The Influence of Cryptocurrency on Payment Solutions in the Middle East | SiGMA Eurasia 2024

Summary

In a panel discussion sponsored by BitCashier, industry experts from Fireblocks, ZBX Crypto Exchange, Lunu, and Checkout.com explore the impact of digital assets on payment solutions, particularly in emerging economies. They delve into the role of stablecoins, CBDCs, and cryptocurrencies in facilitating faster, cheaper, and less risky transactions, while addressing the challenges of regulatory compliance and the coexistence of traditional fiat systems. The conversation highlights the potential for a two-tiered financial system integrating digital assets and fiat currencies in the coming years.

Takeaways

• 🎙️ The panel discussion focused on the impact of cryptocurrency on payment solutions, particularly in the Middle East, and was sponsored by BitCashier.
• 🏆 Adam Levan, the moderator and VP of corporate strategy at Fireblocks, introduced the panelists, highlighting their roles in the cryptocurrency and payment industry.
• 🤝 Ash from Checkout.com emphasized the company's role in bridging the gap between fiat and digital currencies, servicing global clients including PlayStation and Google.
• 💼 Charles Whitby Smith, CEO of BitCashier, discussed their platform's focus on crypto payment processing and settlement, especially in the gaming and gambling sectors.
• 🔄 Dave Pulis from ZBX Crypto Exchange spoke about the need for fast settlement in the financial industry and the role of stablecoins in addressing this issue.
• 🌐 Julian Goffin, CEO of Lunu, touched on the challenges of correspondent banking and how stablecoins offer a solution by providing a more stable form of payment.
• 💡 The panelists agreed that digital assets, including stablecoins and cryptocurrencies, offer benefits such as quicker transactions, reduced risk, and lower costs.
• 📉 Dave Pulis highlighted the preference for USDT (Tether) in the market due to its widespread use and acceptance, despite regulatory concerns with stablecoins.
• 🔮 Looking towards the future, Julian Goffin predicted an increase in the adoption of stablecoins and the possibility of more countries creating their own stablecoins.
• 🏦 Charles Whitby Smith expressed concerns about the increasing regulatory pressures on the crypto industry and the challenges it poses for businesses.
• 🔄 Ash from Checkout.com foresees a convergence of traditional payment methods and digital currencies, with a focus on improving settlement times and reducing costs in e-commerce.

Q & A

What is the main topic of the panel discussion in the script?

The main topic of the panel discussion is the influence of cryptocurrency on payment solutions, particularly in the context of digital assets and their integration into existing financial systems.

Who are the panelists mentioned in the script and what are their roles?

The panelists are Adam Levan, the moderator and VP of corporate strategy at Fireblocks; Dave Pulis, director of zbx crypto exchange; Julian Goffin, founder and CEO of Lunu; Avish Car, head of partnerships of digital assets and web3 at Checkout.com; and Charles Whitby Smith, CEO of BitCashier.

What is the role of Checkout.com in the cryptocurrency space as described by Avish Car?

Checkout.com is a payment provider that helps bridge the gap between fiat and digital currency. They support major companies like PlayStation, Google, and Sony, as well as blockchain community entities such as Coinbase and blockchain.com, facilitating onramping and off-ramping in the fiat ecosystem.

What does BitCashier do according to Charles Whitby Smith?

BitCashier is a crypto payment processing and settlement platform. They operate in industries such as gaming and gambling, and cater to corporate industries that want to use crypto as a form of payment, focusing on on and off-ramping, converting crypto to fiat.

What is the primary focus of zbx crypto exchange under Dave Pulis's direction?

zbx crypto exchange, under Dave Pulis's direction, focuses on providing a payment aggregator for emerging economies and facilitating fast settlement in fiat, which is identified as one of the significant problems in the industry.

What does Julian Goffin believe is the main issue with correspondent banking in the payment industry?

Julian Goffin believes that correspondent banking is a real problem in the payment industry, especially in places like Malta, where even main banks have issues finding correspondent banks for USD payments.

What is the panel's consensus on the role of stablecoins in the current financial system?

The panel generally agrees that stablecoins provide a solution to volatility issues associated with cryptocurrencies like Bitcoin and Ethereum. They are seen as ideal for transactional cases in business due to their relative stability and the comfort they provide to businesses.

