Documentary: Switzerland and the Crypto Revolution. How the Banks and Governments will be reborn
Hi, everybody my name is rod and brisee and this is part number three, of the cryptocurrency. Mentoree, series, and in this document i'm gonna show you how the government, is Switzerland among with the banking system, I restarted. The new global, financial, system, this documentary was made possible. By a partnership, with. -, Brazil blockchain. Propulsion, and Switzerland, global, enterprise, and of course 88. Insurer tech but, before we start I strongly, suggest you watch part number one Venezuela. And the cryptic, resolution. Where, I spend, one week in Venezuela, paying, everything, with crypto, from, hotel, breakfast, lunch and dinner gas. Tax and much more it. Was a very unique experience where, we drew the line from this internet magic, money being just an idea to real use on a daily basis, also. Make sure you check it out part number - Colombia, and the cryptic first revolution, where I spent one week in Colombia, going door-to-door with, the ground team showing, how mass abduction. Really takes place especially. With, the amount of an as well as leave it in working, Colonia, and, Tripta to send money back to their families and, now, part number three, Switzerland. And the cryptic resolution. We're spent one week in Switzerland, intervene, with the talkest players of cryptocurrency in the world talking, about where, is the money really coming from I hope you enjoy. You. Know I love this idea of radical, openness, the free exchange of information the, free flow of ideas, where. Blockchain. Technology. Today is allowing. People to connect, and rethink. How we see money in a way that we never thought it before is the u.s. petrodollar. The biggest scam on the planet, today do. We all agree to, believe in a simple, piece of paper that. Says In, God We Trust. Without. Captive. Alien the Switzerland would not have the position in motion disability, technology it has today so actually, we provide the, one-stop, shop in the canton of to so we are the, face or, the first contact, normally for companies the computer, we're. A very young association, and secures. Support. Through. Membership and sponsorship, and the. Different bodies within Switzerland, very, often the startups are on a technical, side very strong but, you need a business case you need a problem, to solve and, we have a whole network, in, the background for, private. Corporations. Consulting. Firms and and other guys and we can give access to that Network blockchain, proportion, was received, through. Our experiences, blocks and entrepreneurs, having to build. Blockchain. Solutions, and of course we went through all the different challenges. That blockchain. Projects. Go through we, are teaching the startups everything that they need to know to be successful. Traction, how, to fundraise, and so on Switzerland, as a brand or a or a for a country, as a brand it is of, course the, the. Quality of the country matters as such generally. I mean finding, the right legal structure, is very important, in order to be successful because if. Your money, is locked in a certain, entity and you cannot do what do you have planned to do you. Don't have any success. We. Had a few crypto winter so far and, in. Between I cos, I oz, and stos. Pyramid. Schemes and websites. We can double, your Bitcoin, a lot. Of people lost a lot of money and that's, good, lesson. Learned. Bitcoins not a game for you to buy low and sell high, because. A system. To, replace the fail monetary. System, where, central, banks, fail, the people but. Now it. Can be stopped and. So. Far the ICL's in stos, have, been the, main use case for blockchain. So. From these types of operations, other, types, of operations, are an offspring or, actually developed even faster, if. These. Offerings. Are successful. I think one of the main reason, companies. Are coming in Susan Owen is a security, principal, not only is the circuiting, in our political system. But, security is our, legal framework, for example. Everything is regulated, by FEMA, and. Also by the government, the. Government has, produced, new. Reports, about blockchain. For. The to. Introduce new changes, in the in the next year's and, now. Also, the FEMA our state's. Supervisory. Authority. In Tucson and as, Paul also produces guidelines, to.
