Speaker 1: Hey folks, Welcome and good evening. Welcome to another session
Speaker 1: with me calu Aja on my money space. Of course,
Speaker 1: on the space, we're talking money, the economy, finance, right,
Speaker 1: that's what we do here. We make it personal to you,
Speaker 1: want to make it make you a better investor by
Speaker 1: giving you all that information so you can have the
Speaker 1: tools to better direct your money. That's such a what
Speaker 1: we do here every Sunday, seven pm West African time.
Speaker 1: This week we're talking stable coins, right, not just stable coins,
Speaker 1: but Nigerian stable coins. That's what we're talking this week.
Speaker 1: Two weeks ago we talked about the whole digital space
Speaker 1: and how that has evolved with the new US administration
Speaker 1: and what that means for Nigeria. We had a lot
Speaker 1: of crypto guides here. We're taking it further this week,
Speaker 1: talk about stable coins and then see what's that all
Speaker 1: about and why should you be interested in this? So,
Speaker 1: of course I've got lots, I've got tons of guests
Speaker 1: are gonna come in and speak here, and I'm gonna
Speaker 1: add them pretty soon so that way they can give
Speaker 1: us their best, you know, their knowledge. I'm just gonna
Speaker 1: listen and learn. I don't know tons about this this space,
Speaker 1: so the experts are going to be here gonna talk
Speaker 1: to us. I'm just gonna learn and ask questions. And
Speaker 1: if you guys have coins as well, you can DM
Speaker 1: or you can request. But there's gonna be a lot
Speaker 1: of guys speaking, so I think dms might work for you.
Speaker 1: I'm gonna open up my DM so that way you
Speaker 1: can send me. Anyone can send me a DM more
Speaker 1: or less. There. Yeah, okay, So but let me just
Speaker 1: give you guys the intro on what stable coins is.
Speaker 1: Because lots of saying what's this stable coin thing? Stable
Speaker 1: coins are money market instruments that are on the quote
Speaker 1: unquote digital space. You can say the stable coin will
Speaker 1: be a money market instrument that is digital. So what's
Speaker 1: the money market instrument? It's any instrument that is that
Speaker 1: has a term below one year. When you go to
Speaker 1: your bank and you do a fixed deposit, say for
Speaker 1: one year, that's money market. Now you can do stable
Speaker 1: coins one year, that's fine. But the concept is the
Speaker 1: same way you go to your bank and you save
Speaker 1: money in your bank, in your savings account, in your
Speaker 1: checking account, in your fixed deposit, in your certificate deposit.
Speaker 1: The same way you're doing that that's what stable coins are.
Speaker 1: So in a stable coin, you're taking your physical fiat
Speaker 1: currency either Nira or dollar or can Indian dollars, and
Speaker 1: you're converted to an electronic form. So it's going to
Speaker 1: be that stable currency, right, and when you then convert it,
Speaker 1: it's more like the idea is to have it on
Speaker 1: a one to one basis, So you might have one
Speaker 1: stable coin it's one US dollar or one stable coin
Speaker 1: it's one Nigerian era. But that's the idea, right, So
Speaker 1: it's the same paper you have in your pocket, but
Speaker 1: in a digital form. That's that's where my knowledge stops.
Speaker 2: Guys.
Speaker 1: So now I have a few guys here, guys, the
Speaker 1: assuming if you can request to be added, or I
Speaker 1: can make an onionce man should we say a co host,
Speaker 1: so you can add them all in here, just so
Speaker 1: I understand their handles. Then that way they can come
Speaker 1: and speak. So my good friend old man, please request
Speaker 1: to be if you can put your hand up, I
Speaker 1: can make you. Let me see I see you here. Perfect.
Speaker 1: So I've got an MD. I'm gonna add an m
Speaker 1: D as a speaker, and the other guys can just
Speaker 1: request to speaker. I've got seeng Let me see if
Speaker 1: I can add them also as a speaker as well. Onions, man,
Speaker 1: I'm gonna add you as a speaker and also make
Speaker 1: you a host because you know all your folks and
Speaker 1: you guys are the experts. You can add on your folks.
Speaker 1: I have tons of questions. I don't know really about this,
Speaker 1: you know. So once I've got you youo here, I'm
Speaker 1: gonna add him as well. Thank you. So what guys for? Yep,
Speaker 1: just give us a second to add all yours. So now,
Speaker 1: and I'm going to make your host. I've sent you
Speaker 1: an invite, so now you can basically add the other
Speaker 1: folks that are going to be our speakers and then
Speaker 1: we just take it from there. But we are your
Speaker 1: let me see before as we're getting ourselves, let me
Speaker 1: just have you on mutan and I've got chimer as well,
Speaker 1: so Chim, I'm adding you as well. There we go,
Speaker 1: Cloud Engineer, we are your high. Do you want on mute?
Speaker 1: And I have a question for you, Yeah, how are
Speaker 1: you doing? You want to go ahead and introduce it yourself?
Speaker 3: Thank you?
Speaker 4: I know you are you currently seven as the managing
Speaker 4: direct job of the entity that sort of issue the
Speaker 4: c eng And stable going mm hm Nigeria's first regulated
Speaker 4: stable goings.
Speaker 3: Very very happy.
Speaker 4: I've taken this initiative to really shed more lights on
Speaker 4: space and there we have it contribute to anyway.
Speaker 1: We can, gotcha. So just to overview got c n GN,
Speaker 1: is that how to say to dr say cng and
Speaker 1: how I say it?
Speaker 3: Yes, Yes, it's basically engen well.
Speaker 1: Like you c a c gotcha. So c eng And
Speaker 1: is Nigeria's first regulated stable coin, so expect one to
Speaker 1: one to the naira, you guys. Launches in February of
Speaker 1: twenty five, just last month ago. Right developed by Warped
Speaker 1: CBDC Limited in collaboration with fintech patterns such as Convexity, Interstellar, Alpha,
Speaker 1: gigs techs Now. Unlike the traditional cryptocurrencies, the CNGN maintains
Speaker 1: stability as fully backed by Nigerian reserves held in licensed
Speaker 1: financial ifitions. And the most important thing I saw here
Speaker 1: it is regulated under the Nigerian Security and Exchange Commissions
Speaker 1: Regulatory Incubation Program. So number one, you guys have got
Speaker 1: the reserves to back whatever it's issued on the stable
Speaker 1: coin space. And number two it's also regulated by the
Speaker 1: Security and Exchange Commission. So take it from there. Talk
Speaker 1: to us about what why doing the Nigerians stable coin?