Why does Dave Pulis believe USDT is the most used stablecoin in the market?

Dave Pulis believes USDT is the most used stablecoin because it is in high demand and widely accepted. He compares it to investing in a project with a superior team rather than superior technology, suggesting that market demand drives the adoption of USDT over other stablecoins like USDC.

What challenges does Charles Whitby Smith foresee for the adoption of cryptocurrencies in the payment industry?

Charles Whitby Smith foresees regulatory challenges as a significant hurdle for the adoption of cryptocurrencies. He mentions that governments are opposed to alternative financial systems and that compliance issues are becoming increasingly stringent, especially when settlements involve crypto exchanges.

What does Avish Car see as the future of money movement and settlements in B2B and B2C models?

Avish Car sees the future of money movement and settlements being fundamentally changed by blockchain technology, which offers alternatives to traditional banking systems. He anticipates a convergence of digital currency as assets in settlement forms and the coexistence of these new models with existing payment methods like Visa and MasterCard.

What is the panel's view on the pace of adoption and integration of cryptocurrencies into the mainstream financial system?

The panel acknowledges that the adoption of cryptocurrencies is a gradual process. They note that the technology is still relatively new and that it will take time for regulatory frameworks to develop and for the market to mature. They also emphasize the importance of patience and allowing the technology to evolve naturally.

Outlines

00:00

🎤 Panel Introduction and Cryptocurrency's Impact on Payments

The script opens with a lively introduction to a panel discussion on the influence of cryptocurrency on payment solutions in the Middle East, sponsored by Bit Cashier. The panel is composed of industry experts from various companies, including Fireblocks, ZBX Crypto Exchange, Lunu, and Checkout.com. Each member briefly introduces their role and their company's focus on digital assets and payment infrastructure. The discussion aims to explore the intersection of fiat and digital currencies and the emerging trends in the industry.

05:00

🔍 Exploring Digital Assets and Their Role in Modern Payments

This paragraph delves into the taxonomy of digital assets, distinguishing between tokenized fiat, stablecoins, CBDCs, and cryptocurrencies. The panelists discuss the practical applications of these assets, particularly in B2B and B2C models, and how they address issues like latency and infrastructure in the current monetary system. The conversation highlights the shift towards stablecoins due to their utility in transactional cases and the challenges posed by the volatility of cryptocurrencies like Bitcoin and Ethereum.

10:03

💡 The Utility of Stablecoins and the Future of Payments

The panelists explore the benefits of stablecoins in simplifying settlements and reducing the need for intermediaries in the financial system. They discuss the preference for USDT over other stablecoins like USDC due to market demand and the utility of stablecoins in correspondent banking. The conversation also touches on the potential for countries to adopt their own stablecoins and the implications for monetary and fiscal policy.

15:03

🌐 Regulatory Challenges and the Evolution of the Financial System

In this section, the panelists address the regulatory challenges facing the adoption of digital assets and payments. They discuss the increasing scrutiny from banks and governments, the impact on business operations, and the potential for a two-tiered financial system. The panelists also consider the long-term evolution of the monetary system, with a coexistence of fiat and digital currencies, and the need for patience and time for the technology to mature and find its place in the market.

20:03

🛠 The Role of Checkout.com in the Digital Payments Landscape

Ash from Checkout.com discusses the company's focus on improving latency in the payment system and facilitating e-commerce transactions. The panel anticipates a convergence of traditional payment methods with digital currencies and the importance of on-ramping and off-ramping between fiat and crypto wallets. The discussion emphasizes the need for the industry to adapt to new technologies and the potential for digital assets to revolutionize the way money is moved and settled.

⏳ Reflections on the Pace of Cryptocurrency Adoption and the Importance of Patience

The final paragraph reflects on the rapid development of cryptocurrency and blockchain technology since its inception. The panelists acknowledge the challenges of integrating this new technology into existing financial systems and the importance of allowing it time to mature. They emphasize the significance of conferences and industry discussions in propelling the growth and understanding of cryptocurrency, while also recognizing the need for patience as the technology finds its footing in the market.

Keywords

💡Cryptocurrency

Cryptocurrency refers to digital or virtual currencies that use cryptography for security. In the context of the video, cryptocurrencies like Bitcoin and Ethereum are discussed as alternative payment solutions with a focus on their potential to transform the financial system by offering faster, cheaper, and more secure transactions.

