WEBVTT

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good morning well um this panel will last approximately 15 minutes and therefore february

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from now will be hearing from for um Experts of Bitcoin here in our region upon the subject

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regulatory landscape for Bitcoin adoption in Southeast Asia well I don't know um

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from whom should I start but I would start um with Gordon Albert alphabetically in order

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um

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Robert um can you share with us I mean in terms of the way in which you need to work together with government authorities as well

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as well as regulations because Bitcoin seems to be

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alien

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for those people especially of conventional you know um regulators and so on can you share with us I mean how have you been

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interacting with them especially

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last year when there were several incidents happened to digital asset industry

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yeah sure so

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in

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in Vietnam I can talk a little bit about it uh maybe I'll put some context around it and probably talk a little bit more of how

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we do a little bit more on the west and how that kind of comes into how Vietnam would kind of look into that um so I'll start off with kind of how Vietnam would look into it so Vietnam looks into it as

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it is something that's there they understand it they know that it's um

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the people that use it right so buying and selling is is okay

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uh everything else which you see is is uh exactly what they say so anything that's received right is illegal

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right so it's the same thing like any other country you can't go into

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say Thailand and say I'm going to go buy something with US Dollars it's exactly the same thing right but if you use it as a method of

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for what we do in new Trump a is like we'll go and say you're taking Neutron pay is a method but at the end

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receiver is always going to receive that currency

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so in this case Vietnam would receive that currency

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all right so that usually helps us regulators and say

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it's okay with them

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uh from this standpoint but it is still kind of being examined right so they still look at it

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and they say we want to figure out how it actually works how we're going to get

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uh a perfect framework around it so kind of if you look at it there's other Frameworks

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are around southeast Asia so you can look at like Japan South Korea

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Japan being a very good kind of indicator because they they were

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in the industry for a while um and that's kind of how

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then I'm kind of looks at it in a way right from from my perspective of who we've talked with

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um and it kind of framing it a little bit more into How the West kind of takes it because I'm from Canada

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is Canada is really structured right so we have compliance and Frameworks of how digital assets come into kind of

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Fiat or traditional um is that it's all the same they look at it as it's it's Finance right so if you're transacting with

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Bitcoin or anything like that they look at it as it's the same thing as you would comply with like AML and kyc

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processes right so as long as you follow that that follows the same kind of framework and then that will eventually kind of

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mold into how southeast Asia does it I believe

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they don't want to look at it as something extra

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I believe what what we've seen is that they want to do it as

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Amendment

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right because if you're creating a whole bunch of new Frameworks and policies

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that don't apply to chat fee which is

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what we do every day it's just kind of a complete waste of time

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so that's that's kind of what I've seen so far is that they they want to kind of amend into

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what is what we have existing and then kind of roll up

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uh

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what we can do with Bitcoin and digital assets

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thank you very much since you mentioned Japan that this Mrs in Japan has been developed quite substantially

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um in the past years and can I ask um cultural song in order to share your experience in

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dealing with The Regulators government authorities who initially they might not have full understanding about

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what Bitcoin is

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yeah so my experience dealing with uh the Japanese Regulators I'm based in Japan and I have

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Bitcoin company there

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uh and back in 2019 2020 I launched a experimental uh non-

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30 lightning based auction platform

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uh and so

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the Baseline that you need to understand about Japanese regulation is

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mount gox

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so Mount gox happened back in 2014 Mount Cox was uh based in Tokyo

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and that

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was probably the initial uh spark that

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uh with the fire and the regulators and they decided to come in

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and so Japanese regulation is very heavily focused on protecting uh

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uh custody users so exchanges for example

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custody user funds and the main thing uh the Japanese Regulators are interested in protect

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thing is is from is uh

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H hacks on custodians and from um

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bad custodians basically like STX for example uh

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last year Japanese regulations were successful in protecting Japanese FDX users

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so

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uh

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interestingly enough that approach Works however

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I believe that

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uh while we should be striving for a non-custodial uses and uh usage of Bitcoin and

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these evacuations

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kind of nudge

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developers towards that direction

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uh it it's also true that non-custodial Bitcoin wallets and services

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tend to have

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a little more uh unfamiliar user experience for new users users

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so uh 1 thing that I wish that Japanese Regulators would allow

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some kind of exemption for smaller scale custodians

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so that you can have things like tip Bots or

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you know

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very small but uh tangible experiences that

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get people's first step into Bitcoin um

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yeah that's something that's very difficult to do with Japanese uh regulations focused on custody right now

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well once you mentioned about the um um small custodian can you elaborate that term a little bit further I mean what kind of

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what kind of amount is small medium and large of course so because of Japan's

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experienced with Mount gox and then after that even in 2018 there were several hacks at Japanese

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changes

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um

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the custody was are actually

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combined with exchange regulations so even if you're not providing services to users where they can buy or

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tell Bitcoin

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uh you still need the same exact license that a uh exchange like a big

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change with need and it costs

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anywhere between 500000 US dollars to a million US dollars a year

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uh paperwork and compliance cost

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to maintain that license

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so it's not feasible for small-scale custodians to uh comply with these

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regulation so I would say it's of course very difficult to uh draw a queer wine

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where you know

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this is the line

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a custodian should be exempt and this is the line where they should comply with regulations but uh

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hopeful that eventually they would uh

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carve out some kind of exemption for

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uh you know

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let's say something like twenty dollars per user is fine or 100 dollars per user is fine

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like that

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wonderful thank you I'll come back a bit later on um on another topic well let's move come closer

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from Canada to Japan and now to um Southeast Asian country can I ask you experience Dominic I mean you are German of course

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but you based in a Vietnam for a decade already can you share with us I mean would be wonderful if you can compare

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to economies as far as regulations upon Bitcoin is concerned

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Dominic place

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yeah so I think like with the location of our business um we have made already a choice

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a choice like which regulations we prefer basically

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so like in Germany everything is like you see it generally in the economy it's not a very

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friendly place for entrepreneurship

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a lot of the big companies we talked about it before in Germany if you just look at the stock market index it's like all these companies

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dedicates all there's nothing really new coming up

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and I was also early involved in the Bitcoin Community is over there like

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Germany I think

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nowadays again has 1 of the strongest Bitcoin communities in Europe

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back from the potential from the the people you have their

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but they can't execute in Germany

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so they all end up leaving or they give up and go back to their corporate jobs they can't execute their ideas in Germany

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regulation I mean we have they're pretty strict even though you have the biggest Market as far as Bitcoin is concerned in Europe

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yeah it sounds quite contradictory can you elaborate that further

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and in Germany it's extremely protective of like

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the old industry and the old money so they just don't want the upsets coming up

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there so even if you have like a lot of potential and a lot of smart people also like

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before Bitcoin if you just talk about the internet in general

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how awesome have people in Germany where are the internet companies from Germany

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not there the people left to the US for example where they actually

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can build their business

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and nowadays of course um like with us and also like orbit is increasingly moving over to Asia

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focus is like

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HR is more like the golden place to go to for entrepreneurship

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and how about Vietnam

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um because if you decided to come to Vietnam that's mean there is something attractive here

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regulations is not as strict as in Germany or opportunity or what is it

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different with the regulations in Vietnam I mean we have been engaging The Regulators they also to close to 10 years now since 2014

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um it's all about that I mean they are not in a hurry really to implement any regulations and

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Vietnam is like a country which is

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compared to like a lot of Western countries

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there's still like a Primacy of

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the politics of like the government there was like a Western countries where the government often just like

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execute what

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the big money basically wants

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um

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which also means like Vietnam has different objectives there so they are not necessarily trying to protect like

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the big Corporation in the first place they're trying to protect the power of the government and then they look at you and look like

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okay are these guys

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beneficial for for us basically or are they a threat to us

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and depending on this they are looking how they basically engage with the people regulation wise Vietnam right now is orbit has

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that

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not much in place besides like protecting um

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the the currency there for like the payment spot

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but it doesn't mean that people can run completely wired there I mean like if there's like any of these large scams going on

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and the government see this is like a potential for like social unrest whatever it makes bad headlines make the government look

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then they will crack down on it

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so they will find ways basically

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come after you if you do a lot of bad stuff which you don't like

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wonderful okay I come back um to um in a later round May

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I mean now we come back to Thailand

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um can you share your experience dealing with and government authorities The Regulators The Host

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to

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um Bitcoin as a means of um payments can you share your experience probably with

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I'm paying

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so so the keyword is Bitcoin is a mean of payment not Bitcoin itself so um actually I act as um independent board member in a license

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changed in Thailand and also offer the consultant and um

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so so um

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I think what they see is Bitcoin is just 1 asset as as um every other country and 1 asset that can be listed on

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change but I think it's

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kind of a good thing for the bitcoiners that they don't see it as a mean of payment yet um I think

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coin has a lot of layers and and I think it's

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um

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kind of

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long way to go from from 1 the digital asset to become um

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um a mean of payment when you're looking at Bitcoin and I see nodding um so um

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so so payment in in any forms like crypto payment in any form is still not

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allowed in Thailand

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so um and I think it's because of the Regulatory and because it's hard to trace

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however um I know that

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a lot of people did

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battered in usdt I mean among our team we have this crypto platform going on and we pay each other in usdt

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and I think it's friendly payment like this is fine right like

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you pay me lunch and I give you usdt because this is like I think people um

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I think you see a lot of layers here you start to see people have a lot of wallets like I have a lot of wallets I have

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Thai bad wallets I have international wallets I have crypto wallets and and and and people start to

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people start to shift from 1 currency to multi currencies and this is where Behavior

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is going but um

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if if you if you asking specifically from the regulatory

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point of view I think it's very blunt that they're not they're not thinking this as a mean of payment at all at all but

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like

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every country in the world a lot of times you need to influence from the outside in

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thought to have this movement and then this is 1 of the movement that

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we're looking for and um

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and I think a lot of people actually majority of people

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people who have Bitcoin um they think of Bitcoin as an asset

