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Jimmy Nguyen
Founding President & Co-Founder at Bitcoin Association
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CoinGeek London Conference 2020
February 20, 2020, London, UK
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International finance is coming to BSV as digital currency advances
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About the talk

Topic: FinTech

Several individuals from the digital currency and global finance industries talk about international finance at CoinGeek London.

Visit: https://coingeek.com/international-finance-is-coming-to-bsv-as-digital-currency-advances-video/

Subscribe to the CoinGeek channel to watch more CoinGeek videos on Bitcoin and blockchain. https://www.youtube.com/coingeek

⏰ Time Stamps ⏰

00:15 - Introduction of Layer2 Technologies by Eli Afram

01:51 - Introduction of Tokenized by Andrew Baxter

02:46 - Introduction of MUFG Bank by Masumi Hamahira

05:31 - Introduction of Basler Kantonalbank by Holger Vogel

28:00 - Interview with Eli Afram

29:28 - Interview with Andrew Baxter

30:27 - Interview with Masumi Hamahira

31:16 - Interview with Holger Vogel

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00:14 Leading technologies is a founding company with four subsidiary companies

01:51 Andrew Baxter's role in Tokenized

03:43 Masumi Hamahira: Islamic finance and Islamic Banking

05:32 Holger Vogel: his role in two banks

07:59 Bitcoin in Australia

09:21 The assets of the most business interest and demand

11:18 How can blockchain technology can improve the needs of Islamic financing

13:00 What types of digital assets are in most demand or interest for banking clients

14:58 To bring digital assets

17:32 Law regulations to help blockchain technology

19:19 Switzerland is already quite clear in terms of regulation

20:35 Bitcoin blockchain helps regulatory compliance for digital assets

25:07 Why Bitcoin SV can help regulatory challenges?

28:19 Why BSV is important?

29:48 Innovation in banking has stifled

About speakers

Jimmy Nguyen
Founding President & Co-Founder at Bitcoin Association
Eli Afram
Chief Technology Officer at Layer2 Technologies
Andrew Baxter
Managing Director at Tokenized
Masumi Hamahira
Advisor at MUFG Bank
Holger Vogel
Financial Engineer & Avaloq Dev at Basler Kantonalbank

Jimmy Nguyen is one of the world’s top Bitcoin and blockchain advocates. He is a renowned public speaker, media commentator and global ambassador for Bitcoin SV. Jimmy joined nChain and then helped launch the Bitcoin Association after a 21-year career as an intellectual property and digital technology lawyer. He is a Certified Information Privacy Professional/U.S. In 2008, Lawdragon named him (at only age 36) one of the “500 Leading Lawyers in America” and described him as a “dynamo talent.” He has also been recognized by the Century City Bar Association as “Intellectual Property Lawyer of the Year” (2011), and by the Association of Media & Entertainment Counsel with its Industry Leader Award (2017). For his diverse leadership, Jimmy has been named a “Top 100 Under 50 Diverse Executive Leader” (2015) by Diversity MBA magazine and was inducted into California Minority Counsel Program’s Diversity Hall of Fame (2015).

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A lifelong programmer, and a long time advocate for scaling Bitcoin. Being a post-graduate academic, and backed by years of industry research in internet security, and cryptographic applications, Eli became fascinated in Bitcoin when he stumbled upon Satoshi’s whitepaper in 2012 and began to study the technology in great depth. Towards the end of 2015 Eli started to become actively involved in the Bitcoin community itself, partaking and driving discussions, particularly concerning the scaling debate. A strong advocate of proven on-chain scaling, yet not opposed to second layer solutions either, Eli remains and advocate for Bitcoin as frictionless electronic cash.

