Circle CEO Jeremy Allaire shared his thoughts on the cryptocurrency ecosystem during the World Economic Forum panel on Monday, which was also attended by Ripple CEO Brad Garlinghouse and CEO of Bangladesh-based development organization BRAC, Asif Saleh.
There's a reason cash is "important", according to Allaire, and people around the world want a digital form of cash that offers a private, ultimate solution and cannot be closed by central parties.
Allaire said that incorporating cash into the digital economy has benefits and potentially makes transfers cheaper, so governments must first recognize that this is something people want.
Allaire added that while saying that people want to know if digital currencies are "as good as cash".
"A lot of energy is wasted in the world removing the features that make cash so strong."
"We need to protect digital money, it needs to work online, it needs to be interoperable with anyone, anywhere."
However, Ripple CEO Brad Garlinghouse said that while he joined Allaire philosophically during the discussion, approaching regulators with a 'you should accept us' won't work.
The CEO of Ripple acknowledged that cash can benefit people, but reminded panelists that "people face a lot of questions when they want to go to the bank and withdraw $20,000 in cash."
While the Ripple CEO agreed that transfers could be cheaper and better than they are today, he said the hurdles to get there include "companies as well as governments' obligations."
Similarly, Circle CEO Allaire said he agrees that information can be transmitted "instantly at no cost to anyone, anywhere."
Allaire also said he believes we are on the cusp of an era where "the concept of cross-border payments will seem as crazy as the concept of cross-border email."
"We don't think about cross-border emails. It's ridiculous to think about it. Likewise, the concept of remittance will disappear."