Valr CEO Ehsani on how crypto currencies can be used to reduce cash usage
Crypto currencies will be part of the overall solution to reducing cash usage in economies throughout the world though it may take time. That’s the view of Farzam Ehsani, co-Founder and CEO of Valr, a virtual currency exchange.
Wed, 04 Dec 2019 15:23:32 GMT
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AI Generated Summary
- Cryptocurrencies offer a borderless and frictionless transaction experience, challenging traditional national currency boundaries.
- While facing early-stage challenges, cryptocurrencies have the potential to be widely adopted for payments and store of value.
- Inclusivity and regulatory balance are essential in driving the future adoption and integration of cryptocurrencies in the financial landscape.
In a recent interview with CNBC Africa, Farzam Ehsani, co-Founder and CEO of Valr, a virtual currency exchange, shared his insights on how cryptocurrencies could potentially revolutionize the global financial system, leading to a significant reduction in cash usage. Ehsani emphasized the transformative power of cryptocurrencies, highlighting their borderless nature and seamless transaction capability. According to Ehsani, the current financial system, which is predominantly based on national currencies, is gradually evolving towards a more inclusive and unified approach that recognizes the oneness of humanity. He pointed out that cryptocurrencies represent the first digital monetary instrument that transcends borders and eliminates friction in transactions, offering the potential for widespread adoption and use. While acknowledging the volatility and early-stage challenges facing cryptocurrencies, Ehsani drew parallels to the early days of the internet, suggesting that as the technology matures, volatility will decrease, making cryptos more suitable for payments and stores of value. Despite the potential for resistance from centralized institutions and regulatory bodies, Ehsani expressed optimism about the long-term viability and adoption of cryptocurrencies, envisioning a future where digital currencies could coexist with traditional fiat currencies. He urged regulators to embrace the benefits of cryptocurrencies while maintaining a balance between innovation and consumer protection. Ehsani also addressed the role of cash in the current financial landscape, noting that cash remains a crucial instrument, particularly for underserved populations and those lacking access to digital devices. While highlighting the rapid growth and onboarding of new customers to Valr, Ehsani emphasized the importance of inclusivity in the digital age, recognizing the need to cater to individuals who may not have the same level of technological access or literacy. Overall, Ehsani's insights shed light on the potential of cryptocurrencies to transform the financial ecosystem and drive global economic progress, calling for collaboration and innovation across all sectors to propel towards a more efficient and inclusive financial future.