Explain. How capital. Assets are treated in two-cylinder Switzerland. Is a very important country for doesn't, ask or group in particular there are many contact, points between Switzerland and the project, the first one would be the trust as, most people in the community know Daskal. Group is owned directly by the network, but the master knows to be more specific but without, needing to, disclose. Who they are this was achieved through. These. Trusts in New Zealand which is administered, from Switzerland, from Geneva, this. Was a requirement, of the New Zealand trust law in order to obtain certain, benefits, on Switzerland. Is a great market, for trustees. I think it's incredibly important because crypto, lives, outside of the borders of one particular country right blockchain. Is by its nature D Central and. What happens very often is that people get stuck in a very small echo chamber, and they hear the good ideas that it seems. Like good ideas Switzerland, if. We expand that echo chamber, from people from Latin America can. Is Korea Singapore, Shanghai Hong. Kong then, the echoes become. Much different, right the the feedback that you get on ideas business, venture capital, how, to get things done is. Really quite, different watching, space being so very cool globally worldwide it's important, to have these, sort of connectors, in, the industry, and what we do is we design build, and invest in blockchain, so when, people are bringing ideas to us we're, able to take a look at them both from a technological standpoint, an organism's, is a tional standpoint, and an investment, standpoint and having, that amount of reach across the industry allows, you to accept more and more project, ideas in because, in Switzerland, it's more advanced in terms of regulation, so, they. Have done a, framework for the, crypto, assets and. A. Crypto. Companies. As a blockchain company you can find only an, eland. Opening. Of a crypto, account with, a bank and do, the settlement, between fiat and crypto the reason for that is the, regulators. Which, are buried though are welcoming, and less burdensome they. Actually help the, companies. To set. Up a business whereas. In for instance in. Germany, where I come from, it's. Heavily, regulated, and, they were actually the first ones, in Europe - the Germans. - to set. Up some rules, but. They. Put a pretty, high bar they, they. Treat crypto, companies. Like. Traditional, financial companies, with all the the. Regulatory. Burden, that comes with it of Switzerland, from, a historic, perspective. Always. Had a huge. Banking. Ecosystem. So, I think it's wise for for. Switzerland that they adapt. The. Crypto and the, crow Valley has, been established in truth KPMG, is actually advising many. Companies, from around the world of setting up their European. And international headquarters, in. Switzerland, and what. We believe is important, that do, and diligent.
Advice. And services, are very relevant if you want to start in, a proper way you're pissing, Europe we went through a regulatory, process, where, we, checked. With a regulator, and show. The regulator, how you can tokenize, real estate within the existing laws and regulations, of Switzerland, and of. Liechtenstein, and that. Process took around eight, months so that was quite tough for start-up, but. We use that time to already build the product. And. Yeah. Like you mentioned we yes successfully, executed, that earlier this, year in March on. The first property not too far away from here well I can talk to you about liquorice, night. One. Of the main issues that we have in, the blockchain space, is legal certainty and, in. Many parts of the world you do, not have legal. Certainty, when. You're going to start a new blockchain, project, so when you go to the regulator, the, regularly doesn't give you any clear, indication if. You. Can or cannot do the project, in the. Liquor stein we've developed, the blockchain act and in. The blockchain act, is a full, legal, framework. Which, gives, companies. Legal. Certainty, about. What, they're going to do and if it's legal and not to do it in the country and, so we conceived, a. A concept. Based. On a. Number, of different, blocks, and entrepreneurs, to, be able to share. Our best practices, lessons learned how we can actually. Launch. Successful. Blockchain. Projects, so, it's been based on on on shared best practices that. We want to be. Able to pass on to other projects. Information. Today allows us to communicate instantly. And, get, Neels from, any de vigo across the planet the. Technology. To all this fits, in our pockets. And now, this too is helping people organize, themselves, against. Power against, authority against. Unfair doing and we've, seen protests, like this in argentina to, Hong Kong to Chile to Brazil, to Occupy. Wall Street. Bitcoins. The largest, peaceful, protest, in history, the, most powerful, weapon to defend, governments. And this. Can, be used by, anyone. Today's. Technology. Allows us to communicate and, connect, with people instantly. Across, any platforms, on the other side of the planet all this, can be done via video, text, message, or you can always watch a presentation, online. But, most importantly. With the Switzerland, Brasilia mission, wants to accomplish, is