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Masumi Hamahira has more than 19 years working experience in the banking and finance industry at MUFG Bank and was appointed as Advisor for Islamic Finance Department of MUFG Bank (Malaysia) in 2011. Before coming to Malaysia, Masumi was attached to several key divisions in Tokyo Head office of MUFG Bank. He was responsible for corporate finance, derivative marketing and structuring as well as global business planning. Leveraging Masumi’s experience, MUFG Bank (Malaysia) won Islamic Finance News Awards such as The Most Innovative Deal of the Year 2016, Cross-Border Deal of the Year 2014, Wakalah Deal of the Year 2013, and Structured Finance Deal of the Year 2012. Subsequently, he initiated the world’s first Japanese Yen Sukuk issuance by MUFG Bank (Malaysia) in 2014. Masumi graduated from Chartered Islamic Finance Professional (CIFP) course at INCEIF. He is currently a Ph.D candidate at IIUM Institute of Islamic Bankingand Finance, International Islamic University Malaysia. He aspires to contribute more significantly to the Islamic Finance industry by sharing of industry knowledge with the public. He holds a Bachelor Degree in Economics from Keio University, Japan. Masumi is a Chartered Professional in Islamic Finance (CPIF) and has been appointed as a Grand Councillor for Chartered Institute of Islamic Finance Professionals (CIIF).

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All right. What a fine-looking crowd of gentleman here. Alright Eli tell us about layer to Technologies and what you're doing that will be relevant to the conversation flow through technology is is is a family company with. Company with bring as much value to the network is possible. The idea was, it was formed when I guess Bill had tight who's using the room and just lay man, approached me with an idea that and that they wanted to take in high school and I was very receptive to it, very willingly and

we're willing to, to fund the central search. Adoption I'm happy to engage supportive for a very long time, scaling Bitcoin. And from the taunts well before coingeek. And you know, so those rotting practically full coingate before Calvin acquired in support of Big Blocks and you know, I actually touch and recent form of Bitcoin Kool-Aid developer who wants nothing bad will happen. If you remove the cap and he said, nothing bad will happen if you remove the cap. So we remove the cap and nothing bad has happened. This guy

has not Fallen. All right. Thank you. Andrew, we heard earlier speech from your CEO and how can I tell us about your role? Which of the night? So my bike ride, I'm an engineer. Also spent 25 years, working the financial services industry building and managing complex. Derivatives Getting in touch with businesses but wouldn't oh, I just really excited to be part of the team managed in the European team here and the global. Build out of the regulated license. Ace to my responsibility is to direct old regulated technology build on work with those really

exciting lawyers on those Regulators to get those crucial. I can see. So we can deliver that that regulates its product to a customer's. I still like to think I'm exciting. Alright. Musume Islamic Finance in Islamic banking is can you explain that to our audience and why you're interested in Bitcoin? Industry Association and then I hope you enjoy it to the handheld mic. Sorry there's having because they would like to create new era. So if you're interested in coronavirus June with

masumi could you go back and explain again? What is Islamic finance and Islamic banking, I hope they'll do it. I posted of interest is brush my teeth and the check. So we need to contact job. I understand. I will give you the file. I sent it to you this morning. I need to buy commodity from the market, and then I'll tell you what time, you need to sell this commodity to the market and then you will get 122, just now, but you can pay money. Five years later. So bad when

you or when I come with you to the gym, you don't know about the right. So that's why so that's why we need to buy introducing us up and thank you. Thank you. I'm Holger, tell us about to Banks and you're rolling them in there. Are you looking at blocking technology? I looked actually really for two banks in Switzerland, but it's the same desk. So I work out. on both banks have Same call banking systems. Do I copy code from One banking system to the other and I'm really happy if these are stable and I also called being against

protocol. And sometimes I really happy, if I know we are about to innovate Saban player is the is the The Invasion part of D2 Banks deposit. And another thing is, just the state back to accountant Audubon which is universal bank, has any sort of clients from small climbs up to institutional clients, to be altered to bank-to-bank services and the bank player is the more Innovation fan for doing the dishes transformation and no, we also set up an entity called

group. And so that's reason why I'm here because I think the future will be in darkness Asian, and Storing safely at bank trade, the assets and trading in all that wants more me. A bank is doing. Okay, let's have quiet. Saint of financial assets, right? So there's obviously regulations requirements, Eli. Let's talk about your experience so far with trying to create a token for gold on Declan svm. The last track if yours, you might have heard of it, but eventually, I was tracking is responsible for counterterrorism and thundering. So the idea