💡Stablecoin

Stablecoins are a type of cryptocurrency designed to minimize price volatility by being pegged to a stable asset, such as the US dollar. The video highlights their role in providing a more stable medium for transactions, particularly in B2B contexts, where they help mitigate the risks associated with the volatility of traditional cryptocurrencies.

💡Digital Assets

Digital assets encompass cryptocurrencies, stablecoins, and other forms of tokenized assets. The video emphasizes their growing importance in the payment industry, offering new ways to settle transactions and bridge the gap between fiat currencies and digital currencies.

💡Fiat Currency

Fiat currency is government-issued money that is not backed by a physical commodity but rather by the government that issued it. In the video, fiat currencies are contrasted with digital assets, with discussions on how digital assets can improve the efficiency of transactions traditionally handled by fiat currencies.

💡Payment Solutions

Payment solutions refer to the systems and methods used to process financial transactions. The video discusses various payment solutions involving digital assets, highlighting how these solutions can enhance speed, reduce costs, and provide greater security compared to traditional methods.

💡On-ramping and Off-ramping

On-ramping refers to the process of converting fiat currency into cryptocurrency, while off-ramping is the reverse process. The video covers how companies facilitate these processes to enable users to seamlessly transition between fiat and digital currencies in various payment scenarios.

💡Settlement

Settlement in financial terms refers to the completion of a transaction, ensuring that payment is transferred and received. The video discusses how digital assets, particularly stablecoins, can streamline settlement processes, reducing the time and intermediaries involved in traditional financial systems.

💡Regulatory Challenges

Regulatory challenges refer to the legal and compliance issues faced by companies operating in the digital asset space. The video highlights the complexities and evolving nature of regulations around cryptocurrencies and stablecoins, which impact their adoption and usage in the payment industry.

💡Blockchain

Blockchain is the underlying technology for most cryptocurrencies, providing a decentralized ledger that records all transactions. The video underscores blockchain's potential to revolutionize the financial system by improving transparency, security, and efficiency in payment processing.

💡Correspondent Banking

Correspondent banking involves banks providing services to each other, typically for cross-border transactions. The video addresses the inefficiencies and high costs associated with correspondent banking, suggesting that digital assets can offer more efficient alternatives.

💡Volatility

Volatility refers to the degree of variation in the price of an asset. In the context of the video, the volatility of cryptocurrencies like Bitcoin and Ethereum is discussed as a challenge for their use in everyday transactions, which stablecoins aim to mitigate.

💡T+0 Settlement

T+0 settlement means that a transaction is settled on the same day it is executed. The video mentions how digital assets, especially stablecoins, can facilitate T+0 settlement, improving the efficiency and speed of financial transactions compared to traditional banking systems.

Highlights

Introduction of the panel members and the companies they represent, setting the stage for a discussion on digital assets and payments.

Overview of Checkout.com by Ash, highlighting its role in bridging the gap between fiat and digital currencies.

Charles from Bit Cashier discusses their role in crypto payment processing and settlement, particularly in gaming and gambling industries.

Dave Pulis shares his extensive experience in the crypto industry since 2013 and emphasizes the importance of fast settlements for fiat currencies.

Julian Goffin humorously introduces himself and his company, Lunu, which deals with crypto and payments.

Adam from Fireblocks praises UAE's proactive stance on Web3, both in regulatory aspects and innovation.

Discussion on the taxonomy of digital assets by Ash, covering stablecoins, CBDCs, and cryptocurrencies.

Charles highlights the increasing preference for stablecoins like USDT in business transactions due to their relative stability compared to other cryptocurrencies.

Dave Pulis elaborates on the benefits of using stablecoins for T+0 settlements and reducing intermediary involvement.

Julian Goffin points out the challenges with correspondent banking, especially in regions like Malta, and the potential of stablecoins to alleviate these issues.

Adam from Fireblocks emphasizes the efficiency and reduced risk associated with digital asset payments.

Julian predicts a significant increase in the adoption of stablecoins by countries in the near future.

Dave explains the practical reasons behind the widespread use of USDT over USDC, despite regulatory concerns.

Charles comments on the regulatory challenges faced by businesses using crypto and the need for a dual financial system combining fiat and digital assets.

