Brian Brooks: Blockchains Are Better Than the Current US Payments System

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Former chief legal counselor of Coinbase and current Acting Comptroller of the Currency, Brian Brooks, stood his ground on the belief that Blockchains are undisputedly better than the current US payments system that his heavily reliant on banks.

 

Brooks made his point public in his meeting with a personnel of Brookings Institution – a prominent think thank based in the United States. In the said meeting, Brooks spoke highly regarding the topic of Blockchains and decentralization in general. He reinforced his outlook that Blockchain-based technologies and systems will prove to be more stable for a faster payment system in the long run. Brooks made it clear that he has more faith in decentralization than the persistent utilization of the current payments system – particularly, a monopolized central bank.

 

Major obstinate issues regarding the current US payment systems resurfaced following the ongoing COVID-19 pandemic. For instance, the trouble the country is now facing regarding the $1,200 stimulus package as part of the relief initiative set by the government to fight off the adverse effects of the pandemic. Brooks firmly believes that if, for example, Blockchain is the utilized payment system of the US, these problems wouldn’t even be present.

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