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so we don't

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like a thing you know to keep in your wallet because somebody will buy it and it will

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go up and it's a good investment but um but you see a handful of people

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that see Bitcoin as

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um a philosophy away

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of how money is supposed to be of how we exchange and and and and very few think that

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Bitcoin is a super deafy system decentralized Finance as in a way that you

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decentralized in financing you Bitcoin is a financing tool

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that decentralized

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and this is the concept that that people a lot of people miss and I think in order for the regulations

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go for um

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seeing this as a mean of payment you we people we small people

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need to understand that this is not just an asset it's good to keep it's good to have but it's also

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um

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the mean to finance its it's the

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we have a very my personal opinion a very pure concept of decentralized

249
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Finance right now because like

250
00:15:28.506 --> 00:15:33.988
a lot of times when you look at the pause the crypto projects that talking about Defi and

251
00:15:33.878 --> 00:15:39.413
they don't actually financing a lot so um so this is 1 of the thing that that

252
00:15:39.267 --> 00:15:42.247
if this concept can be adopted by

253
00:15:42.265 --> 00:15:43.003

254
00:15:43.367 --> 00:15:47.773
some not even Mass adoption some adoption I think

255
00:15:48.356 --> 00:15:50.830
that could change something but

256
00:15:50.854 --> 00:15:52.554
for the time being

257
00:15:52.525 --> 00:15:54.739
I don't think Regulators would

258
00:15:54.826 --> 00:15:59.363
even think of Bitcoin as a mean of payment or any cryptocurrencies at all

259
00:15:59.385 --> 00:15:59.610

260
00:15:59.635 --> 00:15:59.872

261
00:15:59.895 --> 00:16:04.425
I try to look forward because I think that our ultimate aim for the

262
00:16:04.247 --> 00:16:08.658
type being is we wish to have the Bitcoin as a means of payment to be accepted

263
00:16:08.545 --> 00:16:13.958
in the society are there any kind of um economies which can be regarded as the model

264
00:16:14.175 --> 00:16:14.850
that

265
00:16:14.878 --> 00:16:21.533
both the convention um means of payments and the Bitcoin as means of payment can coexist together

266
00:16:21.416 --> 00:16:22.519
harmoniously

267
00:16:22.944 --> 00:16:26.327
through a dream kind of regulatory framework

268
00:16:27.058 --> 00:16:30.636
anyone of you would volunteer to to ask because I will ask all of you anyway

269
00:16:30.635 --> 00:16:31.629
will be the first

270
00:16:31.784 --> 00:16:32.039

271
00:16:31.984 --> 00:16:34.471
yeah hey for Albert

272
00:16:34.425 --> 00:16:34.671

273
00:16:34.616 --> 00:16:36.853
so this is going to be a a little bit of a

274
00:16:36.724 --> 00:16:37.973
controversial

275
00:16:38.135 --> 00:16:44.327
kind of discussion like this is just my opinion so what I call Bitcoin in kind of how I frame it with kind of my

276
00:16:44.154 --> 00:16:46.563
employees and kind of how I talk to people is

277
00:16:46.394 --> 00:16:47.852
Bitcoin is the DMZ

278
00:16:47.934 --> 00:16:48.435
right

279
00:16:48.775 --> 00:16:54.143
it's always going to be this middle ground and it's never going to have well it's not never but it's not going to have a specific

280
00:16:54.665 --> 00:16:57.726
point of view that we see today meaning like

281
00:16:57.615 --> 00:17:03.180
in today all we look at is currencies and Fiat right it's been around for hundreds of years and that's where we're going to use

282
00:17:03.305 --> 00:17:05.407
if we're trying to wedge something

283
00:17:05.743 --> 00:17:11.930
that's very new uh and Technology Way more advanced than what we're doing today that's not going to slide in

284
00:17:11.823 --> 00:17:12.773
very easily

285
00:17:12.788 --> 00:17:18.378
right so that's why I I refer to it as a DMZ because we can play on both sides meaning that

286
00:17:18.686 --> 00:17:20.012
if like say

287
00:17:20.095 --> 00:17:22.892
Thailand isn't like it or Vietnam doesn't like it

288
00:17:22.984 --> 00:17:26.105
uh we can still play in the middle ground because there's still benefit

289
00:17:25.984 --> 00:17:29.172
and they know that the officials and regulars know that there's a benefit to it

290
00:17:29.124 --> 00:17:31.483
so how do we play that is we played in the middle

291
00:17:31.503 --> 00:17:34.111
so whatever regulatory Frameworks that they have

292
00:17:34.124 --> 00:17:36.151
we have to play Within that framework

293
00:17:36.365 --> 00:17:41.366
I know a lot of people don't like that because there's a lot of people are hardcore Bitcoin people and they want to just have full Bitcoin

294
00:17:41.683 --> 00:17:44.239
and we'll get to that point like I think eventually

295
00:17:44.183 --> 00:17:47.846
uh there will be a world where what I call is like 9010

296
00:17:47.703 --> 00:17:50.262
9010 is 90% of the world

297
00:17:50.583 --> 00:17:56.467
we'll still do fee currencies in central back to the currencies or stable coins that's just what they're used to you can't fault

298
00:17:56.354 --> 00:17:57.421
people for that

299
00:17:57.383 --> 00:17:58.945
because people don't like change

300
00:17:59.104 --> 00:18:01.117
but people that do like change

301
00:18:00.964 --> 00:18:02.475
will go in that 10%

302
00:18:02.382 --> 00:18:02.942
bucket

303
00:18:02.823 --> 00:18:05.867
right so Bitcoin will be a currency for them

304
00:18:05.904 --> 00:18:07.608
in that 10% area

305
00:18:07.503 --> 00:18:11.814
and that's why it's more the DMZ area because you're willing to go and pay for services

306
00:18:11.793 --> 00:18:15.526
with Bitcoin so say for example you want to use stats to pay for

307
00:18:15.443 --> 00:18:16.097
you know

308
00:18:16.143 --> 00:18:21.414
type bot food or something right or or you want to exchange it for Thai baht which is maybe eventually a digital currency

309
00:18:21.725 --> 00:18:22.522
um

310
00:18:22.423 --> 00:18:26.907
or you want to change it for something else right so that's how kind of icy is that eventually you'll have these

311
00:18:26.783 --> 00:18:27.055

312
00:18:27.232 --> 00:18:29.933
set of people in the world that will eventually maybe want to use

313
00:18:29.982 --> 00:18:31.503
Bitcoin as a currency

314
00:18:31.463 --> 00:18:33.991
but you can't go to say Thailand and say

315
00:18:34.023 --> 00:18:35.974
okay I want to have tabot and I want to have

316
00:18:35.822 --> 00:18:39.766
and I want to have stats for something because at the end of the day what you're really doing

317
00:18:39.782 --> 00:18:42.384
is your undermining the regulatory Frameworks that

318
00:18:42.224 --> 00:18:46.310
hi has put in for a very long time so you have to be able to put

319
00:18:46.453 --> 00:18:48.500
uh a means of way to

320
00:18:48.372 --> 00:18:52.019
communicating with them properly on their level that they understand to say

321
00:18:51.962 --> 00:18:57.020
I'm not trying to undermine your currency and I'm trying to undermine your policies what I'm trying to do is improve it and help you

322
00:18:57.026 --> 00:18:59.217
move to the next Generation right of

323
00:18:59.133 --> 00:19:00.276
Ste gen Z

324
00:19:00.292 --> 00:19:03.595
and if that doesn't look like Bitcoin being spent in in Thailand

325
00:19:03.552 --> 00:19:08.922
is there another way that we could do that and that's kind of what we propose that like Neutron pay is when I go to Vietnam

326
00:19:08.941 --> 00:19:09.997
is that we say

327
00:19:10.222 --> 00:19:13.014
you can transact with stats but at the end

328
00:19:13.033 --> 00:19:18.436
at at at the destination like you're going to get like the business of the merchant and the consumer is going to get vnd

329
00:19:18.542 --> 00:19:20.456
and that would be the same thing in in Thailand

330
00:19:20.593 --> 00:19:20.858

331
00:19:20.852 --> 00:19:25.018
thank you Dominic it seems that you have something in your mind and upon this

332
00:19:25.026 --> 00:19:25.305

333
00:19:25.343 --> 00:19:25.583

334
00:19:25.782 --> 00:19:30.537
yeah I mean what all but that regarding like the split between like the 9010

335
00:19:30.391 --> 00:19:34.947
after 10 years and there's also fully on board on this I mean we discussed it also before it's like

336
00:19:35.651 --> 00:19:41.345
when you start out getting involved you like okay we need to tell the whole world we need to change everything at some point they're like

337
00:19:41.932 --> 00:19:47.397
nah I mean there's reasons why certain that's happened why certain things are put in this place

338
00:19:47.501 --> 00:19:48.303
and

339
00:19:48.260 --> 00:19:51.513
where you need them to focus like on the people who actually

340
00:19:51.661 --> 00:19:52.488
get it

341
00:19:52.696 --> 00:20:00.543
um and that's also what where our Focus has shifted these days so it's you work with the people who get it you put the info out there and the people will find you

342
00:20:00.762 --> 00:20:01.745
that's good enough

343
00:20:02.621 --> 00:20:04.226
thank you um could

344
00:20:04.280 --> 00:20:09.982
um got a lot of things to say regarding that the thing is um even though I think Bitcoin

345
00:20:09.793 --> 00:20:13.890
built for the mean of payment I'm not going to use Bitcoin as a mean of payment I'm going to keep it

346
00:20:13.581 --> 00:20:14.015

347
00:20:13.771 --> 00:20:19.446
for sure like you're not going to get my Bitcoin so um so um I think it's

348
00:20:19.341 --> 00:20:20.173
valuable

349
00:20:20.171 --> 00:20:23.939
and I'm going to keep so so so this is like 1 of the regime that