Ash foresees a future where digital currency settlements improve efficiency and reduce costs for e-commerce and fintech companies.

Charles highlights the rapid evolution of the crypto industry compared to the centuries it took for the fiat system to develop.

Closing remarks from the panel, acknowledging the progress made in the crypto space and the importance of conferences in promoting its growth.

Transcripts

[Music]

[Music]

the influence of cryptocurrency on

Payment Solutions in the Middle

[Music]

East amazing so yes a big thanks to our

sponsor bit cashier as you can see there

so please do reach out to them check out

their websites listen to this amazing

panel okay so we have our moderator Adam

Levan who is the VP and corporate

strategy at fireblocks they were our

winner at aibc awards as well so thank

you so much Adam and we have our panel

Dave pulis the director of zbx crypto

exchange Julian Goffin the founder and

CEO of lunu

L and we have um avish car sha the head

of Partnerships of digital assets and

web3 at checkout.com and jles Whitby

Smith the CEO of none other than bit

cashier amazing so you guys you're our

first panel of today so your challenge

is to engage the audience we're going to

build a crowd here guys you're not going

to want to miss this one thank you okay

so we have 20 minutes to w you about

digital assets and payments uh

relatively large panel let's go quick

introduction just who you are and what

your company does Ash over to you hi

everyone I'm uh Ash shama team principal

of Ferrari I've always wanted to say

that since Netflix but no um I'm Ash I

run uh Partnerships at checkout checkout

we're a payments provider so we help

bridge the gap on Fiat and digital

currency and digital assets which I know

we're going to unpack today um we're a

global provider we look after likes of

PlayStation Google Sony we also support

the blockchain community and the likes

of coinbase uh blockchain.com Etc so we

uh help people onramp and off-ramp in

the Fiat

ecosystem uh good morning Charles whby

Smith I'm the CEO of bit cashier uh

sponsor of this uh of this panel um so

we're a crypto payment processing and

settlement platform uh we work in the

gaming gambling space uh as well as

other um Industries so corporate

industries that want to use crypto as

forms of payment uh like Ash and like a

lot of people that are in the payment

industry we also deal in the uh on andof

ramping fusing crypto to uh to Fiat and

excited to be on this panel and

hopefully it'll be educational for this

massive audience that we have here

today thank you hi I am David police I

uh been in crypto since 2013 even if I

look 20 I'm middle-aged um

I founded I was CEO of one of the first

multis crypto exchange um also now we

have a payment aggregator to uh cater

for the emerging economies and um and we

also do many other stuff within

cryptocurrencies and bridging payments

for especially fast settlement when it

comes to Fiat as well which is one of

the biggest problems right now in the

industry hi uh my name is Julian Goffin

and I'm an alcoholic oh sorry wrong

wrong meeting wrong meeting sorry the

next meeting next that's the the next

meeting um I'm J goling I'm um I I'm the

CEO and founder of a company called

aluni um We're uh an Emi based out of

Malta and we deal with a lot of crypto

and payments uh within the industry as

well excellent uh and so quickly uh fire

blocks were digital asset infrastructure

and really excited to be powering some

of the panelists here uh and before we

jump right into payments I just want to

say landed last night coming in from New

York and it's great to be here in the

UAE where you see a country really

leaning into web 3 uh both in regulatory

side and increasing Innovation and so uh

a nice change of pace let's say and the

panelists definitely appreciate that uh

Ash quick question we're talking about

digital asset and payments is this about

how you do payments with a certain type

of crypto is this about stable coin what

do we actually talking about ah yeah

taxonomy RI let's let's set the

foundation that's a good question and I

know all my my panelists will have

different takes on it I guess how we

look at is digital asset is tokenized

Fiat right and then let's double click

on that you've got stable coins you've

got cbdcs like VAR recently doing um I

think the Durham stable coin the Durham

Central Bank currency were payment to

China so you've got then

cryptocurrencies themselves right which

is an opaque area which has uh stored

value um I think that kind of sets a

foundation of a digital asset and a

digital

and then you still also have Fiat today

right and we have the interaction of

Fiat and how all of this then becomes

interchangeable and I think one of the

interesting things is we're talking

about these three types of assets um and

how they interact within the real world

and how that happens is the exchange of

value and within that exchange of value

you have a b Toc and a B2B model then so

we have B2B use cases B Toc models where

you're either trying to grow adoption or

user base or exchange utility or you

have B2B models that are trying to

improve latency and infrastructure

issues that we have today with our

current monetary system but I think