to give every, single investor. Or startup, company, by presenting, and connecting. Them with the most important. Key players today, in Switzerland, from startup, incubators. Law firm and the entire banking, system and extract. The best of this opportunity and really, immerse, in themselves, into the Switzerland culture, there is no price into having a face-to-face conversation. With. Those people and doing, so Switzerland. Will be you the main structure. For, you to come over and establish. Your business with. Confidence, because you have all the proper legal tools, to do so. Well. One of our goals as a Switzerland, global enterprise, and the Swiss, business hub in Brazil is to attract companies and attract business to Switzerland, so we have a mandate from the Swiss government to do so the. Idea behind it, is to promote the. Swiss clusters, because, we are always trying to innovate, and we're trying to bring innovation, into the country into Switzerland and we were the first payment gateway, in Brazil, to deal with. Fiat. And cryptocurrencies. And, Switzerland. We came, here to, to. Understand, what is happening and, it was becoming like, a super. Friendly. Environment. For cryptocurrency. Companies. For, blockchain, technology. And this. Is was. The main reason that we came to Switzerland especially, to to well. There's, several reasons why I choose Switzerland, instead of a Brazil, the. First one, it. Is up because of the regulation, towards, FEMA that allows blocking businesses, to operate without. Being a grey zone area so. Here, in Brazil we don't have a clear definition so, this brings risk for investors, so, this is one of the reasons the regulations, towards, blockchain first, second.
Because It is a decentralized, democracy. That, means there. Is the most close type. Of a government, relates. To a blockchain, decentralized. Technology as well so a decentralized, government for a decentralized, business, there is a concrete. Real. Desire, from the regulators, from, the. Business. And for, the whole. Ecosystem, to, provide something. Reliable. And some something more. Easier, in terms of to open a crypto, combine. Its. Bitcoin, the first major step, towards, the seperation, between money. And state. Is. This, fight against, governments, or against. The banks who's. Gonna be the first one to really embrace crypto. Nationwide. Which. President. Will, take the first step to, say we, accept, Bitcoin. It's. Because of an extremely proactive regulatory. Regime, that, we have in Switzerland, legalizing, and legitimate izing, the, correct and applied use of cryptocurrencies, blockchain. Applications. Decentralized. Markets, and digital asset custody, right so I think that if it wasn't for that proactive. Stance there. Would be they're, not very interesting, to build businesses. Here right because you put a lot of passion and and things start to happen. When people stop talking about it and start doing it we don't provide actual. Special. Benefit, of subsidies, in order to attract its companies, but, what we do is we, strive for the best package. For. Businesses, in channel because in, the first place it's not on the administration. Or the government to decide that company. X will get subsidy so company Y does. Not because. We don't know which business model will succeed so our, strategy, is to provide. The best, the. Best let's, say, parameters. Or the best. Environment. Business environment, for any companies, and the market, will do its magic I mean we're working, with regulators were working with the local Canton's, were working with different, individuals in the government so if somebody has a business they want to set it up here they can just drop us an email or give us a call whatever it might be and then we get them in touch with the right potential, partners and then yeah take it from there it's fundamental. That, we do, work very close so we Larry, is very closely with various, legal. Firms as well as very closely with government, so, we are trying to operate in a, compliant. Manner but. Also sharing those compliance. Aspects. With with our startups, so we work very close with with, those key stakeholders we, work very closely, with the cantonal, governments, of in the Greater Zurich area predominantly, that's Canton, zhuge Zurich. Cantinori. Canton, schweetz. Canton. Ro and. Also Lucerne and. Also we have the. Academic, bodies, that are present in those Canton's, as well we, have a very very good relationship each Canton. Is responsible. For themselves to. Bring, foreign, business, into the Canton and, each. Canton, wants to position, itself at. The forefront if, a. Prospect. Is coming in you want to make sure you're on that short list the government, as such is, what, they do is, they're very open-minded and they, are testing. If there are things where they can go with the time, we. Are in. Disruptive, times and there will be changes, and in Switzerland, traditionally. Our, administration. Is very lean there, is not too many rules for, things on the contrary were not, subsidizing. A lot there is no subsidized, for a special, technology or so there, is a moderate. Tax but, we. Are lean. Organised. And therefore, with this lean thought also. For cryptocurrency. The. The thinking, goes what.
