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Cryptocurrency Ki

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Circle’s Yam Ki Chan says the latest changes in cryptocurrency offer an opportunity for Asia to take the lead. Speaking at the WebX Asia conference in Tokyo, Singapore-based Circle’s vice president of strategy and policy discusses US regulations, growth challenges in the cryptocurrency industry and the growing role of Asia’s rise as a Web3 innovator.

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Cryptocurrency Ki

The difficulties and confusion surrounding regulations in the digital asset industry in the US have prompted policymakers and Web3 developers in other parts of the world to step up and look at the emerging opportunity. .

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Even in Asia, where governments in many jurisdictions – notably Hong Kong, Singapore and Japan – are drawing up new laws on how to attract investment and jobs from these industries, these laws come at a time when America is plagued by disputes and litigation. based on the definitions of cryptocurrency.

Circle’s Yam Ki Chan, vice president of strategy and policy at Boston-based second-largest stablecoin issuer USDC, said it’s too early to sound the death knell for the digital goods market USA. But he added that Asia’s continued transition from Web2 consumers to Web3 producers gives the region the opportunity to play an important role in the development of the global digital assets industry.

Chan and Will Fee speak at the WebX conference in Tokyo on July 25-26. These questions and answers have been edited for length and clarity.

Checkout: You came to Circle in April this year from Google in Hong Kong and before that, as the US government’s economic policy chief, you focused on Asia during the administration Obama. How are you looking to change the digital asset industry?

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Yam Ki Chan: I learned a lot. This is a very dynamic industry, as you can see at WebX. Since joining, I’ve seen all the different events I’ve attended and it’s been a real pleasure to be part of the wider community. This is still a new industry and I think it’s mainly about creating an ecosystem of trying to work together. We all want to see this ecosystem work. We all want to see success. That’s why we’re all working to find ways to improve transparency, consumer protection and sustainability for the entire industry.

Price: Corey Now, Circle’s vice president of international policy, said in a previous interview that regulatory oversight in the United States will benefit the growth of the digital assets industry in the future. long-term. Do you agree with this idea?

Chan: Sure. Before all of this, I was a crypto skeptic. I’m like TradFi [traditional finance] you can go to. My first job after college was working at an investment bank in Silicon Valley. It’s technically focused but still an investment. And I’ve worked at hedge funds, I’ve worked at tech companies, I’ve worked at the US Treasury. Such a beautiful traditional bag. And there are a lot of reasonable doubts from people outside the crypto industry who are really wondering and asking – what is this for? And the industry hasn’t helped itself with a lot of bad behavior from various players that we’ve seen over the last 12-18 months.

Now that the industry is weeding out bad actors, policymakers are stepping in and actually making clearer regulations about what they want to see the industry do. I think policymakers in the past were worried because they weren’t sure if it was real or just a remembrance. We have seen many changes in the cryptocurrency industry, and with each change, its balance becomes more and more clear. We also see traditional financial firms taking this space seriously, such as Citadel Securities, which supports decentralized exchanges, and BlackRock, which offers bitcoin trading accounts.

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So we’re seeing an inflection point where bad players are pushed out and traditional financial institutions start to benefit, and you find and exploit that space. So the final phase that we believe we will see soon is the transition from the speculative to the utility phase of digital assets, and laws and policies will only support that too. this converter.

Price: You mentioned that you joined the circle and believe that the company’s role as a stablecoin issuer and Web3 developer is to promote global economic prosperity. You are now in Singapore. How do you see this mission as relevant to the wider Asia region?

Chan: We are now seeing the use of stablecoins for payments, which is very interesting, especially for Asia. Asian economies have a higher trade-to-GDP ratio than the US or Europe, and you will lose trade in Europe because of the currency system. So Asian companies spend more money on fees.

This not only affects the price but also the settlement time. In Asia, many companies operate in different countries within the region. You are a company based in Osaka, while your customers are in Taipei or Seoul, so you receive New Taiwan Dollars or Korean Won. So your buyer and manufacturer are in Vietnam or Thailand and you pay in Vietnamese Dong or Thai Baht. And all of these transactions are expensive for the average company in Asia. It doesn’t matter if you manufacture in Germany and sell in France or work in Oklahoma and sell in Colorado. And those costs will disproportionately impact businesses here.