holistically I look at as those three

asset classes kind of sitting within the

current system today Charles do you

agree yeah I would agree um so we're a

B2B platform principally we don't really

touch the consumer um and so most of the

business that we see um certainly in the

last 12- 14 months we've seen a real

change into stable coin um we did have

some commercial customers that were

using uh trying to use Bitcoin or

ethereum but obviously the volatility

issues um particularly with Bitcoin uh

well and ethereum too were causing

issues so the stable coins that are out

there and the most most popular used one

is

usdt um is is ideal for for

transactional cases for business um so

yeah is it I mean I always think it's a

it's a cryptocurrency I mean I refer to

stable coin as a cryptocurrency um what

your version of a cryptocurrency is I

mean is it a currency I don't think

crypto is a currency it's more of a

store of value um and a transactional uh

it's very good for transactional uh uses

so yeah um but stable coin is is is nice

and it gives a feeling of comfort to

people in business stable but of course

the mistake a lot of them make all the

time is they think it is pegged one to

one to US dollar which of course or to

the euro which of course it never is

because there's still a spread there's

still liquidity there's still changes in

value so it's not entirely stable uh in

that regard but yeah as far as things go

for business it's a great it's a great

uh it's a great tool Dave Julian let let

me ask there's so many different payment

mechanisms especially in the more

developed markets what problems are

digital assets really solving when it

comes to payments in your view and is it

just for emerging markets where it's

helping them Leap Frog tell me look

let's let's boil it down to what we're

actually doing right um there's the

crypto maximalist who say crypto will

take over the world right but if you

take it down to what are the needs right

now if you take a look at the financial

system it's built like a house of cards

with settlements intermediary Banks your

bank now Emi layers so on and so forth

what we're doing what we are looking at

the market is one of the simplest things

it's I'm talking about stable coins more

than now the cryptocurrency themselves

how can we do t plus Z settlement so how

can I transfer money to your bank to

your account and it settles on the day

right so one of the best uses for

cryptocurrency in this case and I

mention stable coins because first

you're not also subject to the

volatility so obviously you can Peg it

so you don't have to do reconciliation

of where the asset the digital asset has

moved in relation to what you have

actually transferred the wealth you have

actually trans transferred and the

second is that nowadays if I want to

transfer Fiat say Euros to euros you can

we can also use or this is what we're

seeing in the market we're using the

cryptocurrency to settle the transfer of

wealth in between so I transfer to you

the uh to your institution especially if

we own both institutions we can transfer

a lot of wealth within a week and at the

end of the week reconciliation

takes place or the transfer of wealth in

cryptocurrencies one it saves a lot of

Hustle by going through a lot of

intermediaries you can settle internally

and as an operator you can take a bigger

chunk of the money because there isn't 8

10 people involved in a transaction so I

think the world going forward we are

seeing that most of the world is still

using usdt right going back a couple of

years everyone was saying usdc might

take over because of its regulation but

we're still using a lot of

usdt and with regards to

cryptocurrencies like Bitcoin ethereum

so on and so forth I think they will

keep their place as a store of value and

obviously with regards to ethereum it's

applicable use cases just before we get

to Julian uh Dave why usdt explain to

the audience why it's not something like

usdc that most of the world is

gravitating

towards just to make my example a bit

more clear um we also do Investments

like a small VC right we don't invest in

the best project most of the time but we

invest in the project that will has the

best team to take it to the next stage

so if you have the best technology and

the guy next to you has a technology

which is slightly inferior but has the

best team to take it to the market we

will invest in this guy not in your

technology right and it sounds a bit uh

crude to say it like that but how it

applies to the cryptocurrency itself

it's that usdt is the most used stable

coin out there most people are

requesting usdt so it's useless for me

as an operator to try to push say usdc

because the uh demand side is still

based on usdt having it issues or not

with regards to re reserves or not I

will not get into that but the demand

side is pulling us operators and that's

what see we're seeing in the market

understood so Julian your view your EXP

erence what do you think that the

payments and digital assets is really

solving that hasn't been solved

efficiently yet um I think I think one

of the issues and I I don't think

anybody's brought it up yet is the the

issues around the correspondent Banks as

well because the the correspondent