350
00:20:23.959 --> 00:20:24.499
okay

351
00:20:24.461 --> 00:20:26.934
what I can say is Bitcoin

352
00:20:26.901 --> 00:20:30.710
payment and and and and Fiat payment

353
00:20:30.811 --> 00:20:33.474
2 of these do coexist in

354
00:20:33.502 --> 00:20:34.178
Thailand

355
00:20:34.201 --> 00:20:34.423

356
00:20:34.521 --> 00:20:37.497
though Regulators don't agree

357
00:20:37.461 --> 00:20:37.959

358
00:20:37.981 --> 00:20:43.563
um so so you you asked for the way I mean how how they work together I don't think

359
00:20:43.420 --> 00:20:45.172
they they work together but

360
00:20:45.150 --> 00:20:46.268
they're together

361
00:20:46.180 --> 00:20:46.415

362
00:20:46.380 --> 00:20:47.881
so and um

363
00:20:47.981 --> 00:20:51.789
so so you see this because B is fine

364
00:20:52.070 --> 00:20:58.161
you bought a Bitcoin for B and that's fine so so you exchange and and and that's okay

365
00:20:58.031 --> 00:21:04.049
but I don't know to what extent revenue department will come and say why don't you declare any Revenue why you just

366
00:21:03.800 --> 00:21:04.322
like

367
00:21:04.179 --> 00:21:08.842
set up business to barter um so so there must be a point you know

368
00:21:08.730 --> 00:21:13.965
but but they do coexist but but from my point of view is I don't um

369
00:21:14.500 --> 00:21:20.472
I mean I keep my Bitcoin so uh so so that's another way I I think Bitcoin

370
00:21:20.260 --> 00:21:20.929

371
00:21:21.160 --> 00:21:23.423
sleeper is played

372
00:21:23.400 --> 00:21:29.856
as I said and bitcoin's play as I said by big guys you know big Capital big invest

373
00:21:29.619 --> 00:21:34.730
so when you look at something that might appreciate in the future that

374
00:21:34.540 --> 00:21:35.736
actually

375
00:21:35.829 --> 00:21:36.058

376
00:21:35.959 --> 00:21:38.165
counter the purpose

377
00:21:37.880 --> 00:21:45.720
of Bitcoin itself because you don't you don't drag taibat up and you don't pull it down the way you did with

378
00:21:45.119 --> 00:21:46.423
Bitcoin because

379
00:21:46.401 --> 00:21:47.232
the

380
00:21:47.169 --> 00:21:52.319
and mentality when you see assets and fears like totally different so um

381
00:21:52.099 --> 00:21:57.242
I think to to coexist to to be to be as a mean of payment you need

382
00:21:57.291 --> 00:21:58.464
more than just

383
00:21:58.308 --> 00:22:04.649
the technology or or how how Bitcoin facilitate but it's a mentality of people including investors

384
00:22:04.588 --> 00:22:11.207
and people who are using them like me um I don't think it as a mean of payment a bit of satisfying but a lot of

385
00:22:11.379 --> 00:22:13.803
bitcoin's not fine so um

386
00:22:13.878 --> 00:22:16.155
so so I think there are lots of

387
00:22:16.179 --> 00:22:18.528
um moves before we get there

388
00:22:18.940 --> 00:22:19.315

389
00:22:19.328 --> 00:22:19.608

390
00:22:19.970 --> 00:22:25.311
move some moves before we get there so I mean next question I'll ask um everyone of you

391
00:22:25.349 --> 00:22:31.375
what kind of steps should we do in order to achieve the adoption of Bitcoin from The Regulators

392
00:22:31.237 --> 00:22:37.464
let's come back to the coexistence of um Bitcoin as means of um payment and the

393
00:22:37.067 --> 00:22:38.388
um means a payment

394
00:22:38.478 --> 00:22:41.144
yes of course um I think

395
00:22:41.108 --> 00:22:45.390
we can all agree that uh bitcoin's use as a means of payment

396
00:22:45.589 --> 00:22:51.162
still very tiny compared to uh bitcoin's use as kind of an asset or

397
00:22:51.038 --> 00:22:52.150
of value

398
00:22:52.318 --> 00:22:57.556
and I think this is 1 of the main reasons that uh regulators and regulation is

399
00:22:57.509 --> 00:22:58.064

400
00:22:58.087 --> 00:23:01.924
uh focused on the asset side of things and uh

401
00:23:01.858 --> 00:23:05.041
the only way that Regulators would be compelled

402
00:23:04.999 --> 00:23:05.276

403
00:23:05.188 --> 00:23:10.706
to update the regulation or to take into consideration this uh dual nature of

404
00:23:10.639 --> 00:23:11.601
Bitcoin

405
00:23:11.407 --> 00:23:11.843

406
00:23:11.788 --> 00:23:15.253
is to increase its use in payments and so

407
00:23:15.188 --> 00:23:18.052
I think what's most important uh

408
00:23:18.709 --> 00:23:22.415
as a business as a lightning payment business or

409
00:23:22.498 --> 00:23:25.841
or even you know as developers of such businesses

410
00:23:25.628 --> 00:23:27.708
is to uh

411
00:23:27.678 --> 00:23:29.823
get as many people into

412
00:23:29.857 --> 00:23:35.458
um trying out whitening for the first time or using Bitcoin for payments uh

413
00:23:35.297 --> 00:23:39.195
because once enough people once there is enough momentum there

414
00:23:39.338 --> 00:23:44.451
even The Regulators would see okay so current regulations are focused

415
00:23:44.338 --> 00:23:49.848
uh 2 Hardware on the asset side of things and not enough on the payment side of things

416
00:23:49.778 --> 00:23:52.656
and there will be uh compared to

417
00:23:52.537 --> 00:23:53.766
queer that up

418
00:23:53.818 --> 00:23:54.220

419
00:23:54.706 --> 00:23:55.020

420
00:23:55.038 --> 00:24:01.510
well once we mentioned about the adoption of Bitcoin I mean of course it has to do with the regulators

421
00:24:01.378 --> 00:24:02.863
all of you I mean

422
00:24:02.777 --> 00:24:03.986
put all of yourself

423
00:24:03.876 --> 00:24:05.813
into the regulators

424
00:24:06.437 --> 00:24:08.915
what are the real concern

425
00:24:09.187 --> 00:24:12.134
about the adoption of Bitcoin as a means of payment

426
00:24:12.527 --> 00:24:17.517
because before we go ahead and convince them we need to anticipate and understand

427
00:24:17.838 --> 00:24:19.214
what do they have in mind

428
00:24:19.306 --> 00:24:20.384
that

429
00:24:20.408 --> 00:24:23.025
do not allow Bitcoin to be means of payments

430
00:24:22.967 --> 00:24:24.154
um

431
00:24:24.307 --> 00:24:26.495
who would volunteer to be the

432
00:24:26.355 --> 00:24:27.218
in this

433
00:24:28.027 --> 00:24:30.750
because all of you might have interacted with them um

434
00:24:30.586 --> 00:24:35.524
in the past years already what do they have in mind what are their statements when they mention to you

435
00:24:35.517 --> 00:24:38.711
about Bitcoin as a means of payments

436
00:24:38.216 --> 00:24:39.593
uh so

437
00:24:39.617 --> 00:24:46.056
at least in my experience uh in terms of payments they seem to be most concerned about money laundering and

438
00:24:45.973 --> 00:24:47.509
how many laundry yeah

439
00:24:47.569 --> 00:24:48.050

440
00:24:48.018 --> 00:24:49.046
uh

441
00:24:48.977 --> 00:24:49.265

442
00:24:49.295 --> 00:24:56.192
at least in my case the values are very small uh because it's a non-custodial uh

443
00:24:55.957 --> 00:24:56.218

444
00:24:56.147 --> 00:24:58.744
Oxygen Service that I developed um

445
00:24:58.706 --> 00:25:00.796
only takes a very small deposit

446
00:25:00.765 --> 00:25:06.239
it really wasn't a problem but uh you can easily imagine um

447
00:25:06.527 --> 00:25:07.617
people are using

448
00:25:07.547 --> 00:25:08.678
uh this

449
00:25:08.777 --> 00:25:12.282
uh purposes that The Regulators don't really want them to

450
00:25:12.227 --> 00:25:16.561
and uh give him bitcoin's nature it's very hard to prevent that so

451
00:25:16.456 --> 00:25:16.906

452
00:25:16.776 --> 00:25:18.291
I expect

453
00:25:18.255 --> 00:25:23.672
that's 1 of the things that The Regulators would be most concerned about uh if

454
00:25:23.496 --> 00:25:24.232

455
00:25:24.091 --> 00:25:26.917
uh adoption for payments increases

456
00:25:27.215 --> 00:25:27.482

457
00:25:28.116 --> 00:25:29.210
um Dominic

458
00:25:29.136 --> 00:25:33.089
I mean the main concern of The Regulators mostly protect

459
00:25:33.177 --> 00:25:34.428
that like with

460
00:25:34.525 --> 00:25:37.503
their country wherever they are placed

461
00:25:37.786 --> 00:25:39.817
that the country is not like

462
00:25:39.777 --> 00:25:40.041

463
00:25:40.285 --> 00:25:45.784
50 rice or whatever currency they are using their basically that not suddenly their currency

464
00:25:46.117 --> 00:25:51.359
somehow stops being in circulation because I mean gives them a lot of power if you can print the money

465
00:25:51.306 --> 00:25:56.161
of like a certain area and you can get people to do stuff for basically free

466
00:25:56.498 --> 00:26:01.232
of course you want to keep this privilege and you don't want that suddenly this Bitcoin has come in there and like

467
00:26:01.236 --> 00:26:07.125
kind of Notch this away that's the same reason why Vietnam for example doesn't want the people use dollars or any phone

468
00:26:06.875 --> 00:26:10.881
currency because like if people start suddenly using foreign currency

469
00:26:10.845 --> 00:26:11.830
you can't give

470
00:26:11.806 --> 00:26:17.546
the people your local currency anymore to do stuff for you so that's the main concern of The Regulators making sure that