Speaker 1: I know we have dollars stable coins? Or why do
Speaker 1: the Nigerian table coin?
Speaker 4: Thanks God? Really everything everything checks out, so or look
Speaker 4: how stable coin?
Speaker 2: Right?
Speaker 4: For specifically for I think we can start with web
Speaker 4: three crypto users and I'm not sure what the crowd.
Speaker 1: Here is just speak English like we don't know about crypto.
Speaker 4: Okay, that'll say this stable coin in general. Really like
Speaker 4: Patrick Patrick, the s of Stripe right as in many
Speaker 4: of us here know, Stripe recently acquired Bridge, right, so
Speaker 4: Bridge is a stable coined platform, right, so they basically
Speaker 4: Bridge basically allows you to go from different country stable coins. Right,
Speaker 4: so you can go from you know Ninegian now stable
Speaker 4: going to a USD stable coin to Kenny and in
Speaker 4: stable cooind just really going from still going to stable coin.
Speaker 4: And yeah, Patrick Patrick has this quote I love. I'm
Speaker 4: trying to look for it, but it's basically basically really
Speaker 4: just stating sentiments that stable coins are going to supercharge payments.
Speaker 2: Right.
Speaker 4: Stable coins are really future of payments because with stable
Speaker 4: coins you you materially improve the flow of capital.
Speaker 1: Right, what does that mean? What does that mean in
Speaker 1: put the flow of capital?
Speaker 3: Yes, basically it basically removes a lot of friction.
Speaker 4: So for example, you can I can't if I'm an acquirer.
Speaker 3: So if.
Speaker 4: You know you have to to financial institions rights, you
Speaker 4: have an issuer and you have an acquire right. So
Speaker 4: the issue is basically, think of your bank when you're
Speaker 4: making payments. Let's say grants the trust bank, right, So
Speaker 4: you have your bank card as a regular customer of
Speaker 4: your bank, and then you're making payments to you know,
Speaker 4: a third party. So maybe you're paying through an opay terminal, right,
Speaker 4: or you're paying in one point in terminal, or even
Speaker 4: more interesting, you're trying to buy something on the express
Speaker 4: right or on Amazon and you're paying for something you
Speaker 4: know in another bank in another country.
Speaker 2: Important.
Speaker 1: So normally, normally I would do NYRA two dollar paper,
Speaker 1: then do my dollar paper to go online to GT
Speaker 1: bank and transfer that dot dollar i e. The transfer
Speaker 1: to the vendor. That's how I would pay. Normally, I'll
Speaker 1: go NYRA paper dollar paper, then take my dollar back
Speaker 1: to the bank, put it in bank account, then transfer
Speaker 1: that dollar electronically to pay that vendor in say in
Speaker 1: the US, That's what I would do normally, Yes, okay,
Speaker 1: so how would this change now with with this C
Speaker 1: engine and what changes?
Speaker 4: So mostly mostly for the institutions, it's sort of doing
Speaker 4: those settlements. So typically when the pments happen, it could
Speaker 4: take like three to five days. It's for the actual
Speaker 4: dollars to land. And you know with the with the
Speaker 4: acquired we machality your pay right, just because they're old processors,
Speaker 4: the seal financial instations in middle you know, money has
Speaker 4: to go really slowly across. But but with stable clients,
Speaker 4: for example, it can go from you in Nigia, right,
Speaker 4: So you acquire basically anywhere and go to your merchant
Speaker 4: and they're settled instantly for you know, almost zero fees basically,
Speaker 4: so instead of having to pay I don't know, five
Speaker 4: thousand and five transactional one thousand, five hundred transactional. Yeah,
Speaker 4: they're basically settled instantly and there's finality. So what that
Speaker 4: means is in real time that value is moving from
Speaker 4: you through the end recipients.
Speaker 1: In real time instantly.
Speaker 3: It really really changes a lot.
Speaker 1: Yeah, Okay, the question I'm already getting now is this,
Speaker 1: if I'm paying the guy in the US am I
Speaker 1: paying him nira or dollar? So I know we have
Speaker 1: a few other guys here. What am I paying him?
Speaker 1: So I'm taking in naira to no, normally do nira
Speaker 1: dollar electronic dollar? Then pay him with this. I might
Speaker 1: pay him narrow dollar.
Speaker 3: Your opinion there? Your opinion there?
Speaker 4: So what this really does in dances it enhances It
Speaker 4: enhances the flow or the financial institute involved. Right, so
Speaker 4: it kind of makes it easier for them to set
Speaker 4: to their own liabilities. That's what really this really improves.
Speaker 1: Okay, So I got Chima here right, and I had
Speaker 1: a question for Chima. Is more in chim high? How
Speaker 1: you doing?
Speaker 3: Hi?
Speaker 5: Yeah?
Speaker 1: Yeah, yeah, Hi great. So I want to get your
Speaker 1: insights in terms of just the the structure, not the
Speaker 1: technical side of it. Right. I'm not sure if you
Speaker 1: can speak on that. I see SEC regulation of that
Speaker 1: is that you just for me, I'm a guy in
Speaker 1: a laba and I buy goods from on a chair,
Speaker 1: I selling legos? How does this work for me?
Speaker 2: Okay?
Speaker 6: So so say this way, we have the real that's
Speaker 6: the blockchain REIL actually that does the payments. So you
Speaker 6: have your c n G and it makes it easier
Speaker 6: for you to do settlements. So say your supplier is
Speaker 6: kind of like that accepting digital currencies as well. Let's
Speaker 6: say US did U s C. Now, in doing that,
Speaker 6: you need to go through a merchant let's say for example,
Speaker 6: now with that or Bush or even some of the debts,
Speaker 6: go do some marchant actually creating.
Speaker 5: A p C engine c ENG and U s C
Speaker 5: T U s and or Now you go through them.
Speaker 6: You have your c ENG and and then you make
Speaker 6: you get US or U s C with that instantly,
Speaker 6: and then you do this too.
Speaker 5: That's one week.
Speaker 6: Then another way is there are some there's some innovative
Speaker 6: solutions that are currently being tested by some some solution providers.
