In a candid interview, the founder of Bitacium crypto exchange, Mr.Richard Usman shares his ideas and ideologies about the influence of such firms on a global scale. He also conveyed valuable insights into upcoming technologies related to the blockchain.
[00:00:02] Ganesh: Hello viewers, today in our interview series. We have Mr. Richard Usman, founder of Bitacium exchange and he’s going to share with us his thoughts and its plans for the future in blockchain and crypto domain. So let’s hear from him. Greetings Mr. Usman. Can you please introduce yourself. How do you happen to get involved with blockchain and what other solutions you are offering to this space?
[00:00:34] Richard: Thank you, Ganesh, privileged to be here and to speak about Bitacium as well. As you know my name is Richard Usman. I am the founder and CEO of Bitacium LLC a fintech blockchain company and we are trying to bring in solutions using decentralized blockchain technology into users everyday lives to add value to what people do using blockchain. I’ve been involved in team tech and information technology for quite some time. I think over 17 years or so. And I found blockchain cryptocurrencies to be quite fascinating and they’re bringing innovations and changes little bits of light every single thing we do in this modern day. And I believe it is the future. And it’s going to do a lot more than what we’re seeing right now. And I have great expectations for a lot of technologies that are going to be implementing much-engineered systems in the future. And I see the tax in my day also performing and doing very well along with all the companies.
[00:02:04] Ganesh: How is the support from various Governments for Blockchain and cryptocurrency initiatives? What are the challenges in cross border transactions? How is the Bitacium exchange platform helping to deal with them?
[00:02:21] Richard: Well when you talk about supports for blockchain initiatives, the U.S. and China actually dominate local nations in this headline but the problem is that they’re dominated with skepticism and control. And this has been the bane of blockchain ever since regulations came into the picture. I’m not saying that regulation is bad. But too much regulation has a way of tightening the No. And the thing is that no single government could play a definitive role in how blockchain should be regulated. It needs to be a complete government effort from all over the world. Places like Estonia Switzerland Singapore, Switzerland for instance, they have a lot of friendly tax regulations for blockchain and cryptocurrency companies. They are actually encouraging startups. China and the US may encourage startups and deregulate. The problem is that they dominate it with skepticism. These two countries usually like to have control of all whatever happens out there so they are also introducing such influence into blockchain and cryptocurrencies.
And if you’re talking about the challenges of cross-border payments there are several challenges like the difference in cultural difference and practices of both buyers and sellers. There are issues with their valuations and due diligence legal and regulatory framework as well. We take out the issues of due diligence. We don’t just give you a platform. One thing we’ve always wanted to focus on was transparency. To give users complete transparency of who everybody is on the other end of a decentralized system to build trust with the users. So you have buyers on the other end of the world and you want to negotiate with them or you want to do business with them. You need to have a platform that cuts across the difference in culture. The difference in regulations is different in evaluations and due diligence. You need a platform that gives you that so that you can see just look seamlessly into work you’re doing your transactions and move on. So that’s what we kind of do.
[00:11:30] Ganesh: Well that’s pretty interesting. US Congress is introducing a bill to exempt cryptocurrency from the securities law. What do you think its consequences will be?
[00:11:45] Richard: These revelations gives clear guidelines of how people are able to conduct business. But the problem is that I don’t see anything wrong with the bill. The bill is going to be quite helpful. It’s going to clarify issues on taxation. It clarifies what our digital assets are. And it encourages projects to remain in the US market because as it is right now a lot of projects move out of the United States because of these issues of regulations.
They moved to Singapore. Some of them moved to Malta and that actually affected a lot of people. A lot of users who were actually interested in cryptocurrencies within the United States and especially China as well. The only disappointment I have about the bill is that it doesn’t actually help with SEC issues. The bill will do something about that then, good, then it will be quite helpful. Well, the bill will encourage a lot of businesses to work from the United States.
[00:14:10] Ganesh: OK. U.S. Commodity Futures Trading Commission (CFTC) is seeking more information through Request for Information for public feedback related to Ether and the Ethereum Network. What’s your take on this?
[00:14:33] Richard: It would be enhancing transparency with the government as well. It’s really quite significant. You’re going to also have a positive impact for the Ethereum Network and blockchain systems as well. It will also help the U.S. government especially the U.S. government because you know they have a lot of impacts whatever decisions they introduce into the blockchain, this request for information known as RFI it’s going to help bring out significant positive impacts.
[00:15:37] Ganesh: Right. With many countries imposing regulations on blockchain service providers; Is it really helping to streamline the industry and encourage adoption? What’s your opinion on this?
