Monday Jul 17, 2023

Everything you Need to Know About Blockchain-Based Payment Systems

Everything you Need to Know About Blockchain-Based Payment Systems

Napster evolved into Spotify, Skype evolved to Whatsapp Calls and Facetime, even speaking to a teller at a bank has evolved into the ATMs and internet banking, but the payment industry seemingly hasn’t progressed much in the last century and in our latest episode, host Ian Andrews sits down with Joey Garcia, Director and Head of Public Affairs, Policy, Regulatory Affairs at Xapo Bank, who explains why. 

Joey shares his early days involved in digital asset regulation in Gibraltar and how Xapo Bank is bridging the gap between traditional banking and blockchain-based payment settlement systems.

He shares the promise of stablecoins in the future of the digital asset landscape and how the defunct Facebook Libra / Diem project may have paved the way for thoughtful contributions to the EU’s MiCA Regulation. 

He touches on grassroots adoption and use cases in Africa and LATAM and tries to shine a light on where DeFi will land when it comes to regulatory oversight.

Minute-by-minute episode breakdown

  • (2:25) - Joey Garcia’s crypto journey and discussion on the early days of cryptocurrency regulation in Gibraltar
  • (5:15) - Evolution of technology and  Xapo Bank's role as a bridge between traditional banking and blockchain-based payment settlement systems
  • (11:45) -Discussion of CBDC’s, USDC stablecoin, blockchain-based payments and everything in between 
  • (14:37) - Explanation of fractional banking and how Xapo offers interest on crypto held in custody
  • (17:45) - Understanding the business models of VASPs above and beyond just AML and Compliance 
  • (22:45) -Is MiCA the GDPR of virtual asset regulations?
  • (26:59) -Overview of the development of digital asset regulation in different regions and the impact the Libra project had on such regulations 
  • (32:15) - One stablecoin to rule them all?
  • (35:25) - What is the main factor behind grassroots crypto adoption in Africa and LATAM?
  • (37:45) - Where does DeFi fit into the future of digital assets and blockchain technology? 

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Speakers on today’s episode

  • Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) 
  • Joey Garcia (Director and Head of Public Affairs, Policy, Regulatory Affairs, Xapo Bank)

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