471
00:26:17.375 --> 00:26:18.071
like

472
00:26:18.015 --> 00:26:18.648
people

473
00:26:18.856 --> 00:26:23.662
used the currency of the specific country so that like not the power structure gets undermined

474
00:26:23.854 --> 00:26:24.127

475
00:26:24.234 --> 00:26:25.674
thank you Albert

476
00:26:25.645 --> 00:26:25.900

477
00:26:26.095 --> 00:26:28.882
yeah Dom's correct it's it's more

478
00:26:28.844 --> 00:26:29.123

479
00:26:29.294 --> 00:26:31.506
The Regulators never want to be

480
00:26:31.416 --> 00:26:34.409
in a position where they are undermined in any way

481
00:26:34.354 --> 00:26:40.073
right cuz these are the people that actually write the foreign policies for for the country itself how it rolls out and how

482
00:26:40.375 --> 00:26:43.426
you know Vietnam people actually use the currency right so

483
00:26:43.386 --> 00:26:45.410
their concern is not a lot about

484
00:26:45.304 --> 00:26:48.573
I I believe in my opinion when I meet with them it's not about

485
00:26:48.895 --> 00:26:55.372
uh the money money laundering aspect or or you know um all these other things because that's the norm right that that just happens normally

486
00:26:55.566 --> 00:26:58.038
it's more or less how do we make sure that it's it's

487
00:26:58.184 --> 00:27:01.527
well thought out and how do we put it in together if it's going to be used or not

488
00:27:01.383 --> 00:27:01.873
right

489
00:27:01.894 --> 00:27:02.754
um

490
00:27:02.984 --> 00:27:04.567
because they look at it as

491
00:27:04.533 --> 00:27:05.606
they want

492
00:27:05.614 --> 00:27:11.236
vnd to be used that that's the currency of the country and that should be used and that's the same thing for every other

493
00:27:11.055 --> 00:27:12.415
country right is that

494
00:27:12.344 --> 00:27:18.242
you never want to use someone else's currency in your own country right so don't put a perfect example of that because if you look at

495
00:27:18.175 --> 00:27:19.769
say for example like El Salvador

496
00:27:19.645 --> 00:27:20.380
right

497
00:27:20.294 --> 00:27:23.742
they accept 3 currencies meaning they accept the peso

498
00:27:23.751 --> 00:27:25.085
US dollar

499
00:27:24.705 --> 00:27:25.477
and Bitcoin

500
00:27:25.794 --> 00:27:30.481
they're very open but from a regulatory standpoint that's a that's a nightmare

501
00:27:30.414 --> 00:27:32.704
right cuz you're building policies for

502
00:27:32.714 --> 00:27:33.971
a currency that

503
00:27:33.863 --> 00:27:35.622
isn't yours USD

504
00:27:35.533 --> 00:27:38.735
obviously it's a Global Currency and then you're building another currency

505
00:27:38.674 --> 00:27:40.962
what's their betting on which is Bitcoin

506
00:27:40.855 --> 00:27:41.576
right

507
00:27:41.744 --> 00:27:43.308
that's a very very unique

508
00:27:43.284 --> 00:27:44.610
uh situation

509
00:27:44.574 --> 00:27:49.098
but for any other country I don't think they'd want to take that step because like every other country

510
00:27:49.053 --> 00:27:50.824
they don't want to be the first 1 to be shot

511
00:27:50.773 --> 00:27:52.613
right so you're stepping through the door

512
00:27:52.503 --> 00:27:57.635
do you want to take that risk do you want to be that particular regulator or government official that says hey

513
00:27:57.634 --> 00:27:58.945
I've let this through

514
00:27:58.913 --> 00:28:00.667
and it has gone completely

515
00:28:00.843 --> 00:28:01.896
sideways right

516
00:28:01.993 --> 00:28:04.725
wrong way it's completely undermined the country

517
00:28:04.683 --> 00:28:06.676
it our currency is now

518
00:28:06.534 --> 00:28:09.531
inflated it looks stupid in front of the global stage

519
00:28:09.423 --> 00:28:13.194
no regulatory wants that right so I think it's just very sensitive how

520
00:28:13.132 --> 00:28:13.365

521
00:28:13.262 --> 00:28:15.221
that that's brought in

522
00:28:15.122 --> 00:28:18.523
and how it's used and so it's kind of like I've always said it's it's more of an amendment

523
00:28:18.393 --> 00:28:19.452
and kind of

524
00:28:19.412 --> 00:28:22.280
use the currency first and then see how we can kind of use

525
00:28:22.421 --> 00:28:23.627
uh Bitcoin leader

526
00:28:23.963 --> 00:28:24.198

527
00:28:24.284 --> 00:28:28.740
could me I think that you might have talked to them by the way can I ask

528
00:28:28.571 --> 00:28:31.911
do they understand what Bitcoin has a mean of

529
00:28:31.902 --> 00:28:32.856
payment is

530
00:28:32.733 --> 00:28:37.456
I think they do they do okay I think they they do the concept

531
00:28:37.482 --> 00:28:39.184
here's the thing they feel regulators

532
00:28:39.141 --> 00:28:43.358
so you look like I agree with all of you um just said like you look in

533
00:28:43.252 --> 00:28:43.514

534
00:28:43.501 --> 00:28:48.105
Central Bank B Bank of Thailand um look at that

535
00:28:48.117 --> 00:28:55.052
if I were Bank of Thailand I want to control thaad supplies and demands and make it stable so if you have another currency

536
00:28:54.903 --> 00:29:00.233
fluctuating the country and it's like I have lot I I would lose control of taibat then people

537
00:29:00.091 --> 00:29:06.125
might not want type bad anymore then what then um then we we Face a lot of problem and

538
00:29:05.923 --> 00:29:08.786
and Bitcoin market cap is high and it can be higher

539
00:29:09.063 --> 00:29:10.822
and it can be higher because

540
00:29:10.732 --> 00:29:17.375
we got like a lot of decimals so so so we can use like decimals satoshi's

541
00:29:17.261 --> 00:29:21.725
to to pay for so it can be as high as you want so um

542
00:29:21.871 --> 00:29:22.158

543
00:29:22.002 --> 00:29:25.636
so from from the bank um central point point of view

544
00:29:25.851 --> 00:29:26.140

545
00:29:26.043 --> 00:29:32.925
yes they will understand I think they do understand the smart bunch of people and and way way so smart so um

546
00:29:32.772 --> 00:29:36.597
but when you look at that SEC you're looking at how you invest

547
00:29:36.480 --> 00:29:42.398
and and this is is this dodgy too I mean I mean SS is trying to control and people see we start to imply tax

548
00:29:42.181 --> 00:29:45.227
regulations and but sec I don't

549
00:29:45.061 --> 00:29:45.328

550
00:29:45.324 --> 00:29:45.875

551
00:29:45.891 --> 00:29:49.087
because they look at Bitcoin as an asset

552
00:29:49.231 --> 00:29:54.745
from SEC point of view right as an asset as an asset okay investment asset investment asset so they have

553
00:29:54.673 --> 00:29:55.960
kind of

554
00:29:55.831 --> 00:30:01.440
investment mindset to control Bitcoin and when you look at amlo

555
00:30:01.211 --> 00:30:07.784
they'll look at Bitcoin at mean of payment for sure right from that perspective of course from that perspective money laundering organisation

556
00:30:07.681 --> 00:30:09.686
yes okay yes so um

557
00:30:09.601 --> 00:30:15.363
so yes they will see for sure Bitcoin is a mean of payment and they will see cash as a mean of payment also

558
00:30:15.240 --> 00:30:15.620

559
00:30:15.621 --> 00:30:20.211
but I think that they don't they don't I mean for these people um

560
00:30:20.431 --> 00:30:25.859
yes the the involve a lot in in the Bitcoin industry in the crypto industry in Thailand

561
00:30:25.741 --> 00:30:32.715
and and yes the C Bitcoin is the mean of payment but I don't think they have um Authority or any power to push

562
00:30:32.660 --> 00:30:34.871
directions of Bitcoin but but

563
00:30:34.770 --> 00:30:39.092
these people for sure Implement um ways

564
00:30:39.130 --> 00:30:39.396

565
00:30:39.260 --> 00:30:41.027
to see um

566
00:30:41.371 --> 00:30:43.935
abnormal transactions per se

567
00:30:44.061 --> 00:30:46.211
well um

568
00:30:46.122 --> 00:30:53.007
in the recent months or even um last year I mean it was not a very good year for digital asset

569
00:30:53.041 --> 00:31:00.732
there was some incidents and of course several governments in the world try to you know impose more regulations and control

570
00:31:00.720 --> 00:31:04.218
over digital asset but of course not many of them ban

571
00:31:04.250 --> 00:31:06.272
that's been there still open the door

572
00:31:06.229 --> 00:31:09.921
for the adoption of Bitcoin so what kind of

573
00:31:09.890 --> 00:31:10.685
um

574
00:31:10.650 --> 00:31:13.179
conviction that you need to um

575
00:31:13.149 --> 00:31:15.363
Jews in order to convince them

576
00:31:15.259 --> 00:31:17.173
to adopt Bitcoin

577
00:31:17.120 --> 00:31:18.198
even gradually

578
00:31:18.340 --> 00:31:19.751
more and more in the future

579
00:31:20.839 --> 00:31:22.766
that mean that this to allow it you know

580
00:31:22.759 --> 00:31:23.388
yes

581
00:31:23.271 --> 00:31:28.648
but they don't these are all wide open they're simply opened at all it's a bit but

582
00:31:28.650 --> 00:31:29.510

583
00:31:30.060 --> 00:31:33.950
in this particular situation what kind of argument

584
00:31:34.099 --> 00:31:38.847
that we can do in order to push forward for the adoption of Bitcoin as a means of payment