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Another aspect is the marketing budget. The Asian Development Bank estimates there is a $500 billion financial crisis in Asia. These are companies that want to export but can’t because they can’t find the money. Additionally, there may be working capital, financing, insurance, or some type of financing needed to produce their goods and ship those goods abroad before they get paid. So stablecoins can help bridge that gap somewhat.

Then the second part is about border crossing fees. There are a lot of immigrant workers in Asia. They have to pay to send money home to their families, and transaction costs amount to 5.9% per transaction with an average of $200. That’s why we consider stablecoins as a virtual means of reducing transaction costs, shortening settlement times, and keeping users safe. And not just because it’s completely reserved, transparent and controlled, but also because it’s on users’ mobile phones, across Asia and around the world.

You no longer have to withdraw money and go to the bank and wait in line and hope that they don’t rob you and give you the money and hope that the bank operates to be able to take your money in the middle of a difficult time. world. And your family. Now I can send money back to my family’s home. So it’s very interesting.

Pricing: Due to regulatory uncertainty in the US, there is a growing trend that Web3 companies may leave the West – and the US. in particular – moving to jurisdictions in Asia where the work suits them better. Are you buying this? And if so, what is the evidence that this happens?

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Chan: A smart person might have two contradictory truths behind them. Yes, it’s happening. And no, no, because at the end of the day, America is a very large and very dynamic market. It’s a big market, but the law is still unclear. But it will get there. There is now legislation on Capitol Hill clarifying. We fully support this.

At the same time, Asian countries are not standing still. They have seen this game before. If you go back and look at the development of the Internet, the development of Web1 and Web2 is where most American companies took their products and expanded overseas. And Asia is the one buying it. So Google created a search engine and put it on the Internet. It can be used by anyone on the Internet. It was not until the second half of Web2 that the three factors driving manufacturing in Asia came together and Asia became the manufacturer.

These three things are smartphones that are small and powerful, affordable and accessible, with a wide range and the third part, which is very important, is the manufacturing process of the manufacturers. This area will benefit from a young population that has grown up with the Internet and will certainly be a great city in the world. This prompted them to start construction.

Many companies across Asia are not global companies but are regional players and dominant players in their respective countries. And the good thing is that when these companies—and policymakers—look at Web3, they have to say, wait a minute