Speaker 6: Now that they create the real whereby you don't even
Speaker 6: need to look for where to do to even switch
Speaker 6: c ENG into US or U s C. You just
Speaker 6: simply go there and make your payment and then they
Speaker 6: do the whole switching and settlement for you with the
Speaker 6: marchantol the supplier that you want to do in US
Speaker 6: or U s real.
Speaker 1: So So what I is, if I'm hearing you correctly right,
Speaker 1: So if I'm a guy in a laba and I
Speaker 1: want to import maybe compress US from China. I will
Speaker 1: simply get to see and take my my role naira
Speaker 1: from my bank in Nigeria because it's regulated. So I
Speaker 1: debit my Nigerian bank and I buy c ENG and
Speaker 1: that takes me digital. Then I then go from c
Speaker 1: N g N and I buy dollar or yuan or
Speaker 1: whatever it is I want to trade. I buy digitally
Speaker 1: online as well.
Speaker 6: Right, yeah, so that would be that would be equivalent
Speaker 6: of your own stable coin.
Speaker 7: Right, so you have you have stable coin, you have
Speaker 7: others that are also coming up, So it's just you
Speaker 7: trading digitally without going to look for a.
Speaker 5: Dollar of foreign currency.
Speaker 1: So am I doing? It's only stable to stable or
Speaker 1: I can go from c g N to save bitcoin
Speaker 1: or any other Does it have to be a stable
Speaker 1: coin per se because it's the closest money market, don't
Speaker 1: get my question?
Speaker 5: Yeah yeah, so so so that is not for us
Speaker 5: to control, right, it's now for.
Speaker 6: People that are the market makers or those that are
Speaker 6: going into the health plut.
Speaker 5: We do those peering with CNN to this year. All
Speaker 5: that as is just a issue, and then we have
Speaker 5: those that solution providers.
Speaker 1: Okay, all that which is possible, Okay, hang on there,
Speaker 1: Let me get victim into this discussion. Victor in terms
Speaker 1: of so Nigeria, Ghana, Kenya, South Africa, these are all
Speaker 1: the places where Nigers are doing a lot of trading.
Speaker 1: If you look at the Nigeria West African sub region,
Speaker 1: Nijers are doing a lot of trade in Togo, ben In, Ghana,
Speaker 1: Ivory Coast. We use Cepha, we use naira, we use dollar.
Speaker 1: In terms of just the African strategy, we have Nigerian
Speaker 1: banks already in all these countries. We do commerce already
Speaker 1: in all these countries. There's already talk of a West
Speaker 1: African digital West African currency not digital in this we're
Speaker 1: in West Africa. Just leave for me out how this
Speaker 1: helps Nigeria or Africa in terms of trade. You know
Speaker 1: that we have the African corners fee trade. Does this
Speaker 1: plug in? Does it enhand s? How?
Speaker 3: Thank you very much, my ador.
Speaker 2: Yes you are all right, So thank you very much. Cali.
Speaker 8: It is a pleasure to meet you, my brother. And
Speaker 8: that's a very good, good question. So today the c
Speaker 8: eng and like Shima just finished mentioning, is more or
Speaker 8: less in digital representation of the Nigerian and Ira. And
Speaker 8: the fact that we are now going beyond just Nigeria
Speaker 8: with what the African Free Trade Zone started led by.
Speaker 3: The team.
Speaker 5: By Key.
Speaker 8: We are also working very closely with a frexing bank,
Speaker 8: working very closely with PERAPS. What is perhaps perhaps in short,
Speaker 8: is the African payment settlement system in full.
Speaker 2: Okay, if you all probably look at your what's it called.
Speaker 8: Now, you look at the internet or around you probably
Speaker 8: might be seeing flickers of things called the PUPS African
Speaker 8: Currency market Place and just to add the African Currency.
Speaker 2: Market Place started a pilot.
Speaker 8: With those three countries you mentioned, Nigeria, Ghana, Kenya and
Speaker 8: given Cameroon.
Speaker 9: We have started doing pilot. We started the pilot sometime.
Speaker 8: Last year fully in August twenty twenty four, and it's
Speaker 8: about to fully fully go live. The announcement has gone
Speaker 8: out from the CEO of pubs as well. Now let's
Speaker 8: bring it homes up. When we do those transactions today, we.
Speaker 2: Actually have the corporates.
Speaker 8: Corporates like for example, let you say do let's say
Speaker 8: ken your airways deposit fonds into a.
Speaker 2: Normal commercial bank.
Speaker 3: Like you also know there are banks.
Speaker 8: In all these places, but when it's deposited, there is
Speaker 8: a representation.
Speaker 2: On to one of it's in the platform that was
Speaker 2: built by us.
Speaker 8: And then this automatically, as you will agree with me,
Speaker 8: a fable coin like you just mentioned, is a simple
Speaker 8: reserve mirroring a fiat currency somewhere and using APIs in
Speaker 8: a programmatic way tracks that reserve right and it can
Speaker 8: move and do a lot of various things.
Speaker 2: That is what today has been piloted at perhaps.
Speaker 10: However, however, this was piloted just in readiness, in readiness again.
Speaker 8: For what we have already started doing and building at
Speaker 8: rhaps d DC and we've been testing this to see
Speaker 8: and the fact that we now have the CNGN now
Speaker 8: sorry for the noise in the background, please, the fact
Speaker 8: that we have CNGN now we are about to now
Speaker 8: also plug that in at a public layer.
Speaker 10: Now what does that do or what does that help?
Speaker 10: And I will give a very live example today Sir
Speaker 10: Kenya always is able to move ticket sales from.
Speaker 8: Nigeria and repatriate it back to Kenya in a matter
Speaker 8: of probably just ten minutes.
Speaker 1: Interesting now, before now.
Speaker 9: They have had massive, massive issues like the cell tickets
Speaker 9: in Nigeria and Nira or Cameronians saff or Malawian Quahta
Speaker 9: and Unfortunately they are not able to reportraate this in
Speaker 9: record time.
Speaker 5: And you know what that means.
Speaker 10: What that means, calory is that they need to go
Speaker 10: to a central bank try and get US dollar right
Speaker 10: so that they can repatriate it. Because usually, like you
Speaker 10: will agree with me, moving look occurrencies is not that
Speaker 10: easy from one country right within Africa. You need some
Speaker 10: intervention right, which most of the time might be swift,
Speaker 10: or you just get to talk to the central bank.