banking within the the whole payment

industry at the moment is is a real

problem I mean if you look at where

where we're based in Malta um you try

and get some USD payments within Malta

even the main banks in Mal having issues

on finding correspondence for that sort

of currency um however as Dave was

saying usdt seems to be a very or the

stable coin of choice let's say um it's

one that's been out there for a while

everybody's happy with it everybody's

safe and everybody everybody believes in

it um you you have the UK now that have

brought in a stable coin you have the

Australian dollar that's brought in or

the the the Australian currency that's

bought in a stable coin now as well and

it's it's

it's something I think that people can

be come safe with they're happy with

within the payment in especially within

the payment

industry you know at fire blocks we

think about digital asset payments as

being uh quicker uh less risky and

cheaper uh and I think that's a lot of

what we're talking about here uh Dave

you mentioned before about how the banks

can be like a house of cards a good

friend of mine's worked at a few

American and European uh operations at

Banks and has said if told his father if

you knew how Banks operated you pull all

your money out and keep it under your

pillow case so I think that resonates uh

so Julian what let let's get a bit

provocative what is going to change in

2024 in payments maybe more Mast focused

or if you want to make it something

broader but give us something

provocative are we going to see a

country adopt Bitcoin as the national

currency again or what's really going to

happen no I I don't think Bitcoin is too

volatile really for for people to

actually look at that if we look at the

audience now I'd like to know from the

audience and and I'm bring the audience

into this how many of you guys actually

get paid in crypto

one how many of you want to get paid in

crypto you know it

two how many of you know what crypto is

we we pay we pay a couple of our

employees over there in crypto I'm I'm

looking at your employees so they're

going to get paid in crypto from now on

anyway so that's that that's good but

you know if you look let let's take the

Middle East for

example you have a lot of varying

currencies around the Middle East now

now if you're if you're working on one

stable coin not only are you working in

the Middle East but you're also working

worldwide because you you move the

volatility away from a currency crypto

is still a currency in my opinion crypto

is still a currency you still get the

pairs in crypto you still work in crypto

but when you're looking at a stable coin

all of a sudden you are working

worldwide for it and I think that is

where the key is in the future this

these next few years you'll see that

stable coin coming in more and more and

I think you'll see more countries

adopting their own stable coin that's

where I think Dave your

thoughts the before we mentioned the

more regulated stable coins right the

issue with uh regulated stable coins

let's say let's step away from regulated

stable coins if you use the dollar the

US dollar for certain operations and

Uncle Sam doesn't like your operations

they can come after you with wherever

you are in the world right so this is

public news I'm not I'm not giving you

any insights so one of the issues with

the with the regulation is also um that

fear of being persecuted right there

might be legitimate reasons obviously

anti-money laundering terrorism so on

and so forth but I think what's driving

or the demand coming from stable coins

is that hey um our currency is

collapsing there's various examples

around the world Lebanon a few countries

in Africa I mean quite a few countries

actually now and this can keep going on

and on and uh due to improper management

I think they're seeing stable coins as a

savior right but I think a country

should also be able to do their monetary

policy and their fiscal policy as well

even if economics is more hyped than it

should be right it doesn't solve all the

problems as an economist I'm saying that

economics doesn't solve the problems um

but but the problem with the stable coin

is that obviously you cannot do either

monetary or fiscal policy right so that

will take a lot away from a developed

government to be able to function in how

modern societies right now are

functioning being good good or bad but

if a country like for example Lebanon I

believe they lost

80% um year on year since the last year

I checked on the value of their currency

then it makes sense as a stepping stone

to use either a stable coin or crypto

currency because it's taking away from

the government's inability to manage its

own currency but as an end solution I

don't think that it will be um um what

will be adopted in the next 5 to 10

years Charles we're hearing a lot about

stable coins where do you see a change

in 2024 when it comes to

payments well I've got to say I I don't

actually see too much I agree with Dave

I mean the issue is that the regulatory

uh hammer um is is getting bigger and

bigger uh governments really are very

much opposed to any form of of

alternative uh Financial system which is

essentially what we are all propon here

uh proponents of here

[Music]