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  1. Cryptocurrency KiThe difficulties and confusion surrounding regulations in the digital asset industry in the US have prompted policymakers and Web3 developers in other parts of the world to step up and look at the emerging opportunity. .Bitcoin And Cryptocurrency TechnologiesEven in Asia, where governments in many jurisdictions - notably Hong Kong, Singapore and Japan - are drawing up new laws on how to attract investment and jobs from these industries, these laws come at a time when America is plagued by disputes and litigation. based on the definitions of cryptocurrency.Circle's Yam Ki Chan, vice president of strategy and policy at Boston-based second-largest stablecoin issuer USDC, said it's too early to sound the death knell for the digital goods market USA. But he added that Asia's continued transition from Web2 consumers to Web3 producers gives the region the opportunity to play an important role in the development of the global digital assets industry.Chan and Will Fee speak at the WebX conference in Tokyo on July 25-26. These questions and answers have been edited for length and clarity.Checkout: You came to Circle in April this year from Google in Hong Kong and before that, as the US government's economic policy chief, you focused on Asia during the administration Obama. How are you looking to change the digital asset industry?Ki Price Prediction: Up To $0.0228!Yam Ki Chan: I learned a lot. This is a very dynamic industry, as you can see at WebX. Since joining, I've seen all the different events I've attended and it's been a real pleasure to be part of the wider community. This is still a new industry and I think it's mainly about creating an ecosystem of trying to work together. We all want to see this ecosystem work. We all want to see success. That's why we're all working to find ways to improve transparency, consumer protection and sustainability for the entire industry.Price: Corey Now, Circle's vice president of international policy, said in a previous interview that regulatory oversight in the United States will benefit the growth of the digital assets industry in the future. long-term. Do you agree with this idea?Chan: Sure. Before all of this, I was a crypto skeptic. I'm like TradFi [traditional finance] you can go to. My first job after college was working at an investment bank in Silicon Valley. It's technically focused but still an investment. And I've worked at hedge funds, I've worked at tech companies, I've worked at the US Treasury. Such a beautiful traditional bag. And there are a lot of reasonable doubts from people outside the crypto industry who are really wondering and asking - what is this for? And the industry hasn't helped itself with a lot of bad behavior from various players that we've seen over the last 12-18 months.Now that the industry is weeding out bad actors, policymakers are stepping in and actually making clearer regulations about what they want to see the industry do. I think policymakers in the past were worried because they weren't sure if it was real or just a remembrance. We have seen many changes in the cryptocurrency industry, and with each change, its balance becomes more and more clear. We also see traditional financial firms taking this space seriously, such as Citadel Securities, which supports decentralized exchanges, and BlackRock, which offers bitcoin trading accounts.Guest Post By Cointurk News: Insights On Spot Bitcoin Etf Entry Points By Ki Young JuSo we're seeing an inflection point where bad players are pushed out and traditional financial institutions start to benefit, and you find and exploit that space. So the final phase that we believe we will see soon is the transition from the speculative to the utility phase of digital assets, and laws and policies will only support that too. this converter.Price: You mentioned that you joined the circle and believe that the company's role as a stablecoin issuer and Web3 developer is to promote global economic prosperity. You are now in Singapore. How do you see this mission as relevant to the wider Asia region?Chan: We are now seeing the use of stablecoins for payments, which is very interesting, especially for Asia. Asian economies have a higher trade-to-GDP ratio than the US or Europe, and you will lose trade in Europe because of the currency system. So Asian companies spend more money on fees.This not only affects the price but also the settlement time. In Asia, many companies operate in different countries within the region. You are a company based in Osaka, while your customers are in Taipei or Seoul, so you receive New Taiwan Dollars or Korean Won. So your buyer and manufacturer are in Vietnam or Thailand and you pay in Vietnamese Dong or Thai Baht. And all of these transactions are expensive for the average company in Asia. It doesn't matter if you manufacture in Germany and sell in France or work in Oklahoma and sell in Colorado. And those costs will disproportionately impact businesses here.Bitcoin Kiosks Aka Cryptocurrency Kiosks OhioAnother aspect is the marketing budget. The Asian Development Bank estimates there is a $500 billion financial crisis in Asia. These are companies that want to export but can't because they can't find the money. Additionally, there may be working capital, financing, insurance, or some type of financing needed to produce their goods and ship those goods abroad before they get paid. So stablecoins can help bridge that gap somewhat.Then the second part is about border crossing fees. There are a lot of immigrant workers in Asia. They have to pay to send money home to their families, and transaction costs amount to 5.9% per transaction with an average of $200. That's why we consider stablecoins as a virtual means of reducing transaction costs, shortening settlement times, and keeping users safe. And not just because it's completely reserved, transparent and controlled, but also because it's on users' mobile phones, across Asia and around the world.You no longer have to withdraw money and go to the bank and wait in line and hope that they don't rob you and give you the money and hope that the bank operates to be able to take your money in the middle of a difficult time. world. And your family. Now I can send money back to my family's home. So it's very interesting.Pricing: Due to regulatory uncertainty in the US, there is a growing trend that Web3 companies may leave the West - and the US. in particular - moving to jurisdictions in Asia where the work suits them better. Are you buying this? And if so, what is the evidence that this happens?Solution: Helene Kiiker Cryptocurrency Basics An Introduction To Master Bitcoin Blockchain And Cryptocurrencies Technologies For Beginners 2022Chan: A smart person might have two contradictory truths behind them. Yes, it's happening. And no, no, because at the end of the day, America is a very large and very dynamic market. It's a big market, but the law is still unclear. But it will get there. There is now legislation on Capitol Hill clarifying. We fully support this.At the same time, Asian countries are not standing still. They have seen this game before. If you go back and look at the development of the Internet, the development of Web1 and Web2 is where most American companies took their products and expanded overseas. And Asia is the one buying it. So Google created a search engine and put it on the Internet. It can be used by anyone on the Internet. It was not until the second half of Web2 that the three factors driving manufacturing in Asia came together and Asia became the manufacturer.These three things are smartphones that are small and powerful, affordable and accessible, with a wide range and the third part, which is very important, is the manufacturing process of the manufacturers. This area will benefit from a young population that has grown up with the Internet and will certainly be a great city in the world. This prompted them to start construction.Many companies across Asia are not global companies but are regional players and dominant players in their respective countries. And the good thing is that when these companies—and policymakers—look at Web3, they have to say, wait a minuteBitcoin Price Latest: South Korea Softens Stance On Cryptocurrencies, Saying Ban Is 'just One Option'