The recently held Fintech Festival in Singapore had executives from numerous digital businesses in attendance. The festival was necessary to facilitate the growth of financial technology in today’s world, creating a faster and more effective way to the bank. The event had representatives from top names like Facebook, Coinbase, Circle and many other Fintech firms.
Cryptocurrency’s current user experience might prevent mainstream adoption
CEO of Circle, Jeremy Allaire, graced the occasion to discuss with other intellectuals about how to improve the technology. The CEO said that he believed that the new Blockchain technology would hasten the adoption of digital currencies by many people from different parts of the world. He spoke this amongst a panel of top executives from the Fintech industry. Some of the people in the panel include CEO of Facebook’s new Fintech subsidiary, ‘Diem’. Although Diem has been facing a lot of controversies in the crypto space lately, the new venture seems not to let that slow it down. Coinbase’s Surojit Chatterjee, Makoto Takemiya and many others were at the event.
The discussion was based on a question on every crypto investor’s mind. The question asked if digital currencies could evolve into the next generation’s payment system. Allaire believes the blockchain technology is still in its early stages, that a new development could occur to transform the tech into something more advanced.
One of those who had opposing thoughts to Allaire’s quick adoption belief is Soramitsu’s CEO who opined that the current use of the blockchain technology might hinder its adoption. He believes that the tech is still not easy to understand to most people, and could affect its usage for years to come.
The Circle CEO, however, declared that the recent advancement in the technology is focusing on optimizing user’s experience for the better. Allaire reported that the change could spearhead the cryptocurrency’s adoption even by people who are not tech-inclined. It will also help new users to see the importance of using the innovation.
Many executives had a similar opinion of mainstream tech’s adoption. Chatterjee suggested that there would only be a widespread usage if the technology has a ‘TikTok moment’. He explained that users want something easy to use to be able to adopt it. Once cryptocurrencies are easy to use, it would lead to mainstream adoption, according to him.
What new regulations might mean for digital assets
The steps taken for cryptocurrency’s regulation was discussed during the Singapore festival. Federal governments felt the need to regulate the technology to prevent it from being used for malign and illicit purposes. The G7 held a meeting recently concerning the regulations and concluded that the tech had to be regulated, especially with rampant cases of hackers hijacking software demanding for payment in cryptocurrencies.
The Diem’s CEO expressed his thoughts on the new regulations that might come up for the technology, and he seems to understand the need for countries to create a regulatory framework for the platforms. Levey did not see Central Bank Digital Currencies as a threat to privately owned cryptos and explained that his venture would work alongside the CBDCs.