Has To be done in, order to offer new. Thoughts. New technologies. A new, post, challenges. For cryptocurrency, companies. Is actually to understand. The regulations. In. Many cases there are no regulations, in place that's, why it is important, that companies like ours which have good relationships. With the regulators, are able, to advise them and to, help them to show them the way into, doing places in this new, and exciting and fast-growing, field. Of financial, industry. Satoshi. Nakamoto only. Needed, 9 pages to, create the Bitcoin white paper bitcoin, has exposed, how many telogen, people don't actually. And economics, money, finance. Or technology. First. They, ignore us, then, they laugh at us then, they fight us but, in the end they're, gonna fight Bitcoin, from us. At. That time 2013. A. Bunch of young guys came. To our office, one was victaulic. Chiluba. In childhood Swinton Gavin. Wood etc, and they. Talked, about decentralization, and, we didn't understand, anything actually, but. They. Thought that young, guys they have apparently, brilliant, ideas, so we tried. To understand, we tried to work with them try to educate them on the, legal frameworks, and on some regulatory, topics. On. Some, AML. Topics, in. Order to come to it to a legal structure that suits their, purpose, but also protects, them for from. Doing. Doing, it wrong and then and then Danton, being, being, challenged, later on and what. We've learned this is a lot about about. The technology, about this decentralization. About. The central aspects, of of. Algorithms. Of smart contracts, etc and, that was a whole new world to to, us and by, now I think we we. Are educated, we could educate the, regulator here in Switzerland I think, that's one of the advantages of Switzerland, that the, regulator, knows the technology we know the technology and we can support the, project. In appropriate, ways there, have been several, working groups on, a national, level and, outcome, of this has been the new DLT, law the law is presumably.
Going To enter into force next. Year and there. Am certain, adjustments, to the existing law on the, civil, law side but also on the regulatory side are, going to even, further facilitate. The, enterprises. On the blockchain and sui, sessio side so, easy to assess the regulator and say oh I, plan, to do that I want to do that in this way and they. Are very clear and objective to, say you can do that you can you. Can't do that so, you can move your business you can understand, the whole thing and prepare. Your company to be open, here yes I would say that it's very important, to have a regulator, who at least offers, commentary, public commentary, as finna is done and then, to have the different states in Switzerland, like again, the state content, of Zook is done and being, proactive and, adopting, that commentary, for business purposes and for, commercial usage, so, having that type of sponsorship, means, you also have that type of understanding you, also have a bilateral relationship. Between the blockchain community. Here blockchain. Propulsion. And the fitme to go back and forth when we're talking about building relationships. With regulators, we, don't want to wait till they're at the point of penalisation, or, wait till at the point of prosecution. To have that conversation they. Want to offer us good advice so that we can get in early into the market and generate those solutions, for them then come back to them in a nice relative, conversation. Without, the fear of penalisation as we see another market such as in the US government when, they are incubating, and accelerating, actually. They will be raising up this new start of the new companies, to, accelerate, the other enterprises, and big companies that are being, ages inside the market doing enough, to to elevate themselves well I think, that the main problem is that you see, that, many. Countries are losing, opportunities, for innovation, blockchain. Is the next, wave of innovation all, those countries, that push away, these. Blockchain. Companies, are losing, in the innovation, wave and you, see two. Weeks ago I presented at the United Nations and we presented. Two cases. In blockchain. For impact. One, was the case of Liechtenstein, and the, other of the Marshall Islands, why. Because, the Marshall Islands is the only country, in the world to. Have legal, tender, as crypto, and, Liechtenstein. Because, it's the only country, in the world to, have a full, legal. Framework, for, crypto. And blockchain and, you, see that the smaller countries, are the ones that are making the, greatest leaps, and bounds, because.