Speaker 10: Usually sir countries like say Nigeria and other African countries
Speaker 10: with the volatility of the occurrencies would now most of
Speaker 10: the time just get only maybe out of say they
Speaker 10: have probably hypothetically now maybe they have like say five
Speaker 10: hundred thousand dollars sales of tickets what the central bank
Speaker 10: would always give because there's the BDCs they have to give,
Speaker 10: there's the banks that wants PTA and BTA right.
Speaker 2: So before they get to it's aways, they might just
Speaker 2: begin like say ten thousand dollars or at most twenty thousand.
Speaker 2: That doesn't mean they can clear their backlog.
Speaker 9: In the process of doing that, it takes time before
Speaker 9: they're able to move all that phonts volatility hits them.
Speaker 2: So you see a situation where it's.
Speaker 10: A five hundred thousand now becomes eventually maybe two hundred thousand.
Speaker 8: This is a clear case and a clear problem. But today, sir,
Speaker 8: I know that we tested something in January.
Speaker 2: This year, they have sold some tickets.
Speaker 10: These days, if they sell tickets in a few minutes,
Speaker 10: they have it back in in Kenya.
Speaker 1: Okay, well, good question for you, sis, don't interrupt. You
Speaker 1: add it omitting nira or dollars. So what ken air
Speaker 1: is taken out?
Speaker 10: Can you always takes out there the nira? Oh, and
Speaker 10: there's nira they take out side. There is no dollar
Speaker 10: involvement in everything.
Speaker 5: And everything we are saying, sir.
Speaker 2: Yeah, and which is record one for us in Africa.
Speaker 8: Record because at the end of the day, African.
Speaker 2: Currencies have more mobility.
Speaker 5: Like what we say, the.
Speaker 10: Stable coins within Africa will make African.
Speaker 2: Currencies now have we call.
Speaker 10: Them currencies on steroids now tech notes?
Speaker 2: Like somebody was asking me some few days ago that
Speaker 2: if I.
Speaker 10: Was in Kenya or in Nigeria and I make a
Speaker 10: payment into a wallet system with the stable coin at
Speaker 10: the other end, will I receive or in the other country,
Speaker 10: will I receive the currency I initiated.
Speaker 8: It from and was from Nigeria, and I'm giving it
Speaker 8: to somebody in Kenya. Will they receive Nigeria and naira
Speaker 8: or they will they receive the kaya shillings in stable coin.
Speaker 5: If there is a stable coin.
Speaker 8: In Kenya, which we are almost also erhaps a BDC
Speaker 8: almost done with the approvals, they will receive it in
Speaker 8: Kaya shillings.
Speaker 2: Because its stable coin stable coin.
Speaker 10: And if you're in the US, if we have like
Speaker 10: a settlement or a payout partner, it makes it easier
Speaker 10: for them to also receive it in a stable coin
Speaker 10: of US dollars. And at most also if they are
Speaker 10: payer partners, they can also offern for them in normal.
Speaker 5: Fat if they choose to do so.
Speaker 10: But what makes it unique, Calu is this What makes
Speaker 10: it unique is the fact that I do not have
Speaker 10: to go through traditional banking per se.
Speaker 8: I'm using a wallet system that is still approved and
Speaker 8: supervised by the bank in a regulatory fashion.
Speaker 5: That's what mixing gre unique.
Speaker 10: It is regulated, monitored and compliance, so we're seen doing
Speaker 10: all the rules that the bank would want, but we
Speaker 10: are only following an approach that is much more efficient
Speaker 10: and much more effect effective for the financial equosis.
Speaker 1: Okay, so in essence, right, let's let's I always use
Speaker 1: the example of what's happened today and then what you
Speaker 1: guys want to change. So today care is remitting in
Speaker 1: foreign currency because they need dollars. They don't use nyra
Speaker 1: in Kenya. That's what we have. But what you're saying
Speaker 1: is that, yeah, what you're in a way, this can
Speaker 1: always can remit nyra or hold that narra in stable coins.
Speaker 1: It's instantaneous, it's give them value and they can use
Speaker 1: that same table coins to say buy fuel at the
Speaker 1: airport for their planes that land in Because am I
Speaker 1: getting right without them without them going to the dollar,
Speaker 1: we don't have to request for dollar from the CB
Speaker 1: and all that I was saying, that's what I'm learning.
Speaker 1: I'm letting the stop. Lets let me talk to Victor
Speaker 1: or Victor just in terms of just give me on
Speaker 1: the example how I can use this. You know Nigerians,
Speaker 1: the great use for dollar is to pay school fees abroad. Right,
Speaker 1: I know school fees is not nyra, but just to
Speaker 1: give me an my manay sign, how else can I
Speaker 1: can can the guy listening to this space that has
Speaker 1: a show job or how this school. Again, I think
Speaker 1: what I'm asking is why do we need a stable
Speaker 1: coin in Nira, because is in Nira itself stable? What
Speaker 1: does this do?
Speaker 3: Does this?
Speaker 1: Can you balance that? Conflicting to when Nara is not stable?
Speaker 1: Have a stable coin? Can you help me out to that? Victor?
Speaker 11: Yeah, thank you?
Speaker 2: Can you hear me?
Speaker 1: I can hear you?
Speaker 5: Yes?
Speaker 2: Awesome called coll It's.
Speaker 5: A pleasure to be here.
Speaker 2: Calu. Why do we need a stable coin? I think
Speaker 2: my colleagues already discussed on all the use cases.
Speaker 11: But something else that we should consider when we're talking
Speaker 11: stable coins is there's there's so many phrases that were
Speaker 11: the stable point is but to think about programmable money, right,
Speaker 11: someone had said currency and steroids. That is also you know,
Speaker 11: a very close description of what stable coins are. Your
Speaker 11: money is no longer you know, limited, so to speak.
Speaker 11: And I'm gonna I'm going to present a couple of
Speaker 11: a few use cases. Let's start with remittances. And again,
Speaker 11: by the way, you just know that what we've not
Speaker 11: done is provided infrastructure and people are able to critically
Speaker 11: are able to build duty solutions, just like we've done
Speaker 11: for other popular stable coins in other parts of the world.