is that you Supposed to say and Report. Any suspicious activity? I think, I think in Australia and in particular, I can't speak for other countries are don't look too much into what's happening in Europe and Elsewhere for example, to two years ago. Bitcoin was double taxed and now it is treated as a property as it is in most parts of the world, I believe. Positive step, actually. It's it it helps businesses adopted more and that's all we need more to work with Regulators because Regulators need to

understand, they were not actually changing them. We're not the way we want them, we just need Bring more understanding in The Wire that this whole thing works. Say if I in a legacy I saw it right. The wet signature and it's the same way with a Bitcoin, right? You're signing a digital transaction, you giving it to the person. They give to the bank, the minor, the bank, right to let you get started. So we should stop using big words to things. Stand. It isn't. You weld. It is actually brought you a lot. I love that analogy of a

big one thing. What is exactly what it is? A transparent Legend. All right, Andrew, what types of assets are you seeing the most business, interest, and demand, a token eyes for creating tokens of So the most amount is for security tokens to securitize could be public Securities your IBM, IBM issued, phones, currently listed Securities. They could be private security. So Shaz of a private company and I think those are the problems exist in the existing Financial

system and where we can be most attractive to those existing problems and processes and we solve a speed problem across problem on Austin, a credit problem. So let me give you an example to execute to Banks, executing a foreign currency transaction, it settles in 2 days. Okay, I'm not trying to Kelly's based on how long it used to take. Humans working a standard working day to just do the admin associated with moving to surround. If you move a million dollars through one of the exchanges, if you were a bank it cost you three to five million dollars at 3 to $5 per million

and if you are physically move around, I pay my pounds and I'll get my ass back in two days time because it was a bank. I need to hold some regular tree Capital against not risk that wreckage. Have to discuss results and ultimately limits how much business to the bank. So we can eat cheap and has no credit risk and that's a big drawer from the financial services industry masoomiyat. Can you give us an example of how you think blockchain technology. Improve or help. The needs of Islamic financing in particular,

we need to report when we open our community. So, no recording. So you're manually required time stamp, what are the coded. So it is the better option, so that use of blockchain can help you with the compliance and record-keeping recording. That's necessary to comply with Islamic immutable. DJ. Holger, what are you seeing as the types of digital assets and other Financial Assets in the chain world are in most demand or interest for your bank clients. The principal I need to pass over the request to outline, sew-in Prince, we want to learn from our

clients because it's so new. What do they also want to see as kind of protists? We, we are about to ask them already. So we first, we have to educate them because the thing is something you and by the way, we have, said, Kate compliance risk and legal about what is doable, and what can you do? And then we have to ask out of the clients. What would do they really want to do first two of you can stop just just been what we know from the old world, which is going to be our tokens and then maybe

buns. And then another problem you see is in, in, in a cookie discovered actions As still quite manual process to be done and sometimes costing money because something is getting lost or somebody's doing, not the jobs that I should do. And I see also, when you, when you have lots of different fragmented systems right now, working like Risk System, trading issuing systems trading system settlement since you have a fragmented world, that's always already digital, but it's not really a single drop

chain solution. So if you have a load of a potentially coming by just doing it for Less, in the same system, international oz bottle isn't that time because the token ization of financial assets on the blockchain, they're going to trigger some type of regulatory scheme. What can I ask you to name something? You think that would help to make more clear in the current regulatory landscape to make it easier to bring digital assets, tokens of financial assets, to actual real using sales and trading

I like how I think regulatory bodies just need to be more definition Clarity definition of old tax laws from country to country as a different thing. It's pretty, it's always been an upright when you hit me up, right? Which cryptocurrency or with with blockchain technology, there is only a split. If there is a persistent Fork on the Allstate of a right to let you something, stand that it doesn't mean 1 equals the other. It's not it's not a direct relationship, things like that. The definitions of digital currency vs cryptocurrency buses

from state-to-state country-to-country, Moto G4, at least it's difficult and roulette, what would you recommend? I'm going to make it to Utopia butt in a token. Ice world where every participant has been through kyc identity Check. Yes, any requirements at least. So every transaction is with no parties which means that you can monitor, you can look for suspicious transactions. You cook a foot source of funds and potentially regulate to could plug in and see real time. Suspicious, transaction