They Are the ones who want to capture that innovation, so. What's happening, is you're, starting, you want to develop in Brazil, you, want to develop in, Argentina. Or in Peru a project, you, have no legal certainty, if, what you're going to do is legal or not and, in. Switzerland. And in. Liechtenstein in particularly, it's, very clear, the. Government is supporting, all. These businesses, because at the end the regulator wants, to have want. To know what's going on in, the projects especially to protect the consumers, the end consumers, so, there's, a lot of regulations, going on in the banking in, the financial, area but we, also need some regulations, in the in, the blockchain space, especially, especially, when you look at the let's, say how. Are you doing your kyc, know your customer, process, at, the AML, anti-money, laundering, processes. How are all those things getting, captured by, all the projects, what you're seeing in the market so. It's a very small country. Has, always, put. Himself in a position of a global, player, so, the idea is to bring people here to Switzerland, to bring innovation to bring. Qualified. Human resources, to, open up companies, and make the the. Swiss environment, even more dynamic, and, innovative so, that the idea of exploring the FinTech and, blockchain sectors. Is very, important, for the for the Swiss government because, this is one of the sectors that is, driving now and the assistant, put him sell itself as a safe, haven for, companies. That want to operate in these two sectors here the support from the government since the beginning it's priceless, they are, always open, to to. Talk, to you you. Can easily reach, any person, that you would like to speak of. The. Banks is like another chapter. This. Is to. An issue but I think it's. Evolving. Well, there. We are treated. As a client totally. Different with what happens, in Brazil so, when. We arrive there, they, try to connect, us to the ecosystem, to. Incubators. To, accelerator. Programs, to. Potential, investors, to. The regulator itself so, you can, go straight to the regulator talk, to them and they, try. To figure out a way for you to operate, legally in the country instead of saying you're, Bennett or this is not allowed. You. Cannot do it here like happens you regulation. Here is very, clear the regulator is also willing to negotiate. And. Understand. Things, they. Are very well versed in blockchain, there's a lot of projects companies, and associations doing. Great work here in that space as a crypto, company as a crypt investment, platform, it's. Pretty new we don't have a benchmark to follow or, a framework, you have to move. As the, law. And. Removes. Recently. More, money was printed, in one day pay the entire bitcoins. Market, cap took, ten years to grow, we. Are having a huge, liquidity. Problem, among the banks, we're. In a blink of a major recession, if not. A depression. How, are you preparing yourself, for this. Maybe. Starting with the banking system, in. 2018. And even today it's really hard to find a partner in Switzerland, when, you're talking about blockchain, in combination, with tokenization, a. Lot, of doors remain shut so. We actually went to Liechtenstein, to. Bank free for. Our partnership, with the bank obviously. Because, we're in a regulated, environment you, need a bank. Everybody. Always talks about cutting out middlemen removing, banks and, that's not going to happen definitely, not in the beginning. So. We're very lucky, actually, that leaf design is so close by and there's a positive. Environment for startups, like us. The. Positive thing is that the regulator, in Switzerland is very approachable. Also, very very knowledgeable, about, the. Technology, as such and very, open, to new business models. So. Obviously it took quite a lot of time and money to do, the rulings, in a proper way together. With our legal partner. But. Nevertheless, eight. Months is still quite quite. Okay and. I had a very positive experience, with the financial regulator. It. Took less than 24. Hours for, the European, government, central, banks United States government, to start screaming, about our Facebook. Cryptocurrency. Can't, and must. Not work and this, proves, how, Satoshi, Nakamoto, was a visionary, and since. The beginning, decided.