Speaker 11: But before I mentioned use cases, you said something about
Speaker 11: Narra not being stable. It's called a stable coin simply
Speaker 11: because it's not as buller tail as the other you
Speaker 11: know cryptos, right, But it's only stable relative to its currency.
Speaker 11: If something happens, if a Blacksmoe event happens to the
Speaker 11: U s D, which probably is on you maybe maybe
Speaker 11: something that we might not expect to happen, then the
Speaker 11: U s D it is and us this is our
Speaker 11: only stable relative to the stability of the of the
Speaker 11: USD as well.
Speaker 2: So it's the same thing with Naira. But setting points is.
Speaker 11: Not necessarily you know, trying to compete with the USD,
Speaker 11: but trying to activate. What Innara is able to do
Speaker 11: in a digit economy today is someone in the US
Speaker 11: or Denmark as cardin media and literally acquire ski Engine
Speaker 11: from you know, decentralized marketplaces directly and send it back
Speaker 11: home directly, and someone at home and decide to convert
Speaker 11: into nyrate. And as the ecosystem you know, grows bigger,
Speaker 11: you know, and we have interesting becoming to build things here,
Speaker 11: you might not even decide you might not even need
Speaker 11: to convert back into Fiat, because you.
Speaker 2: May you may be able to spend it.
Speaker 11: And what you wonder why you want to spend fiat
Speaker 11: your web stable where you can spend your feat but
Speaker 11: imagine that you could provide payments per minutes. You probably
Speaker 11: couldn't do this, you know with the NYRO when when
Speaker 11: you consider you know, banking fees and things like that,
Speaker 11: you can now you know, with the power stable coins program.
Speaker 11: You know, payments to happen per minute. So maybe someone
Speaker 11: is streaming yourself, maybe you're a musician, for example, you
Speaker 11: can charge them per second.
Speaker 2: Do give what I mean?
Speaker 11: You know, So those are some of the possibilities that
Speaker 11: people can build with the power, with the technology of
Speaker 11: stable coins.
Speaker 2: Okay, yeah, maybe I should just stop there.
Speaker 1: Fantastic. Let me ask you a question. So when we
Speaker 1: did the Niract change over, when we changed Naira, we
Speaker 1: you know, went from where when Barry was leaving and
Speaker 1: we had to change to go to it. You know,
Speaker 1: we held the niractor and not what the name to
Speaker 1: use for the narrator to color change. If we had
Speaker 1: this back then, right, would this have helped? Because I
Speaker 1: think at that point the banks were overwhelmed transfers, we're
Speaker 1: not working, the infrastructure could not take the huge volume.
Speaker 1: Would this have help in any way? Or this does
Speaker 1: this help any way?
Speaker 2: I'll tell you for free the very short answers. Yes.
Speaker 12: Yes, those who are ware predating year, they know the
Speaker 12: ease at which you can send assets from one part
Speaker 12: of the world to the other.
Speaker 13: You know.
Speaker 11: Yeah, So the short and simple answers yes, and think
Speaker 11: about it. No delays, no bank delays, nothing gets stuck.
Speaker 11: You're not worried about crazy fees, so you're not even
Speaker 11: that period. You know what's happening now, people were you know,
Speaker 11: few feeling station and attendance were colluding with pres merchants
Speaker 11: and people were literally selling the Nyra you know at
Speaker 11: the premium. Such such a thing would not have happened
Speaker 11: because we just I think about it. A lot of
Speaker 11: people now had to switch to drin transfers. But this
Speaker 11: was already like a low hanging fruit where you can
Speaker 11: you can send one, you can send to Nira and
Speaker 11: not get chat by Narra as a fee. Do you
Speaker 11: get what I mean? You know, so this would have
Speaker 11: been a perfect solution.
Speaker 1: Can you exactly can you explain that I can send
Speaker 1: one Nara and not get chat to FI? Can you
Speaker 1: expand it on that place, and I have the last
Speaker 1: question form. That's lots of foots want to ask a question.
Speaker 1: I'm going to add them praise soon. But so I
Speaker 1: can send one what does that mean?
Speaker 2: Yeah, I can send you once.
Speaker 11: And you know we said we already established back one
Speaker 11: for one, you know, so I can literally send you
Speaker 11: calu uh. If I want to send you one lera
Speaker 11: on a tradition on a regular bank, maybe with the
Speaker 11: exception of some of the banks who use maybe for
Speaker 11: marketing money to sort of do some suft landing, you know,
Speaker 11: for lower fees, et cetera. If I wanted to send you,
Speaker 11: you know, money with with the with the regular big
Speaker 11: banks as a transaction fee involved, right, But if I
Speaker 11: want to send you a stable coin five let's say five.
Speaker 2: Nra for example, it's it will cost me.
Speaker 11: A fraction, especially maybe on some some blockchains like bands
Speaker 11: for example, it will cost you like a fraction of
Speaker 11: a fraction of a nira.
Speaker 2: It's almost negligible.
Speaker 5: So that's what I said.
Speaker 11: Without transactional feees like, you don't even know that anything
Speaker 11: has happened. So what is the value of a fractional
Speaker 11: fraction of vannira? Those things are just happening on chain,
Speaker 11: ensuring that the money value can move from one person
Speaker 11: to the other.
Speaker 2: We don't know. Yeah, without anything doubts.
Speaker 11: You know when you see things that happen with bankman,
Speaker 11: you send money and maybe it's.
Speaker 2: I'll give you an example.
Speaker 11: I ordered something on one of the food venus you know,
Speaker 11: back in Nigeria, and the food did not arrive. My
Speaker 11: money did not come back to me, and I kept
Speaker 11: falling back and if I have some point, it just
Speaker 11: became cruise, like I just tell them, oh, you put
Speaker 11: promised next week, it's now six months, and I kept
Speaker 11: going to like eventually forget about it. If we have
Speaker 11: an ecosystem that already leverages table coins like this, it
Speaker 11: would be instantaneous refund. It will be dog what I mean,
Speaker 11: it's just a matter of okay when you see back
Speaker 11: to the owner and it just goes back, no issues,
Speaker 11: none of that stuff. In sant you cannot you cannot
Speaker 11: even argue and say the money is not in my
Speaker 11: account because the power of stable coins is we can
Speaker 11: tell where the money is at every.
