Jeremy Allaire, Chief Executive Officer, Circle on Trusting the Internet

At the 2019 Spring Meetings the IMF’s Christine Lagarde talks with experts on the digital age. Digitalization is reshaping economic activity, shrinking the role of cash and spurring new digital forms of money and payments. The panel engaged in a lively discussion of the perils and promise of digital payments, focusing on the role of the private sector versus that of central banks.
Allaire stated that a digital version of the SDR could be rolled out in 12-24 months from a technological standpoint. The key factor, however, was establishing trust in the new system, and there was considerable debate about what engenders trust among consumers. Allaire argued that cryptocurrencies and blockchains were inherently trustworthy because they were immune from human fallibility or corruption.
More on the seminar: meetings.imf.org/en/2019/Spri...