
In a new interview with CNBC TV, Circle CEO Jeremy Allaire said the United States should promote a “fully digital dollar” as a means of preserving the value of the greenback.
Allaire also said the country’s financial situation was “not normal.” This could also be helped by a transparent digital dollar system.
“Above all else, we must first focus on the power and competitiveness of the dollar. Even though the dollar is a reserve currency, there are situations around the world where they don’t want the dollar to be a reserve currency.
So first of all, to become a mass export product of the United States, we need a fully reserve digital dollar, like a stablecoin, and to become the main currency of the Internet, make sure it is a digital dollar.
The fundamental problem we have here is a sound money problem. Our current monetary system does not contain sound monetary principles. Almost every government in the world – not all of them bankrupt – is deeply in debt.
“The United States has enormous debt and its financial condition is not good,” he said.
The CEO calls on U.S. 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 legislation defining what these different types of digital assets are. Digital tokens are a huge innovation and a revolution in economic incentives and other areas.
“We need laws that say what digital tokens are, how to give away tokens, how to distribute tokens, and that users can use them for games or whatever.”
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