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Former U.S. Treasury Secretary Lawrence Summers Praises Stablecoins, Says Global Digital Currency Is Unlikely In The Near-Future
Summary: Last week Former U.S. Treasury Secretary Lawrence Summers spoke on Circle co-founder and CEO Jeremy Allaire’s podcast, “The Money Movement,” and declared that any kind of global digital currency is unlikely to occur in the near-future. Summers argued that governments will want less financial privacy over time and that people will not view this privacy as vital ...
Last week Former U.S. Treasury Secretary Lawrence Summers spoke on Circle co-founder and CEO Jeremy Allaire’s podcast, “The Money Movement,” and declared that any kind of global digital currency is unlikely to occur in the near-future.
Summers argued that governments will want less financial privacy over time and that people will not view this privacy as vital enough to fight for, a blow to crypto's privacy advantage case. He added that governments won't move enough money out of traditional banking systems to make a crypto-based system a reality.
Summers went on to praise stablecoins, claiming that easing cross-border transaction fees and ATM withdrawal fees are the strongest arguments in favor of digital asset adoption.
By Emily Mason
Tags: Stablecoins,US Treasury Secretary
Link: Former U.S. Treasury Secretary Lawrence Summers Praises Stablecoins, Says Global Digital Currency Is Unlikely In The Near-Future [Copy]