information. That's a huge benefit. For a regulator. We have been able to have make reach agreements globally on, Auntie money. Laundering rules control of funds for suspicious suspicious funds for Terry. Smite on saying, there's a strong incentive for regulates, has to come together to form a minimum set of standards and promote the rollout of digital Ledger and toking, toke ization technology with identity. Built-in can you name something you wish was more clear and the law regulations to help blockchain technology. I

need to pay donation tax. The government in Japan. You're my friend. You have to pay tax on it. How much should I pay to take a picture of point? A micropayment this day if I stop at Riverside and yes I have a acid. This is micropayment acid but how much money do I pay tax? And then it looks like the icing in the future. We need to settle this issue has been offering South Dakota 2020, Japanese Tickety Toc of the security is security. I think in the future Wednesday to step out of our standard,

sometimes I really have to pee, and sometimes it's not really mention to find, find a dollar out of track it down to a specific blockchain. What is know, what is the case they are and in the evening service, the American regulation tomorrow So I won't we wouldn't need much more clarity there and to to find to find the same solution. And then what does, what do they mean, this, what should we do in the end? Because it's Clyde white and gray. On the other hand Lost

Island Cinema has some limit No Limit that you can skip or maybe. I'm not sure if you do have to do. Microtransactions, well, maybe for one Swiss franc, you have to do. I mail checks. That's my last My Last Stand. Maybe maybe some other guys, no more, but friend. So I'm curious to ask each of the panelist. What you think the Bitcoin SV blockchain offers that helps Regulatory Compliance for digital assets and financial assets. And what you ask for, in terms of improvements, are things that the developer ecosystem could build that would help,

firstly, everything it is so suited to the business, right? Because I thought that was the whole point of sun setting, pay to write notes Garrity with The Ledger. Right? We want, Ackley Ledger and Bitcoin. SV is the only one that has that now, right? None of the others have that Clarity on the ledge. And I've also introduced the mother of Christ Which makes it even more minute. There's a wide variety of reasons. Why bsv? What are those of you who don't know if pay the script hash is, it's a

technical feature at it at some of the number of years ago into the Bitcoin change with, essentially provides ways to obscure the nature of transactions and it has been Sunset it. Now, with the Genesis upgrade Bitcoin SV. So going forward, you can't create those types of transactions of you supposed to put, our flight was in the original, a Satoshi Nakamoto build. So, what would you suggest that this ecosystem can help build a developer and It is the middle, we're right? Like,

it's that it was sold to stop by just pushing out its all the stuff that you know, all of the Middle Light is a fantastically, I guess I'll be encouraged other developers to build even more transparent. Unlike Monero Wichita to a Smart contract on seminaras. A look at the Cana Punta Cana see where it is. So I packed it. It works and it helps regulate is it if it doesn't go against regulation it's supported. The more you look into this the more you realize that this was just custom built for regular and I can just

go in there and it's more transparent than your bank. That's the best way to put in. That's one of the best I can. What do you think about Bitcoin SV in terms of its ability, that helped the process for a regulated Financial assets? Can you speak up a ladder just 101? You would be interested in terms of Business Development, okay? Raiding utopians of our clients, but at the other hand, is, is helping the rich, guys, the two combines guys to do that job in, and we had lots of discussion because of skating today.

It's not really scared because if these guys have too many manual jobs to do in the daily chops, then we have an issue to really a process that match of transactions in all the bank and they can be helpful to any smart contract can be done. And so the token to must include The information of the compliance officer need, maybe a risk of the time and I was working on the option to store, you know, if the if the guys don't have two degrees and all the stuff on

the separate system, they lost to the Token, should be chatty and tell you the Greeks. What is the risk about the Tolkien and maybe start itching. Announcing old do you have to have Shawn Mendes happening? Whatever you can do, all the things you wish, why not helping the compliance service guys, because they decide to go or no-go. The great tip have tokens built so that they contain all the information that a compliance officer or regular easy to find musume. Our thoughts on lightning, the queen SV can help with all