585
00:31:38.770 --> 00:31:39.053

586
00:31:39.609 --> 00:31:40.080

587
00:31:39.989 --> 00:31:45.224
Albert uh yeah so for a means because they don't shut the door

588
00:31:45.119 --> 00:31:49.728
yeah like this is where I think a lot of people might disagree with me I think you might disagree with me a little bit too

589
00:31:49.598 --> 00:31:50.617
um

590
00:31:50.568 --> 00:31:53.108
I'm always the thought of you have to spend Bitcoin

591
00:31:52.998 --> 00:31:55.707
right because the reason why you need to spend it

592
00:31:55.689 --> 00:31:59.365
is because that's how you're going to get it to everybody else who wants to use it

593
00:31:59.208 --> 00:32:02.518
right and people start thinking about it as a means of payment

594
00:32:02.409 --> 00:32:03.865
because if you just hold it

595
00:32:03.760 --> 00:32:06.486
all right nothing against you you can hold it to as well

596
00:32:06.379 --> 00:32:07.513
but if you hold it

597
00:32:07.728 --> 00:32:08.912
you're just speculating

598
00:32:09.078 --> 00:32:11.285
because at the end of at the end of the day

599
00:32:11.449 --> 00:32:13.973
anyone who says that they're just holding it

600
00:32:13.879 --> 00:32:15.257
and they're not going to sell it

601
00:32:15.489 --> 00:32:19.208
when it's 300,000

602
00:32:17.088 --> 00:32:18.400
or a million dollars

603
00:32:18.620 --> 00:32:20.090
you're telling me you're not going to sell it

604
00:32:20.088 --> 00:32:21.457
everyone has a life to live

605
00:32:21.369 --> 00:32:24.553
everyone has bills to pay everyone has a family to take care of

606
00:32:24.449 --> 00:32:25.506
when you sell it

607
00:32:25.409 --> 00:32:27.501
what you're doing is you're just doing speculation

608
00:32:27.401 --> 00:32:27.674

609
00:32:27.780 --> 00:32:30.900
but if you're on the flip side of that and you're actually spending it

610
00:32:30.848 --> 00:32:35.986
and you're showing other people to use it that has a bigger Network effect across the entire globe

611
00:32:35.979 --> 00:32:38.334
because you can be buying something from someone from

612
00:32:38.409 --> 00:32:40.049
Germany Japan

613
00:32:40.408 --> 00:32:44.481
Thailand right if I'm from Vietnam that improves somebody else's life

614
00:32:44.438 --> 00:32:47.564
that means that they're willing to go and do the same thing for somebody else

615
00:32:47.638 --> 00:32:49.603
so as soon as you change

616
00:32:49.507 --> 00:32:52.226
somebody's life or a group of people's lives

617
00:32:52.188 --> 00:32:55.254
they'll just know that that's the type of currency that they want to use

618
00:32:55.447 --> 00:32:59.087
as opposed to like you know Fiat currencies right so I'm not saying that I'm

619
00:32:59.297 --> 00:33:06.694
you know against you know uh like it may sound like you know I'd rather use Fiat currencies and not use Bitcoin but

620
00:33:04.937 --> 00:33:05.500

621
00:33:05.447 --> 00:33:07.033
kind of back to back and forth but

622
00:33:06.988 --> 00:33:09.011
the the messages is that

623
00:33:09.037 --> 00:33:10.020
if you want

624
00:33:09.928 --> 00:33:14.356
you know Bitcoin to be used as a payments you have to spread it out and you have to use it

625
00:33:14.167 --> 00:33:16.779
regardless of like if there is regulatory

626
00:33:16.658 --> 00:33:17.850
issues that come in

627
00:33:17.937 --> 00:33:20.819
uh you just have to be able to play Within that field

628
00:33:21.087 --> 00:33:21.381

629
00:33:21.278 --> 00:33:21.505

630
00:33:21.598 --> 00:33:25.684
I guess not play but have to be compliant right and just say

631
00:33:25.568 --> 00:33:28.226
if we're doing it correctly we're doing it correctly because

632
00:33:28.188 --> 00:33:32.086
we've talked to a regulator and they say you can do it like this and that's how we'll get through

633
00:33:31.967 --> 00:33:33.343
right I think it's

634
00:33:33.637 --> 00:33:40.292
you can't rush something that's been in place for hundreds of years you can't just say hey because bitcoin's been around for like

635
00:33:40.167 --> 00:33:43.849
14 almost 15 years now you could we can't just say we're going to wedge it in

636
00:33:44.138 --> 00:33:46.756
that just doesn't work right you have to be able to

637
00:33:46.707 --> 00:33:50.994
explain it you have to explain why it's being used why people want to use it

638
00:33:51.128 --> 00:33:52.892
and then how that actually complies with

639
00:33:52.787 --> 00:33:54.822
actually today's regulations and how that

640
00:33:54.777 --> 00:34:00.766
kind of molds together I think that's as soon as that starts being more of a conversation you'll see that door open

641
00:34:00.607 --> 00:34:02.636
a little bit wider and wider and because

642
00:34:02.526 --> 00:34:03.515
their thoughts

643
00:34:03.426 --> 00:34:04.379
kind of

644
00:34:04.258 --> 00:34:06.674
ideas of what Bitcoin is start to change

645
00:34:06.627 --> 00:34:09.953
because now you're molding it into the actual everyday use of

646
00:34:10.028 --> 00:34:11.113
other currencies

647
00:34:10.985 --> 00:34:12.357
that that's how I think it will work

648
00:34:12.326 --> 00:34:14.677
thank you Albert Dominique please

649
00:34:14.638 --> 00:34:17.429
yeah I think for the payments but we also need to

650
00:34:17.646 --> 00:34:23.777
look at where we are actually using Bitcoin as a form of payment so like in store payments I know it's

651
00:34:23.536 --> 00:34:24.213
like

652
00:34:24.115 --> 00:34:29.754
very nice gimmick and like we have like 10 years ago in Frankfort running around converting some pubs but

653
00:34:29.685 --> 00:34:36.200
that's not where Bitcoin has its strengths as a method of payment I mean we can see it in Sago and there's like a few shops which we have

654
00:34:36.094 --> 00:34:38.516
converted and even a Bitcoin meetups

655
00:34:38.595 --> 00:34:40.091
nobody pays with Bitcoin

656
00:34:40.065 --> 00:34:45.255
people just pay with cash they they keep their Bitcoin but there are other places in the internet

657
00:34:45.575 --> 00:34:46.375
where

658
00:34:46.285 --> 00:34:48.646
paying with Bitcoin paying with lightning

659
00:34:49.167 --> 00:34:52.678
is a much better experience so you are not doing it just out of

660
00:34:52.565 --> 00:34:55.564
ideology that you pay because like if I pay in person

661
00:34:56.014 --> 00:35:00.787
cache is more Anonymous than Bitcoin so if I don't want to be tracked I use cache

662
00:35:00.634 --> 00:35:01.252

663
00:35:01.276 --> 00:35:02.141
um

664
00:35:02.234 --> 00:35:02.496

665
00:35:02.424 --> 00:35:03.284
while

666
00:35:03.194 --> 00:35:09.520
on the internet if you have like lightning or like credit card into all your details and then probably the merchant at some point gets hacked and all

667
00:35:09.283 --> 00:35:10.779
your data flowed around

668
00:35:10.686 --> 00:35:11.523
this is

669
00:35:11.525 --> 00:35:14.398
sending over some stats and done settled in seconds

670
00:35:14.463 --> 00:35:18.107
that's where Bitcoin really shines as a currency so whenever I have

671
00:35:18.374 --> 00:35:21.045
option to pay in Bitcoin on the internet

672
00:35:21.073 --> 00:35:22.519
I'm doing it because like

673
00:35:22.793 --> 00:35:24.817
that's just the better option

674
00:35:24.653 --> 00:35:28.161
purely pragmatic of you because like with ideology

675
00:35:28.113 --> 00:35:32.327
you're not getting the people over you need to deliver them something which improves their lives

676
00:35:32.215 --> 00:35:35.340
make it better make it easier make it faster make it more secure

677
00:35:35.352 --> 00:35:36.085

678
00:35:36.507 --> 00:35:39.171
internet as well like Bitcoin as a payment form

679
00:35:39.573 --> 00:35:41.482
in my opinion if set up right

680
00:35:41.373 --> 00:35:43.006
outperforming everything else

681
00:35:42.974 --> 00:35:43.250

682
00:35:43.163 --> 00:35:45.127
please

683
00:35:45.023 --> 00:35:49.108
well a few questions to be answered actually I agree with Albert

684
00:35:49.002 --> 00:35:51.492
of people spending Bitcoin it just like

685
00:35:51.432 --> 00:35:56.027
from from the mentality point of view I bought this Bitcoin and then I have to

686
00:35:55.842 --> 00:36:03.146
spend the Bitcoin that I bought it's just like so it's kind of contradicting and um yes we do have

687
00:36:03.023 --> 00:36:06.327
but we we do have ways to earn Bitcoin right

688
00:36:06.292 --> 00:36:06.986

689
00:36:07.061 --> 00:36:07.730
for

690
00:36:07.702 --> 00:36:14.498
for not from not buying it like mining or or even we have this product in our team called Kurt and he's

691
00:36:14.301 --> 00:36:15.668
going to be on the stage in

692
00:36:15.643 --> 00:36:19.330
um early afternoon um so so we're talking about

693
00:36:19.291 --> 00:36:25.307
the money in the pool and it's like demand and Supply so so you can put certain money certain

694
00:36:25.062 --> 00:36:28.954
coin in the pool and then and then you get certain um

695
00:36:29.163 --> 00:36:34.909
it's not interest because it's not fixed but it's by depends on how we how we um

696
00:36:35.051 --> 00:36:35.485

697
00:36:35.181 --> 00:36:40.963
how how we collecting fee on the transaction so so from that from Bitcoin that