To Remain anonymous but. It doesn't matter what, government thinks, or do, or try, to stop, a project. In. The next few minutes another. Block will. Be mine so. The next step or the next gear. Shift will be with, regards to. Larger. More, established institutions. From the legacy world actually and moving. Into the space, investing. And buying up, different. Cryptocurrencies. Are our tokens that they deem are a value, and they're providing a good example. Of use case what. The, blockchain will. Enable in the future is that. You can invest, in assets which, are not investable, at the moment or. Only. On. A very high, cost, investors. Are kind of risk-averse so because, they're not familiar with this new asset class and that's where they're saying okay I rather invest more money into bonds. So we're into. The stock market that's what we see for example other than those bubbles or real estate as well and I. Think it's just a matter of time until they realized this is a new asset class that we can invest in and diversify. There. Are only a few reasons why, Bitcoin, could go to zero but, there are tones of reasons, why Bitcoin, could go to a million, dollars maybe more and, there's, no reason why Bitcoin, should stay at this current prices. Stop. Working, for paper, people, cryptocurrencies. Are the future. How. Can you as a startup with a new technology how. Can you. Connect. Yourself to, the, traditional, market, and offer. Solutions to them and and. And and have access that. The, traditional, business will. Also bring the money to your startup. But. That can, come from anywhere I mean you already see now banks here who, accept. Cryptocurrencies. Who, offer cryptocurrency, accounts where you can trade cryptocurrencies, so, they're, interested to maybe have more innovation, and innovative things and they, will just pay you know for the cost we. Are also in times of crowdfunding. Sharing. Economy, so I think it's, it's the the mass that will decide. Where bigger. Money is going to be harvested. Basically, you, know just because it's simple, payments. Isn't, free, right people are go in are used to touching things with a card right behind that there are several organizations and. A 17 trillion dollar industry. Annualized, and the massive, amounts of infrastructure, to make all of that work right now all of that is going into an economy, that, could be much simpler much more transparent. Right and it's just you know just because we, have all. These regulations doesn't, necessarily, mean that we don't have incidents, of money laundering like, danske bank and some others that have come up very prominently, with massive, amounts of money laundering over. A very long a period of time so I think, that what you see is that there are ways that that, we could do this more, inclusively, to wait for financial inclusion and, at a much lower cost with a lot less friction, right less friction means less financial, mark you, know better if more efficient markets which means more adoption lines over, time and we already see tendencies, it's also, going to come from institutional, investors, giving. The very low interest. Rates at least in Europe don't one of the biggest. Interesting. Things over here is that, we. Have here money from all parts of the world and and, this money is searching for a good opportunity here we, have an open and frank leary relationship. With regulators the tax authorities, so it's not like let's. Say in the US where they consider, you to be a criminal and you have to prove that you're not here, it's more like open and friendly and they're very pro-business, and, they, know that there. Are questions that are uncertain, and they want to clarify it with you in, order to get the solution and I, think that's very important, we've, gone back to more, of, a realistic, approach. And and. Thereby, we do believe the, big investments, will, come. Into this space again but, I think people have burnt, their fingers so they're much more cautious in, how they invest today where they invest well, the big players that we see currently now that, is going to fundamentally change blockchain. For, the last year to now has, been the banking industry financial sector so, that current industry today is about 80 percent commercial, bank to bank transfer, and only. 20 percent retail. Individually, the, blockchain space, is exactly opposite, it's 80 percent person-to-person retail, and only about 20 percent commercial. So if you're a bank there's a traditional, portfolio.