Speaker 2: Point in time. So there's nothing like that.
Speaker 11: I don't hit my account. We can't see that it
Speaker 11: does hit the account. And it had hit it instantaneously,
Speaker 11: you know. So I'll just keep quiet here so.
Speaker 1: That let me ask the web of five guys on
Speaker 1: the space with them. They have questions. Let's let's take
Speaker 1: that questions. We'll come back to my I'll not really
Speaker 1: talk about the regulatory space again, your sec relationship, but
Speaker 1: let me get stock Bubbles in here. With stock Bubbles Mohammed,
Speaker 1: We've got fund show Michael and James. So stock Bubbles,
Speaker 1: please go ahead with your question. How are you doing today?
Speaker 2: Sir?
Speaker 1: Very fine? Can you hear me?
Speaker 3: Please?
Speaker 1: Yes, I can, If you speak up, that would be perfect.
Speaker 14: Go ahead, sir, okay, thank you very much. I think
Speaker 14: the guys are doing a very great job. But I
Speaker 14: wanted to ask about the capital markets and go Now,
Speaker 14: maybe I'm jumping the gun. Why I actually got a
Speaker 14: little bit late. But maybe this has been discussed previously,
Speaker 14: but just to make up if it has, for my safeties.
Speaker 1: It hasn't. That's a fantastic question. So, I mean, how
Speaker 1: does this plug into you if I want to buy
Speaker 1: shares and all that, if I'm in New York and
Speaker 1: I want to invest in Yeah, I mean I don't
Speaker 1: want to take the question right, How does this plugging
Speaker 1: enough how we can buy from the market, But it's
Speaker 1: the second is involved, so clearly there has to be
Speaker 1: a leg this in the in the stock and captoin
Speaker 1: market space, right, So we want to take that answer. Please,
Speaker 1: thank you very much.
Speaker 3: Okay, okay, thank you very much. I think I can
Speaker 3: come in here with that.
Speaker 1: Yes, yes, yes, yeah, I was going to ask you
Speaker 1: a question that you can answer. Use my questions basically
Speaker 1: give your answer as well. Just give us maybe the
Speaker 1: leave of the land. How you guys got this sect
Speaker 1: to more or less approve? Give us that seculationship right
Speaker 1: only use words or not from your from your tip.
Speaker 1: Give us the seculationship. Define to us how you are
Speaker 1: different from the bank relationship banks. I'm not sure they
Speaker 1: are still doing crypto for now, I'm not sure, but
Speaker 1: you guys are sick. Explain that relationship to us. Then,
Speaker 1: if you can please answer the question about the captain
Speaker 1: market space, that would be wonderful. Did you go ahead?
Speaker 5: Yeah?
Speaker 3: Thank you.
Speaker 8: So you know stable coin is a highly highly highly
Speaker 8: regulated an instrument and is an innovation, but it's completely
Speaker 8: regulated in most countries. Yes, other people play with it
Speaker 8: without relevant regulation.
Speaker 3: We chose to do otherwise, we choose.
Speaker 8: To actually make sure that we'll follow through the regulatory
Speaker 8: requirements and kalo this this idea and this whole innovation
Speaker 8: started since twenty twenty one, and also tell you that
Speaker 8: it's been a long journey coming. And the simple reason
Speaker 8: why we're following that trajectory is because we're somehow within
Speaker 8: the consult on that form and the companyization engen. We're
Speaker 8: very strong.
Speaker 3: Around crypto compliance, crypto.
Speaker 8: Rics, cryptoics, mitigation and all those issues, and we also
Speaker 8: therefore felt we cannot take any step without getting the regulators,
Speaker 8: not for them to understand it. So I jointly started
Speaker 8: actually with the central work and we went through different records.
Speaker 8: Since twenty twenty one, we're doing education upon education, you know,
Speaker 8: we're sharing notes, we're being asked questions on how this
Speaker 8: will impact and we're still doing that currently. The monetary
Speaker 8: policy we're going to affect, the current activities within the
Speaker 8: country and all that and then comes in error in
Speaker 8: twenty twenty one. So when iner I came, we also felt, okay,
Speaker 8: I think the country is speaking digitally like we're trying
Speaker 8: to push. But the only different here that we saw
Speaker 8: because again we are we are more of technology entrepreneurs.
Speaker 8: We're blockchain and to sales, we're building teams around Web three,
Speaker 8: which is blocking enabled, and we believe that. Okay, as
Speaker 8: great as the Inner ra is, our own is a
Speaker 8: bit different. So we're speaking to different audience, but we
Speaker 8: can compliment each other. And so for Inner ra is
Speaker 8: to make the two mans make payments easily within and
Speaker 8: make it fluide based on what they plant at the
Speaker 8: Central Bank. And we said, okay, I think it is great.
Speaker 8: We are doing ours hours just a regulator stable coin,
Speaker 8: but we are going to be in on public blockchain.
Speaker 8: So today, for example, we're on asset chain, we're on
Speaker 8: Band two blockchain, we're on Polygon, we are on and
Speaker 8: based network. You know, so all these we are not.
Speaker 8: These are all public blockchain. So a way to distinguish
Speaker 8: the two, because again I've seen a lot of questions saying, oh,
Speaker 8: these are another version of error, and I said, look,
Speaker 8: they don't have any similarity. They're drilling the different ecosystem
Speaker 8: where they can compliment each other. So and in giving
Speaker 8: that example, I just I would take you back to
Speaker 8: those days where when you're working, you possibly in your
Speaker 8: corporate company wherever it is you're.
Speaker 5: Not allowed to touch the Internet.
Speaker 8: For some of us that are holding enough of those days,
Speaker 8: you only work within the intranet of the company that's
Speaker 8: set up. By any chance you go touch the internet
Speaker 8: to quib sap could be quated, you know, because I
Speaker 8: don't believe that the Internet is what is good for
Speaker 8: any corporate information to go on the Internet and it's public,
Speaker 8: and I think we're back to that cycle, and that
Speaker 8: is why we're getting a lot of central bank rolling
Speaker 8: out what all the sibity, central and digital currencies to
Speaker 8: make sure that hey, don't touch this public blockchain, Bitcoin, Ethilium,
Speaker 8: all those ones, or we don't know what happens there.