698
00:36:40.881 --> 00:36:41.360

699
00:36:41.332 --> 00:36:41.586

700
00:36:41.651 --> 00:36:49.539
could possibly earn I'm happier to spend and um so to be kind as a mean of payment there are layers of of how how people

701
00:36:49.401 --> 00:36:50.329
behaviors

702
00:36:50.242 --> 00:36:56.188
going to be and another layer is regulations and actually even Thailand's not allowed crypto payment

703
00:36:56.771 --> 00:37:01.243
not even usdt but some countries do accept usdt and um

704
00:37:01.190 --> 00:37:06.625
but some other countries do except um means of payments like this so

705
00:37:06.511 --> 00:37:08.843
I see some companies um

706
00:37:08.750 --> 00:37:12.191
they have all the setups outside but selling products Within

707
00:37:12.081 --> 00:37:17.000
the country so so there are ways around it um

708
00:37:17.079 --> 00:37:23.544
I'm not that recommend that way but there are ways around it that you can bypass certain laws and and you're not

709
00:37:23.479 --> 00:37:28.990
guilty of anything so so the ways to do it but like Albert say um in order to get

710
00:37:28.871 --> 00:37:32.694
everything to coexist we need to spend and and I think

711
00:37:32.839 --> 00:37:38.320
what if you feel uncomfortable spending Bitcoin that you just bought um

712
00:37:38.159 --> 00:37:41.867
ways you know mining or or any way um or

713
00:37:41.800 --> 00:37:46.496
or investment in the poll or certain things that that help you earn Bitcoin

714
00:37:46.360 --> 00:37:48.774
along the way and that's going to be

715
00:37:48.849 --> 00:37:49.404

716
00:37:49.619 --> 00:37:50.944
more money like

717
00:37:51.028 --> 00:37:51.464

718
00:37:51.289 --> 00:37:53.884
and I think that could make people feel more comfortable

719
00:37:53.980 --> 00:37:54.320

720
00:37:54.490 --> 00:37:55.493
cutter song

721
00:37:55.449 --> 00:37:55.875

722
00:37:55.899 --> 00:38:02.117
yeah I think uh well I I agree with the points made about uh payments and where they're

723
00:38:01.861 --> 00:38:04.274
appropriate and where they're not and how important

724
00:38:04.161 --> 00:38:07.298
uh payment adoption is for uh

725
00:38:07.239 --> 00:38:08.554
Bitcoin to be

726
00:38:08.398 --> 00:38:10.781
before we understood I suppose

727
00:38:11.398 --> 00:38:15.310
and I think I guess kind of expanding on that

728
00:38:15.308 --> 00:38:18.818
you need to think about the different

729
00:38:18.839 --> 00:38:19.896
um

730
00:38:19.858 --> 00:38:23.167
topics that come up when you're talking about uh Bitcoin

731
00:38:23.249 --> 00:38:28.478
as a competitor to other invest investment assets as a competitor to

732
00:38:28.377 --> 00:38:31.053
uh other National currencies and as

733
00:38:30.878 --> 00:38:33.095
competitor to other payment rails

734
00:38:33.322 --> 00:38:33.557

735
00:38:33.507 --> 00:38:34.623
and um

736
00:38:34.528 --> 00:38:37.594
I'm pretty sure this is true in

737
00:38:37.407 --> 00:38:40.015
all of the countries were based in but um

738
00:38:40.039 --> 00:38:40.661

739
00:38:40.747 --> 00:38:40.989

740
00:38:40.999 --> 00:38:44.826
you know traditional payment rate of you know have been uh

741
00:38:45.227 --> 00:38:50.928
improved I guess some people think uh some people think cash is King obviously but

742
00:38:51.189 --> 00:38:55.096
you know you can go to the store and scan a QR code or you can you know

743
00:38:55.090 --> 00:39:00.410
uh text people money and you know there are all these uh competitors

744
00:39:00.799 --> 00:39:03.265
uh in terms of payments and

745
00:39:03.359 --> 00:39:03.918

746
00:39:03.870 --> 00:39:09.790
Bitcoin definitely has its advantages like lightning you won't as a merchant you will not get charged

747
00:39:09.437 --> 00:39:14.353
back so credit card fraud is a huge thing and often the merchant is held with

748
00:39:14.438 --> 00:39:15.084
uh

749
00:39:15.207 --> 00:39:17.532
first the whole take the last

750
00:39:20.330 --> 00:39:24.080
uh the word out to the people who want to be paid in um

751
00:39:24.047 --> 00:39:27.738
and Bitcoin who want to earn Bitcoin um

752
00:39:27.756 --> 00:39:27.991

753
00:39:28.787 --> 00:39:32.696
first in order to have the

754
00:39:31.736 --> 00:39:37.295
good experiences you know not not the coffee for Whitening experiences I mean

755
00:39:37.239 --> 00:39:39.063
International payments or

756
00:39:39.108 --> 00:39:39.357

757
00:39:39.357 --> 00:39:40.930
uh

758
00:39:41.157 --> 00:39:44.289
International remittances are also quite uh

759
00:39:44.286 --> 00:39:46.194
tedious at the bank so

760
00:39:46.156 --> 00:39:46.508

761
00:39:46.476 --> 00:39:46.705

762
00:39:46.726 --> 00:39:48.444
thank you I think we have

763
00:39:48.326 --> 00:39:54.267
uh approximately 6 minutes left I don't know whether there are regulators

764
00:39:54.476 --> 00:39:55.605
in any

765
00:39:55.567 --> 00:39:57.416
of the Asen country here

766
00:39:58.386 --> 00:40:00.724
anyway you can raise your hand

767
00:40:00.947 --> 00:40:03.750
no I couldn't find anyone but um

768
00:40:03.767 --> 00:40:09.481
I wish to ask all of you if you had a chance in order to talk to the policy maker a regulator

769
00:40:09.524 --> 00:40:10.608
to convince them

770
00:40:10.627 --> 00:40:10.862

771
00:40:10.875 --> 00:40:15.985
concerning the adoption of Bitcoin as a means of payment what would you say to

772
00:40:17.215 --> 00:40:17.591

773
00:40:17.985 --> 00:40:18.213

774
00:40:18.239 --> 00:40:19.252
do it

775
00:40:19.145 --> 00:40:19.406

776
00:40:19.335 --> 00:40:21.144

777
00:40:27.214 --> 00:40:28.069
um

778
00:40:28.114 --> 00:40:29.579
I'm sure they're thinking the same thing

779
00:40:29.516 --> 00:40:31.981
is you know uh the thing I would tell them is

780
00:40:31.889 --> 00:40:35.591
you want to look at your country's future right so you want a future proof

781
00:40:35.606 --> 00:40:35.863

782
00:40:35.993 --> 00:40:42.625
which you can uh because in today's world we're driven by technology I think everyone knows that I think if you look at your phone today and you hold it up

783
00:40:42.904 --> 00:40:44.872
you know that we have a phone every

784
00:40:45.025 --> 00:40:46.184
8 to 12 months

785
00:40:46.174 --> 00:40:48.125
something new there's a version that's coming out

786
00:40:48.285 --> 00:40:48.788
right

787
00:40:48.994 --> 00:40:51.010
and that's going to exponentially

788
00:40:51.034 --> 00:40:53.968
keep getting faster and faster so Moore's Law

789
00:40:54.374 --> 00:40:58.767
is just being broken now right so we're doing things that are very very

790
00:40:58.797 --> 00:41:00.555
Advanced and very fast

791
00:41:00.714 --> 00:41:01.450
and

792
00:41:01.354 --> 00:41:04.294
from a regular sense uh regulatory standpoint like

793
00:41:04.364 --> 00:41:09.683
I would say to them is money is going to be in that direction anyway alright today I think everyone can agree is that

794
00:41:09.754 --> 00:41:11.584
we see all our money digitally anyway

795
00:41:11.544 --> 00:41:12.050
right

796
00:41:11.925 --> 00:41:16.137
and so having Bitcoin within that kind of

797
00:41:16.024 --> 00:41:17.720
system that we have

798
00:41:17.756 --> 00:41:20.368
is it going to be any different than what we see today

799
00:41:20.383 --> 00:41:24.083
probably not right and people probably don't even really care to tell you the truth

800
00:41:23.963 --> 00:41:24.468
right

801
00:41:24.353 --> 00:41:26.382
the only thing they really do care about

802
00:41:26.344 --> 00:41:28.044
is the value that it comes with

803
00:41:28.073 --> 00:41:29.397
so say if

804
00:41:29.472 --> 00:41:37.479
you know Thai baht is able to move very fast through lightning rails without the person even knowing and they can send money instantly across

805
00:41:37.422 --> 00:41:39.186
cross borders anywhere they want

806
00:41:39.083 --> 00:41:42.983
whatever they're buying whether it be a product or service wouldn't that be valuable to say that

807
00:41:42.804 --> 00:41:45.084
I think that would write so for example

808
00:41:44.982 --> 00:41:48.170
like in Vietnam that's what we would do so you know I would tell them

809
00:41:48.182 --> 00:41:51.755
from a Vietnam standpoint is everything is about Import and Export

810
00:41:51.962 --> 00:41:54.563
the the faster you can get the money in

811
00:41:54.463 --> 00:41:58.164
more faster the efficiencies of manufacturing Supply happens

812
00:41:58.243 --> 00:42:00.911
businesses are happy customers are happy

813
00:42:00.992 --> 00:42:03.339
and what that equates to is what they want to hear is

814
00:42:03.302 --> 00:42:04.428
increase the GDP

815
00:42:04.394 --> 00:42:07.004
the only thing they want to hear right and so

816
00:42:06.954 --> 00:42:09.219
not maybe not the only thing but those are 1 of the

817
00:42:09.132 --> 00:42:12.456
key pillars that they'd like to hear and so that's that's what I would ask him is

818
00:42:12.392 --> 00:42:18.205
just make sure your future proofing the business I think is a technology that just needs to be understood a little bit more and then how we