Of Services that's. Already in an 80 percent saturated. Market and you're looking for anywhere else, to launch a service, a community exchange, a coin a tokenization, security. Token offer utility. Token offer if you look at this and you say this, is the market you want to be in because you have growth exponential, growth opportunity, here that you don't have in your traditional, portfolio, when, security token has been, launched. In a way that, makes all, the investors, an institutional. Investor feel. Secure. And see the appreciation, and proceeding coming to them in, a, normal. Way as they've been receiving it or maybe better way then, you will see all these transaction, will be coming and flowing, and the, deals will be flowing, as what's happening today but in, a small. Scale it will be bigger scale later if, you look at wealth management right if you look at family or family, offices family. Offices are, reconsidering. Where. They should put their money in it. Is, a money making a, good. Dividend. Or not which, stocks stocks. Volatile. Or not, should. They spread. More and go into this new area like, crypto, or blockchain. Platforms. Technology. In. As, such so, I think it. Will be shifting, from one pot to the other pot I think it's, actually. Already happening. For, quite, a while I mean, the. Prices. Of cryptocurrencies, are. More. Depending, on the mood of investors, in the US and in Europe then. From. Investors, in Venezuela. As. You mentioned, but, in the end it's. May. Be small - holders, in Venezuela. That will profit, from. Institutional. Investors, and in Europe you're, starting, to see the, the big money in the world is with, institutional. Investors, and you're. Starting to see these institutional. Investors. Starting. To invest more, and more, into. Blockchain. When, you have a JP, Morgan that launches its own cryptocurrency, and, I travel to own Buddhist. Last month met. With one of the largest banks of on dudas and they. Were on boarding. On the JPMorgan. Blockchain. You're. Starting, to see that this transformation. Is real and it's, happening at a. Very, very high speed, now. What we, need to do and this is what we do at a Eternity, blockchain, is I'm, responsible of, bringing. That innovation, now, to Latin, America and we're. Launching, now, in. Uruguay. Or Latin American hub and in, undo dasar Central American hub and from. There, what, we're going to do is create. A bridge between Lichtenstein. And, Latin. America, why, because. You, can develop your, project, in Latin America and you can raise your capital. In Liechtenstein in a safe and legal, manner well, first of all I mean these are at. The end of the emerging, regions. Of the world people. Currently two billion unbanked. They, made use, directly. Non-traditional. Financial. Industries. To, actually, do business, and to exchange assets. But. You mentioned it rightly I mean some of these countries are failed nations, so, they. We. See a potential, for alternative, financing opportunities, in. Countries, where you have an established and well working financial, industry I don't see too. Big of a potential, for an alternative, currency, well. They're, in. Switzerland, now we have a kind, of phenomenon, there, is several, banks. Applying. To have. Crypt. Of banking license, together I can, name it for example Seba Bank, I, can, in Bitcoin. Suisse there. They are applying, to become a bank a crypto, bank in Switzerland so. I. Would, say that is, if. You compare with many other countries they. Are regulating. Banking, business, operating. With crypto, and blockchain so, this is something else, in, when, you compare with other jurisdictions for. Example. We. See, several. Initiatives like, here in Brazil with X decks for. Example, there, is one exchange. That. Belongs to XP investments. Related. To it all bank I think, the bank specially. The private ones they need to reinvent, themselves. What's, the reason for a. Foreigner. To put. Their money here and, the reason for everyone, to do this would be basically cost. Because, even. It. Would not play as a replacement to local currency, here it could play as a much cheaper and, efficient, way to, do. Payments, and because there's a lot of money at the stake it's, not unlikely that that, would happen here I think, there, the. Current financial infrastructure, so especially the banks they are probably.
Working On something there themselves while. They stop, startups, from opening accounts so they can slowly, they can slow down this process and. To. Put it very simple they have to put more, on the pressure so. For example what. Facebook, is planning to do although. It's far away from a cryptocurrency. Is. Very, important, to put more pressure on banks and make. Them rethink, their business models and you are open, for, tokenization, and, blockchain start. And on, the other hand and that's what we were working on as well. Bring, out more use cases in. Greece. The demand from, the client side. Which. Automatically. Means they have to adapt in order not to lose their clients so. That's what in short I think should be happening the money comes from everywhere. Switzerland is open. To investments, from everywhere, in the world and we have seen with the new wave of. Cryptocurrencies. The, icos, and, 2017-2018. That. There, was a huge, influx of money into the country because. Switzerland, is an open economy, we're. Talking about a country that has almost, 40. Free, trade agreements, with different, countries apart, from the European. Union and. There's. A free flow of influx. Of money. Coming, here and there's a lot of financial, services. Going on so, I think this is when. You say this whistling is known for chocolate, from big banks. That's. An image that we want to change and we are changing, it now because. Listen it's going to become very famous, it's gonna eat already the leading country, regarding, blockchain, and FinTech technologies. Most. Important. It, doesn't matter where you are who. You are or, if you like it or not or even if you agree or not, Bitcoin. Doesn't care for you or me. Bitcoin. Is a system. Unstoppable. Code and. All I can tell you it's. Happening, it's. Happening faster. Than anybody. Can possibly, imagine. Join. Us.