Speaker 8: We don't want people's information and everything to be on
Speaker 8: chain and all all those issues. So we or rather
Speaker 8: we do what we call a private permission blockchain, which
Speaker 8: i'my make to say is like intranet of those days.
Speaker 8: So what it means is that the general public cannot
Speaker 8: interact with it, you know, the crypto natives the cryptocurrency
Speaker 8: and to say, the people that are trading, we'll not
Speaker 8: be able to interact with those CBDC because it is
Speaker 8: only known, issued and controlled by the central bank, and
Speaker 8: so we think if we have a handshake so we
Speaker 8: can use the innerror to back the issues of our table,
Speaker 8: kinder will go public, so it's complimentary relationship. As this grows,
Speaker 8: the Eira will go. And that's where we were at
Speaker 8: that time. But the in era actually is abuse slow
Speaker 8: and we again we're private company.
Speaker 3: We moved on.
Speaker 8: With our innovation and what albeit it. We need to
Speaker 8: carry them along, and of course we carried off. We
Speaker 8: carried them along and everything, and we had this understanding
Speaker 8: to say we think the country issue allowed the banks
Speaker 8: to actually internal with digital asset because that is where
Speaker 8: we are headed. So if it, for example, now a
Speaker 8: US backstable coin has been there since more than ten
Speaker 8: years now, and so they've learned, they've done a lot
Speaker 8: of activities, they've done some mistakes, they've larned, they've captured.
Speaker 8: They've also been very successful in donalizing the global economy
Speaker 8: furthermore in the cryptocurrency ecosystem. But what the African regulators
Speaker 8: have done is to shut.
Speaker 3: Us around, stopping us from that race.
Speaker 8: Right, So it is a race, and imagine all of
Speaker 8: us globally, we're on the mark on your mask set
Speaker 8: and then the blue the whistle and everybody went up
Speaker 8: and the Africana related to held the lag of every
Speaker 8: every other person on that on the race.
Speaker 5: And we're stie here ten years after. We're the first.
Speaker 8: Maybe if I'm not mistaken, that is running out a
Speaker 8: national stable point. So Central Bank said, hey, okay, we
Speaker 8: think it's okay with thin it makes sense, but we
Speaker 8: will refer you to SEC and as after three years
Speaker 8: Johnny last year they refer us to SET to say,
Speaker 8: go to Set and continue your journey. But we we
Speaker 8: understand and we will be working with you to see
Speaker 8: what happens. And went to SEK and so also of
Speaker 8: course looked at it. We defended what we're trying to
Speaker 8: do and say we're going to have different features depending
Speaker 8: on the use cases. And I like the question that
Speaker 8: will asks about what how do you see the interplay
Speaker 8: in the capital market for example, so in capital market
Speaker 8: money is digital.
Speaker 3: It makes that two men very flute.
Speaker 8: I need to make it to put up the capitol
Speaker 8: market to everybody outside Nagera. So today I can't buy
Speaker 8: any shares.
Speaker 2: I need a.
Speaker 8: Broker in between. And the broker will ask you if
Speaker 8: you have a bank account, you have to transfer the
Speaker 8: money to him. You cannot just buy shares. But today
Speaker 8: on different global platforms with the digital currency, with the
Speaker 8: US dollar digital currency, you could buy shares of different
Speaker 8: companies in the US. So we believe that it's going
Speaker 8: to be a kind of a step we get there.
Speaker 8: I think we get there where or we're starting off
Speaker 8: with just trading on digital Asside has changes license in Nigeria,
Speaker 8: so meaning what we're trying to change there is that
Speaker 8: you should be able to buy your bitcoin, buy your italion.
Speaker 8: We have to necessarily touching any dollar if you have
Speaker 8: a night rate because you have a c eng and
Speaker 8: so it's going to be c eng and peer to bitcoin,
Speaker 8: c ENGM, peer to Italion, c eng and peer to polygon.
Speaker 8: You know, all those issues to your magic and all
Speaker 8: the so you could be able to completely just transact
Speaker 8: on those things with your error.
Speaker 3: So if you may.
Speaker 8: And what we're doing is NIRA globalized. You know, you're
Speaker 8: not becoming global. So I can be in Pakistan, for example,
Speaker 8: I can be in Canada and I have narraved my
Speaker 8: wallet and can still do exactly what I can.
Speaker 5: Be able to do with in Nigeria, you know.
Speaker 8: So, and those are the those are the those are
Speaker 8: the things and are different use cases are my Puelague
Speaker 8: has spoken on different use cases. So imagine people doing
Speaker 8: international trade business to build business, payment and treasury management properly,
Speaker 8: which I believe Victors spoke to, but a lot of
Speaker 8: decongloomers and companies able to reportray their funds and it's difficult.
Speaker 5: So you can use those digital naira to handshape.
Speaker 8: Whichever other stable coin is that we have elsewhere and
Speaker 8: that those issues can be very similar. So there are
Speaker 8: a lot of use cases and there's a lot of
Speaker 8: efficiency that is brought in. There's a lot of complexity
Speaker 8: that is involved with this current system.
Speaker 5: Are going to be at the pass if this is
Speaker 5: completely okay?
Speaker 1: Well, but just to be direct, right, So if I
Speaker 1: want to buy shares today, right again, what I do
Speaker 1: is I take my naira, either I write a check
Speaker 1: or I transfer money to the stock broker. So is
Speaker 1: there going to be a way that I can do
Speaker 1: this by just getting money in stable coins and pain
Speaker 1: the broker? It's second involved in this in any way.
Speaker 3: So Carlo, So this is it. So we're talking to
Speaker 3: two different rails.
Speaker 8: So what we're having now is a new rail, a
Speaker 8: new technology that will power the next generation of payments
Speaker 8: and finance, which is the blockchain.
Speaker 3: So what we have today is.
Speaker 8: The traditional rail of the normal banking swift system that
Speaker 8: had been there donkey years, right, So it's not going
Speaker 8: to be accomplition. So one thing we have to be
Speaker 8: able to see, which I think I think the stock
Speaker 8: market is talking about it is to digitize.
Speaker 3: That so you don't need you digitiz all tho.
Speaker 8: Stuff market and make sure that all shares are on digitized.
Speaker 8: If you mean then maybe I use the word in
Speaker 8: the blockchain, it's token ize, so you have tokenice shares.