[00:15:50] Richard: The problem at the moment is that you know there is no single global consensus on how to classify cryptocurrencies. No single consensus in the whole world every country has its own rules and regulations concerning what should be you know their own regulations. I feel especially the problem is that because of the lack of a single consensus by the world governments on the single unit it’s going to be a little bit disruptive. Until we are able to come to a single consensus over the issues of cryptocurrencies it’s gonna be quite an unstable environment for a while.
[00:17:39] Ganesh: Are you considering to target markets like India where the mainstream adoption is still a far-fetched reality. Do you see an opportunity here Or it’s too early?
[00:17:48] Richard: You know the Indian market is a very large market and I love the Indian people. They really need to work on the issues of regulations. I’ve had discussions with myriad renewals and startups in India who have been crying out loud because of these issues of tighter regulations and strict regulations within India and a lot of them are looking for ways to move out of India to do their businesses elsewhere.
I believe the Indian market is a very rich market. It’s a rich market in Asia as well just like China and they have a lot to offer the world. I, for instance, want to take the features we want to add to the mix doesn’t just need to be able to help the Indian manufacturers traders to be able to market their products to the rest of the world. Take for instance West Africa. West Africa chases a lot of Indian products give the Indian government something to hold on to like a better way to export products. In India, we see opportunities we see where we could deliver something to the Indian government and they could gain was own private consensus to be able to do business through India after the rest of the world right.
[00:19:48] Ganesh: So where you able to approach the Indian government for this proposal?
[00:19:57] Richard: We have a representative in India. He knows all the details we need about India. And I’ve been a fan of the Indian people ever since I was young. I understand the culture. I understand the economy. I understand the way of life of the people. So it’s not going to be a problem. I understand that the Indian government wants to see that people are quite attracted to the rest of the world. I want to see the economy improve their own city products exported. I have studied this for quite some years and I know that the Bitacium platform is talking much to the Indian people as well. And I believe one way or the other. We’re going to be we’re going to have a good solid platform foundation to work from India.
[00:21:10] Ganesh: Good. Good to hear that. So what’s the future of decentralized apps since you are already into dApps so I would like to ask you this question? What the future there?
[00:21:27] Richard: The future of decentralized apps well everything an app can do. dApps can do better. But that’s my belief. That’s my policy. Anything I can do that can do better digital efficiency in the way that processes data. More and more businesses are going to be moving from the basic software app. We have a new way. They will be moving on to the blockchain app system. There is going to be more wide adoption I believe so it’s going to be leading to a future of the decentralized Internet. It’s not centralized like usual software which we have. So it’s a system that involves the community and it gives them exactly what they need at the speed they need for the security they want. So dApps are the future.
[00:22:58] Ganesh: Interesting. Do decentralized exchanges gain more popularity over the centralized ones? What is the reason behind this shift?
[00:23:14] Richard: Well the biggest threat to cryptocurrencies is not actually volatility issues. Volatility is not the biggest threat but the fact that 98 percent of the trades still happens on a central exchange. That’s the problem. The trend will change gradually I believe the trend will change gradually. People who are using centralized exchange on a trend will move them to decentralized exchange.
Well, exchanges tend to have some centralized exchanges tend to have issues. You have the Post reports. We have the hacks every now and then you hear one centralized exchange has been hacked. You don’t really hear that on a decentralized exchange but only on a centralized exchange and you have the government ban issues to worry about. So eventually when people realize the power and the opportunities that DEX exchange offers they’ll move out from there to DEX exchange.
[00:26:33] Ganesh: Right. So what’s the difference between the need for XBOND and XBCU? Is it compulsory to use them in bitacium exchange platform?
[00:27:00] Richard: OK. Well, initially it started with the XBCU. But we realized the XBCU doesn’t cover the vision we have for the mission we have for the company needs to have a centralized exchange centralized cryptocurrencies for all the decentralized market needs. Well, we also wanted to give our users and supporters and markets something in exchange for having the currency is not our cryptocurrencies. And we decided to group.
Submitted in point twenty-five million total supply. We believe that the the amount would be the much the more valuable it is and it’s the one has a way of reciprocating you know support us you know backing it up in the first place we pull into the in a system whereby the end for using the tokens the XBOND you like I said earlier this discounts awesome some purchases that you make on a little more because margins are gonna be coming from India much of the gonna be coming from different parts of the world to use the system to buy and sell so the activities on the network and its profit for the company what the goal is not to keep the profits only for the company the goal is to distribute part of the profits to every XBOND holder.
[00:30:07] Ganesh: OK so thank you very much Mr.Usman. It’s very nice talking to you and we appreciate your time and patience for sharing your thoughts with us. We appreciate you and we also wish you good luck when you come to India.
[00:30:20] Richard: Thank you for having me here, Wimplo. Looking forward to a decentralized future.
[00:30:37] Ganesh: Of course, we will make it happen together.