um the what we see in business is every

time we do settle not every time but a

lot of the times now increasingly when

we're doing settlements um we're getting

asked by banks for um a lot of

compliance uh to prove where that you

know the actual um provence of those

funds if they've if there's any hint of

a crypto Exchange in there the funds are

being blocked and not released um and

these are very real problems at the end

of the day still Fiat unfortunately is

what everybody gets paid in I mean

judian asked the asked the audience here

and a minority of people still get you

know get paid in crypto ultimately

business still operates I would say 9 5%

with Fiat and it's a massive Hill to

climb and I think we it's going to take

time for uh the implementation for uh

regulation and there's always going to

be regulation around crypto because

otherwise if the governments just let it

carry on as are completely decentralized

they've lost control of State they've

lost control of

finance and that's never going to happen

I think we have to be realistic so what

I think we're going to see not as

immediately as 2024 but over the next 5

years is I hope that what we see

ultimately is ESS essentially a two

tiered uh Financial system so we have

Fiat and then we have also for certain

types of uh Industries maybe gaming

gambling maybe um some other um you know

corporate um money movements that rely

on Smart contracts where crypto can be

used the governments will have a

there'll be an acceptable form of

Regulation that works for everybody um

rather than the sledgehammer to crack a

nut that we have at the moment and we'll

have essentially crypto which rather

than government backed uh digital coins

um which I think a a Crocker

frankly uh I think the the whole stable

coin that we have the crypto works works

very well and I think what we'll end up

seeing in five five or so years time or

I hope is that we end up with a uh a

two-tier thing where that you still have

the Fiat but we also have stable coins

predominantly as

uh as businesso business uh operational

currency and then of course the

investment uh of Bitcoin and other

cryptos that the consumer will play with

so ask checkouts in a privileged

position with the just the volume of

transactions you get to help facilitate

what's the change that checkouts

thinking is coming

imminently um so for us I think it's

going to be kind of what Dave Julian and

Ja touched on here around improving

latency in the system today so money

movement is one thing and I'll say this

as an ex Banker here I was at a city for

10 years so forgive me for my sins but

we are they these guys are essentially

right we are in a point of inflection as

Humanity that we have a new monetary

system based on technology development

that is improving and providing

Alternatives and that means I'm talking

about blockchain here fundamentally

changing how money can be moved within

B2B and B Toc models so let's look at

JPM onic system how they can settle

supply chain Finance funds hopefully

that intrinsic value gets passed on to

B2B models that then affect us right for

us a check out we're very specific into

settling e-commerce flows and helping

digital companies Thrive so if you look

at fintex trying to move money and

receive money from consumers there's a

lot of Legacy in the correspondent

banking systems there's a fractured

system it's high cost and it means

entrepreneurs like three gentlemen

sitting with me today have high cost

margins and they have to seek different

ways to operate within so I think what's

going to happen is changing and

utilization of digital currency as

assets in settlement form is going to be

one of the number one process and ticket

movements um I think chares touched on

this as well it's going to be a

coexistence and it's going to be based

on our Evolution curve you know people

still writing checks in the US as You'

know Adam I think you were trying to pay

our bill last night in a check right um

so you know there's going to be a

coexistent of of evolution that happens

with mass adoption and with business

models pushed by these gentlemen but I

think what we're seeing a checkout is

fixing the settlements today and then

watching these models start to coexist

with all the other types of internal

payment methods so Visa MasterCards um

on ramping and off ramping these these

into your bank account or into your

crypto wallet so I think that

convergence is what we're going to be

watching out for in the next couple of

years can I sorry Adam can I just say I

think what people forget is it's taken a

thousand years for the Fiat monetary

system to get to where we are today and

everybody uh you know Regulators

included um are beating up this

technology that really has only been in

existence since 2010 let's be honest and

probably you a use case for business

since

20 19 2020 I mean it's so new and so

young that we're actually all you know

trying to shoehorn it into a space of a

few years when uh an effective manitary

system can take you know

decades at best and you know centuries

uh at worst to to actually become

effective and uh and stable so I think

it's come a a real long way in a very

very short period of time and you know

conferences such as these that are

promoting and and helping to uh Propel

the the growth of crypto can only be a

good thing but we shouldn't we should

all you know give it time to breathe and

let it find its way and and its solution

it's too it's not going to go away

that's for sure understood and excellent

we have the not so subtle sign saying

time is up so thank you to the panelists

really appreciate it and I appreciate

everyone listening