these regulatory challenges and what you think this group can help build. I yes. So life after Google is coming now, but still. So when we do the question, why? When we land away from Attack? If they use cash, me slash we introduced and Thunder with the place to be nobody, nobody there, but nothing, so I think I should introduce pizza pie supposed to be June. You can help with the not like, but we want to be lawful. All right, Angela finished with you. What are the reasons you think the queen is he can uniquely help satisfy these regulatory requirements? And what would you like to speak with

listen to bill to help you? We need to make it easy for people to move from the existing Financial ecosystem to the bsp financially ecosystem. So, Really, we need to build the services which are analogous to those that exist already. So we need price Discovery for tokens litquidity trading exchanges, pizza and deliver it, to people who want to consume that price. They took, they may be people in banks that once. You understand the risk in the tokens. They're holding her like Adele to go up and down a ways to go up and down. We need to own

off-ramps between the token. Digital token world in the digital world, if I've got an IV and yeah, I'm right. Well someone needs to sell the digital ID and they going to go by the physical IBM to hedge that. So someone needs to participate in that on off ramp, in the in between space, until such time as IBM, decide stuff, issuing on the traditional exchanges an issue. Tokens on on, on bitcoin business models. For someone out there, we really won't get the momentum. Do some interesting thoughts, hopefully, misleading some of you out there as well as on the livestream thinking about what this

ecosystem needs and what you might still develop or start as a new business idea, Venture drone support, what is clearly going to be a Regulatory Compliance world of digital tokens? That are based on other Financial assets. It's going to be necessary. It's something we fully support sbac leaders. And I want to thank all of our panelist for an interesting conversation. Right by it, Jackson it from Queen d.com and I'm here with Eli a from from Leia to Technologies. Lovely to have you a part of the team and I feel like I'm part of the

pension system compliance regulations on the grand scale. Bitcoin SV is in your money and to really build something that is a new Global Myan. ADI Global veggie that is going to work for the entire world. It needs to work within the existing regulatory system. If it doesn't, it will collapse, it will be shot down and it won't work. One of the attorneys Strokes from Satoshi with implementation was that? He made it a transparent Ledger, he made it so that it worked with in-law. He made it so that it could be used for good. Because the blockchain Ledger is

transparent and some of the other block chance of Don seems to make them not. So transparent in this recent hot, 4th we've gone back to the original design. This is how she had come up with. And what that does is it restores, the transparency, all that late at this number of things with the Genesis team, that the no team has gone to be more thankful. Because now now, that that it's walking Stein. Now that we have Bitcoins, do I supposed to be? We can finally Croix. We can finally developing. We can tell businesses, you can build on this and it's a stable. I'm an engineer and I just

happen to practice, engineering banking building, and managing complex, derivatives, and Hutch, run businesses of the last 25 years. In recent years, innovation, in banking to stifle Innovation. It's incredibly exciting a little bit, what is possible. Now in the ditch class at token space, there are many obstacles, but there's a lot of innovation being the conference to tokenize. We building a digital security platform. Every participant on the platform has been through kyc and identity, verification checks. So, when any new trades with any of the transaction on a platform, we know who we

trading with, we can track and monitor those transactions. If it's a great benefit for a compliance or a regulator to be able to understand what's happening within the regulated environment. And there is a challenge for us is in you entrance to prove that actually true transactions, all safe and bring value to the financial community and I should bring value over and above the traditional way. Who sings with International markets? Commercial Banking also need you to update by yourself by introducing a new technology that.

But at this moment, repeating also need to update banking industry wondering, which is always a really big problem. If so, how does that affect you? And what you trying to do with that old lady, use cash spot. There are about ready to announce that we will have wallet. Thank grape, soda solution, next year until any hurdle with compliance is done and I think it looks good. So we trust in discussion with all the internal stakeholders, which is compliance, which is legal. I t soul to make

when your Bankrate save Cassidy solution for cryptoassets, these assets, at least that are combined, I think it's the first I guess I want sets you apart from the competition. Then we have our own business, we have picked clients basis, so we just asked already or the clients, if they need extra service and we come to the conclusion that it's good idea to start already was any, as well as its new on the market, because clients are having them and Country safely stored as in there. Obi-Wan, as I would say because the bank grade wallet is completely different

than any other wallet.

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Jimmy Nguyen
Eli Afram
Andrew Baxter
Masumi Hamahira
Holger Vogel