The Influence of Cryptocurrency on Payment Solutions in the Middle East | SiGMA Eurasia 2024
Summary
TLDRIn 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
🎤 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.
🔍 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.
💡 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.
🌐 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.
🛠 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.
Mindmap
Keywords
💡Cryptocurrency
💡Stablecoin
💡Digital Assets
💡Fiat Currency
💡Payment Solutions
💡On-ramping and Off-ramping
💡Settlement
💡Regulatory Challenges
💡Blockchain
💡Correspondent Banking
💡Volatility
💡T+0 Settlement
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
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