819
00:42:18.034 --> 00:42:19.357
kind of molded in together

820
00:42:19.313 --> 00:42:19.548

821
00:42:19.703 --> 00:42:20.875
Dominique

822
00:42:20.722 --> 00:42:23.765
return yeah adding on to this I mean

823
00:42:23.742 --> 00:42:28.785
situation of course also helps this argument because we can see

824
00:42:28.602 --> 00:42:31.062
the last few years especially how like

825
00:42:30.982 --> 00:42:31.275

826
00:42:31.112 --> 00:42:36.494
the dollar and the international Swift system is basically weaponized like okay don't trade with this country otherwise like

827
00:42:36.421 --> 00:42:38.234
cut off all your ties

828
00:42:38.021 --> 00:42:39.800
like Bitcoin solves this problem

829
00:42:39.751 --> 00:42:42.514
so like if then somebody comes along you don't need to

830
00:42:42.512 --> 00:42:46.611
is brics currency and this weird settlements with gold back and forth

831
00:42:46.802 --> 00:42:47.669
you

832
00:42:47.952 --> 00:42:51.801
I mean right now Bitcoin is probably too small to facilitate this on a large scale

833
00:42:51.672 --> 00:42:52.721
but generally

834
00:42:52.632 --> 00:42:58.886
if this trend keeps up within the next 10 years then yeah you can just move Bitcoin around you still can you trade without any

835
00:42:58.711 --> 00:43:00.159
party country like

836
00:43:00.122 --> 00:43:03.713
weaponizing their financial infrastructure their currency against you

837
00:43:04.230 --> 00:43:04.658

838
00:43:04.611 --> 00:43:06.770
thank you thank you Dominique

839
00:43:06.592 --> 00:43:06.819

840
00:43:06.721 --> 00:43:12.088
yes I uh I 100% agree with that uh opinion bitcoin's about

841
00:43:12.041 --> 00:43:13.821
transcending uh

842
00:43:14.029 --> 00:43:19.581
Nations States it's a cross border but not just cross border but uh this

843
00:43:19.730 --> 00:43:27.192
includes things like uh coalitions that sanction each other oh okay and ultimately you know we as people want

844
00:43:27.031 --> 00:43:31.878
the trade we want to have better things good things you know food whatever

845
00:43:32.031 --> 00:43:34.246
and uh if uh

846
00:43:34.140 --> 00:43:40.218
if Bitcoin can facilitate that I think that's a plus you know it's

847
00:43:38.110 --> 00:43:39.375
a huge benefit

848
00:43:39.460 --> 00:43:39.678

849
00:43:39.839 --> 00:43:40.705
thank you

850
00:43:40.740 --> 00:43:43.860
so normally we call it lady first and now lady last

851
00:43:43.820 --> 00:43:46.111
okay I'm going to say it's not as scary as

852
00:43:45.990 --> 00:43:47.759
you think um

853
00:43:47.851 --> 00:43:54.270
you you can do it when when you can choose to do it before a lot of people you know Mass adoption

854
00:43:54.070 --> 00:43:59.712
and you don't have a choice but doing it so right now it's small number of people it's small transaction

855
00:43:59.511 --> 00:44:04.767
manageable is understandable this is something you can learn together because this is inevitable

856
00:44:04.629 --> 00:44:05.879
and um

857
00:44:05.850 --> 00:44:10.195
so no it's not as scary as as as as their thoughts be and then and

858
00:44:10.149 --> 00:44:13.844
again I'm I'm going to talk about our Dream Port that cock

859
00:44:13.791 --> 00:44:20.238
when you have Bitcoin core banking system you reduce prefund which is a pain for the banking and Institute

860
00:44:19.880 --> 00:44:20.439

861
00:44:20.329 --> 00:44:25.834
by over 10 times you reduce setup costs by 5 times meaning that money institutions

862
00:44:25.779 --> 00:44:31.652
core system the system can be set up very fast very quick very efficient and reduce money

863
00:44:31.539 --> 00:44:32.265
means that

864
00:44:32.109 --> 00:44:33.238
you will see

865
00:44:33.149 --> 00:44:38.587
the growth of this of the economy like like everybody said and you will see people

866
00:44:38.458 --> 00:44:39.122
um

867
00:44:39.418 --> 00:44:41.209
spend their money wiser

868
00:44:41.080 --> 00:44:41.882
and

869
00:44:41.859 --> 00:44:44.906
on top of that you get good branding for the country

870
00:44:45.248 --> 00:44:45.552

871
00:44:45.380 --> 00:44:45.639

872
00:44:45.571 --> 00:44:49.987
wonderful I mean it seems that we I mean agree I mean

873
00:44:49.868 --> 00:44:54.962
if there is no Regulators here yeah I mean it seems that all of us agree that

874
00:44:54.789 --> 00:44:56.120
Bitcoin is Future

875
00:44:56.068 --> 00:44:56.523

876
00:44:56.328 --> 00:44:57.704
it's manageable

877
00:44:57.618 --> 00:44:58.518
it's more or less

878
00:44:58.448 --> 00:44:59.606
transparent

879
00:44:59.468 --> 00:45:01.962
decentralized and it's Unstoppable

880
00:45:02.028 --> 00:45:02.268

881
00:45:02.227 --> 00:45:08.006
so let's think about the official adoption of Bitcoin so thank you very much for

882
00:45:07.869 --> 00:45:11.401
a contribution from the 4 panel on the stage please give

883
00:45:11.258 --> 00:45:11.671

884
00:45:11.708 --> 00:45:14.027
uh give them a big round of applause

885
00:45:16.958 --> 00:45:17.937

886
00:45:18.238 --> 00:45:18.504

887
00:45:18.818 --> 00:45:19.120

888
00:45:19.268 --> 00:45:21.795
we actually have a time for questions

889
00:45:22.348 --> 00:45:27.187
oh we have time for the question uh only 2 minutes so we we maybe

890
00:45:27.208 --> 00:45:33.741
able to do just 1 question uh if anyone in room want to raise their hand probably not that's why we have slido

891
00:45:33.547 --> 00:45:35.482
what can we see you that's why

892
00:45:35.348 --> 00:45:38.169
I'm here I'm here

893
00:45:40.028 --> 00:45:40.331

894
00:45:40.787 --> 00:45:41.861
okay all right

895
00:45:41.817 --> 00:45:45.702
so these are the questions with the most uh votes

896
00:45:46.108 --> 00:45:50.274
uh yeah we can go with the first 1 do you think government is not good enough

897
00:45:50.147 --> 00:45:52.751
do you think government needs to allow

898
00:45:52.957 --> 00:45:57.584
uh the use of Bitcoin as a mean of payment in the country for it to lead to reach Mass adoption

899
00:45:59.107 --> 00:45:59.343

900
00:45:59.365 --> 00:45:59.613

901
00:45:59.627 --> 00:46:01.019
anyone of you will

902
00:46:00.969 --> 00:46:01.960
I don't think so

903
00:46:01.926 --> 00:46:02.942
um

904
00:46:02.826 --> 00:46:05.569
bitcoin's been doing its own thing for like 14 years

905
00:46:05.458 --> 00:46:05.748

906
00:46:05.836 --> 00:46:10.326
uh and that's why I call it like like I said I call it the DMZ and so regardless if

907
00:46:10.447 --> 00:46:13.359
if if it's not adopted or not it's going to find its way

908
00:46:13.266 --> 00:46:14.811
um and I think if you

909
00:46:14.679 --> 00:46:15.757
watched like

910
00:46:15.707 --> 00:46:17.214
Andreas Antonopoulos

911
00:46:17.368 --> 00:46:20.357
videos he's a very huge big Corner educator

912
00:46:20.256 --> 00:46:23.342
uh very good to to watch and kind of learn more knowledge

913
00:46:23.457 --> 00:46:25.008
is Bitcoin is a sewer rat

914
00:46:24.867 --> 00:46:28.678
it will survive anything you can keep throwing stuff at it

915
00:46:28.586 --> 00:46:33.694
you can regulate it that much as much as you want it's going to find a way out and it's just going to

916
00:46:33.956 --> 00:46:38.824
uh grow into something I think uh I believe it's going to be a lot bigger than what we think

917
00:46:39.147 --> 00:46:39.400

918
00:46:39.347 --> 00:46:39.618

919
00:46:39.596 --> 00:46:39.898

920
00:46:39.986 --> 00:46:40.240

921
00:46:40.307 --> 00:46:40.535

922
00:46:40.426 --> 00:46:41.238

923
00:46:41.196 --> 00:46:41.491

924
00:46:41.386 --> 00:46:41.654

925
00:46:41.515 --> 00:46:43.276
right so for me I don't

926
00:46:43.246 --> 00:46:43.903

927
00:46:43.827 --> 00:46:46.422
I don't think Bitcoin was born

928
00:46:46.326 --> 00:46:47.834
to ask for permission

929
00:46:48.245 --> 00:46:53.729
so um so no I don't think government needs to allow that to happen

930
00:46:53.567 --> 00:46:58.895
people do it anyway people doing it now people paying for this conference on bitcoin

931
00:46:58.817 --> 00:47:01.883
so um people doing it now and um

932
00:47:01.766 --> 00:47:03.549
so do

933
00:47:03.365 --> 00:47:07.237
government need to allow know but it will make everything far

934
00:47:07.146 --> 00:47:11.487
easier but um no I I think people do it anyway

935
00:47:11.884 --> 00:47:13.628
so that's my answer I like that

936
00:47:13.485 --> 00:47:13.764

937
00:47:13.677 --> 00:47:14.353

938
00:47:14.895 --> 00:47:19.409
I think especially in places where you have very pragmatic societies

939
00:47:19.315 --> 00:47:24.688
like Vietnam and certainly quite a few other Asian countries I mean it's not needed at all I mean people also

940
00:47:24.825 --> 00:47:27.815
safe and taller or cold or whatever without being

941
00:47:28.095 --> 00:47:33.046
sanctioned by the government that hey that's what you should do it's just people looking out for themselves and their families

942
00:47:33.086 --> 00:47:33.399

943
00:47:33.216 --> 00:47:35.879
and if this is the better option for them and their families

944
00:47:35.785 --> 00:47:37.051
they're going to go for it

945
00:47:36.935 --> 00:47:37.227

946
00:47:37.575 --> 00:47:38.023

947
00:47:38.408 --> 00:47:38.685

948
00:47:39.495 --> 00:47:41.521
any contribution from you know

949
00:47:41.475 --> 00:47:42.119
fine

950
00:47:42.385 --> 00:47:42.604

951
00:47:42.635 --> 00:47:42.854

952
00:47:43.216 --> 00:47:45.953
several times for another questions or

953
00:47:46.415 --> 00:47:49.784
um actually we ran out of time but um

954
00:47:50.265 --> 00:47:50.501

955
00:47:50.514 --> 00:47:52.755
does anyone in the room wants to

956
00:47:53.525 --> 00:47:56.404
yeah that's 1 backpack and can we have a microphone

957
00:47:57.495 --> 00:47:57.762

958
00:47:57.875 --> 00:47:59.641
let's get some participation

959
00:48:00.065 --> 00:48:05.747
right for the second questions on the poll that has already been answered in the talk so we're just going to skip

960
00:48:05.565 --> 00:48:06.532
that for now

961
00:48:07.624 --> 00:48:07.916

962
00:48:08.384 --> 00:48:08.618

963
00:48:09.605 --> 00:48:09.952

964
00:48:09.924 --> 00:48:10.410

965
00:48:10.307 --> 00:48:10.550

966
00:48:10.884 --> 00:48:11.445

967
00:48:11.463 --> 00:48:11.753

968
00:48:11.784 --> 00:48:12.145

969
00:48:12.935 --> 00:48:13.227

970
00:48:13.183 --> 00:48:15.032
it's a bit hard to get to

971
00:48:15.114 --> 00:48:15.365

972
00:48:15.884 --> 00:48:16.183

973
00:48:16.784 --> 00:48:17.047

974
00:48:17.934 --> 00:48:18.176

975
00:48:18.573 --> 00:48:19.099

976
00:48:19.854 --> 00:48:20.469

977
00:48:20.624 --> 00:48:21.395

978
00:48:21.454 --> 00:48:21.746

979
00:48:21.585 --> 00:48:21.845

980
00:48:21.834 --> 00:48:22.096

981
00:48:21.964 --> 00:48:22.215

982
00:48:22.413 --> 00:48:25.660
hello hello okay maybe I'm wrong but

983
00:48:25.624 --> 00:48:28.699
I just want to get a framework to understand how the

984
00:48:28.693 --> 00:48:30.323
regulator actually I think

985
00:48:30.294 --> 00:48:30.583

986
00:48:30.424 --> 00:48:30.701

987
00:48:30.614 --> 00:48:32.779
I I think we've been talking about

988
00:48:32.983 --> 00:48:33.619
what

989
00:48:33.944 --> 00:48:34.200

990
00:48:34.715 --> 00:48:35.011

991
00:48:35.033 --> 00:48:35.263

992
00:48:35.165 --> 00:48:35.399

993
00:48:35.354 --> 00:48:40.665
uh the reason about Bitcoin but from regulatory point of view I'm not I'm not 1

994
00:48:40.674 --> 00:48:42.045
definitely but

995
00:48:42.214 --> 00:48:48.546
um we we not giving them like what what are they going to get from that are they going to get extra revenue from

996
00:48:48.363 --> 00:48:51.371
call transaction are they going to get extra tax for that

997
00:48:51.694 --> 00:48:55.745
is kind of like for them it's going to be a loser loser Fair

998
00:48:55.863 --> 00:49:00.960
you either lose control if we collect Landing taxes a lot

999
00:48:58.862 --> 00:49:01.571
or you're not getting anything if its success

1000
00:49:01.554 --> 00:49:07.969
are you going to be like the first country to adopt it and could become a full and a loving stock for other country

1001
00:49:08.283 --> 00:49:09.603
so I I think

1002
00:49:09.563 --> 00:49:11.992
as as a community we have to show them

1003
00:49:12.323 --> 00:49:12.751

1004
00:49:12.644 --> 00:49:13.784
what they can get

1005
00:49:13.662 --> 00:49:14.032

1006
00:49:14.182 --> 00:49:14.430

1007
00:49:15.014 --> 00:49:18.913
it is is that the live framing or is that what prevailing in

1008
00:49:18.928 --> 00:49:20.969
the currency to action I don't know

1009
00:49:21.352 --> 00:49:22.474
I'm I'm

1010
00:49:22.502 --> 00:49:23.832
speaking my mind

1011
00:49:23.722 --> 00:49:24.085

1012
00:49:24.494 --> 00:49:24.923

1013
00:49:24.873 --> 00:49:25.152

1014
00:49:25.262 --> 00:49:25.691

1015
00:49:26.022 --> 00:49:27.737
so that is

1016
00:49:27.824 --> 00:49:34.366
um a statement rather than a question that anyone want to contribute to of that statement further could we I'd rather answer to that

1017
00:49:34.102 --> 00:49:34.459

1018
00:49:34.421 --> 00:49:34.676

1019
00:49:34.542 --> 00:49:39.141
um even though Regulators want entity but I believe that Regulators should

1020
00:49:39.162 --> 00:49:41.715
do things for the best of the country

1021
00:49:41.722 --> 00:49:41.985

1022
00:49:41.984 --> 00:49:44.771
and um and and yes

1023
00:49:44.742 --> 00:49:49.180
Bitcoin is not going I mean this is not something we need to control

1024
00:49:49.093 --> 00:49:51.814
this is this is something we need to let go

1025
00:49:51.711 --> 00:49:52.208

1026
00:49:52.161 --> 00:49:53.023
uh-huh

1027
00:49:52.871 --> 00:49:57.136
and um so so yes we've been controlled

1028
00:49:57.222 --> 00:49:58.859
for so many years

1029
00:49:58.891 --> 00:50:00.149
but um

1030
00:50:00.040 --> 00:50:03.785
we should start to see how you let

1031
00:50:03.701 --> 00:50:09.598
things go and how things can progress from these movement onward and and I think

1032
00:50:09.463 --> 00:50:14.595
we can't use I mean I'm saying this is The Regulators um the mindset of 30 years ago

1033
00:50:14.463 --> 00:50:16.342
to imply to what we have now

1034
00:50:16.893 --> 00:50:17.116

1035
00:50:17.732 --> 00:50:20.464
I think a pretty good comparison is also like

1036
00:50:20.420 --> 00:50:25.877
the upcoming of the internet so like Vietnam there was also like long discussions how do we deal with this because

1037
00:50:25.741 --> 00:50:27.068
viously and it makes

1038
00:50:27.023 --> 00:50:33.010
Regulators feel that an is you're giving up a lot of control of the information Space by allowing

1039
00:50:32.901 --> 00:50:34.669
your people to access the internet

1040
00:50:34.640 --> 00:50:35.065

1041
00:50:35.341 --> 00:50:36.463
but

1042
00:50:36.562 --> 00:50:40.648
then the conversations concluded yeah but if we don't get on it like

1043
00:50:40.662 --> 00:50:40.904

1044
00:50:41.172 --> 00:50:45.903
our economy is just isolating itself and we can't compete anymore and that's

1045
00:50:46.108 --> 00:50:49.480
not beneficial for the stability of the country in the long run too

1046
00:50:49.432 --> 00:50:51.248
because if we

1047
00:50:50.342 --> 00:50:52.813
remained in some like poor Backwater

1048
00:50:52.770 --> 00:50:55.323
gets easier for outside powers to come in so

1049
00:50:55.331 --> 00:50:55.584

1050
00:50:55.521 --> 00:50:58.779
yeah we kind of have to go with the flow and try like

1051
00:50:58.921 --> 00:50:59.658

1052
00:50:59.621 --> 00:51:01.646
control it in some way

1053
00:51:01.540 --> 00:51:01.812

1054
00:51:01.742 --> 00:51:04.692
But ultimately we have to adjust to the times

1055
00:51:05.581 --> 00:51:05.812

1056
00:51:05.770 --> 00:51:10.165
yeah and going back to the point earlier on sanctions

1057
00:51:10.130 --> 00:51:15.774
uh I do believe that Bitcoin enables less friction and less friction is

1058
00:51:16.090 --> 00:51:19.791
more better efficiency better efficiency you know better economy

1059
00:51:19.670 --> 00:51:21.557
and I think as

1060
00:51:21.721 --> 00:51:21.991

1061
00:51:21.910 --> 00:51:24.069
uh Economist compete

1062
00:51:23.900 --> 00:51:24.154

1063
00:51:24.290 --> 00:51:29.420
you know even that marginal gain can make a big difference in terms of uh

1064
00:51:29.601 --> 00:51:32.213
the citizens you know life and

1065
00:51:32.099 --> 00:51:34.412
ultimately that's what Regulators should be

1066
00:51:34.341 --> 00:51:39.915
aiming to maximize I I know that Regulators might not really want to give up

1067
00:51:39.861 --> 00:51:40.724
potential but

1068
00:51:41.070 --> 00:51:42.425
you know uh

1069
00:51:42.481 --> 00:51:43.457
that could

1070
00:51:43.440 --> 00:51:49.107
end up being a viable strategy uh to gain the upper hand in international competition

1071
00:51:48.891 --> 00:51:49.418

1072
00:51:49.779 --> 00:51:50.090

1073
00:51:50.229 --> 00:51:55.028
okay wonderful it seems that the time no longer allow us to go further

1074
00:51:55.162 --> 00:52:01.586
so big round of applause once more for the 4 um speakers on the stage thank you very much and I now hand over

1075
00:52:01.441 --> 00:52:02.351
the stage

1076
00:52:02.141 --> 00:52:03.520
to coneria

1077
00:53:17.619 --> 00:53:27.619