Speaker 3: So when those who ting.
Speaker 8: Are tokenized and you have a digitized stock market trading platforms,
Speaker 8: then digital currency is naturally the money that have to
Speaker 8: play that role and not the normal plantation of Yet if.
Speaker 1: You get gotcha stock bubbles? Did I answer your question?
Speaker 1: You have a follow up stock bubble?
Speaker 3: Okay?
Speaker 14: Well from what I from what I understand, I think
Speaker 14: it's ongoing, so there's no structure yet for that. On
Speaker 14: our path, I was thinking it would be like a
Speaker 14: payment option that will just enable you know, buying shares
Speaker 14: and engaging with capitol markets in general.
Speaker 5: Having this in my book, from what I understand.
Speaker 14: I think it's saying that c engine helps to deepening
Speaker 14: financial inclusion, uh to, and it leads towards the cryptosavy crowd.
Speaker 5: If I understand, it's that's that's the current states for now.
Speaker 1: Correct. For what I'm hearing him say is that for now,
Speaker 1: that's where they are for now. But you know they've
Speaker 1: got this sect seconds behind them if you want to
Speaker 1: you to say that way, and for now they're starting
Speaker 1: like this and hopefully they can expand and get more adoption.
Speaker 1: That's what I hear him saying, which for now, I
Speaker 1: will take that from him. Mohammed him. You've got the floor.
Speaker 3: Yeah, thank you, guys. The questions are.
Speaker 1: Hear me, yes, second, lease go ahead.
Speaker 5: My quass are you are just faism in form? So
Speaker 5: you know all these figures with nowhere I stand you.
Speaker 15: So if they're like fiving number, fight is a lot man,
Speaker 15: maybe because there's tools that I can fall and catch up.
Speaker 3: Okay, can I just make it free for it?
Speaker 5: I thank you.
Speaker 15: We're seeing similar en devils, you know with error or
Speaker 15: the last peak kind of like explain why you know
Speaker 15: they're not exactly the same thing, and they put the
Speaker 15: complementary But if that didn't fly, you know, Are you
Speaker 15: saying that the tech has changed so much? And you
Speaker 15: know like and see c ENG and won't in the
Speaker 15: same thing. That's the first one. When if what happens
Speaker 15: to the narrow because except you're going to peg se
Speaker 15: eng and what happens to the narrow against the other
Speaker 15: in terms of value or exchange it if you will
Speaker 15: happens to CEng and then it goes to doesn't have
Speaker 15: followed that only full adaptation but locally and internationally you know,
Speaker 15: can make the coin fly? And if so, how can
Speaker 15: these be achieved? Then about the transactionencies? No one transfers
Speaker 15: to anyone. People have even transferred wanting these days. And
Speaker 15: the larger the amounts, the more negligible charge would be.
Speaker 15: And banks have an edge in the sense that they
Speaker 15: have customer relations. How can they see engine you know,
Speaker 15: like penetrate this because you're going to have the scenario
Speaker 15: where you can see access band issue in elcs, you know,
Speaker 15: and will be out.
Speaker 3: Trade finance loans or whatever.
Speaker 5: And they rigs they're using see engine rates you know, and.
Speaker 15: Is bent back engine or and how by giving essembly
Speaker 15: losing engine? Sorry, are you saying this is a possibility
Speaker 15: to this level of administration. That's a good question, thank.
Speaker 1: You, A great question. Yeah again, who wants to take
Speaker 1: it up? I mean he asked the three. I mean
Speaker 1: the one are transfer, the efficiency of the whole system.
Speaker 1: Who wants to take it up? If you guys can
Speaker 1: pick it up, that's fine, But that good questions.
Speaker 2: Are you able to do like a recap?
Speaker 12: Because I don't know, maybe it's just from my end,
Speaker 12: I could already hear anything.
Speaker 2: It was the voice was clipping.
Speaker 12: So if you're able to help, really be nice.
Speaker 5: I can hear you very well.
Speaker 1: I heard him ask no but one about the one
Speaker 1: that transform. I'm very curious about that. He said that
Speaker 1: no one transfers one there because I think the defeats
Speaker 1: also quick catch up. Then he talked about the stability.
Speaker 1: I e's one for one if not writ is not stable?
Speaker 1: The same question, I act, and what happens to the
Speaker 1: other leg because it's legs. Then the tech question was
Speaker 1: do you want to you want to go by it again?
Speaker 2: You know what?
Speaker 1: There was a bit breaker.
Speaker 5: Okay, hope, yeah, go for it.
Speaker 3: The first one.
Speaker 5: The first one is like, like I said, we've seen.
Speaker 15: Similar endeavors like the in error and the last explain
Speaker 15: why they're not the same.
Speaker 5: You know.
Speaker 15: The question now is as the tech changed that much,
Speaker 15: you know that we are certain that it wouldn't offer
Speaker 15: the same fate as the first question.
Speaker 3: The second question is if what happens the.
Speaker 15: Neror happens to the ability issue happens with Engine and
Speaker 15: then obviously only if full adaptation you know, you know
Speaker 15: locally and internationally would would you know, we lead to
Speaker 15: the success of the scheme else but I wouldn't read
Speaker 15: us just reliable on the neror.
Speaker 2: And the talk question is about.
Speaker 15: The transaction season or you know, I don't say yeah
Speaker 15: if you got as well as as one ever and
Speaker 15: not get church, but no transfers wllever and the higher
Speaker 15: the transfer.
Speaker 2: The more negligible charge.
Speaker 5: You know.
Speaker 15: And in this regard, banks have or seemed to have
Speaker 15: an edge in the way of customer relations.
Speaker 2: You can see Engine change.
Speaker 15: This in terms that you know you see access bank,
Speaker 15: you know, giving loans to your customers in c Engine
Speaker 15: and quoting you know else I fees in Sea Engine
Speaker 15: as opposed to the never is that is that level
Speaker 15: of penetration in the financial sector possible. In addition to
Speaker 15: stock spin priced in the engine.
Speaker 4: Thank you all right?
Speaker 1: Did you get that?
Speaker 5: That was?
Speaker 2: I think they can they can take a start, I.
Speaker 3: Go, so I'll go with the tech.
Speaker 8: So so so there's there's this difference between private blockchain.
Speaker 8: I think this education and we're just starting off at
Speaker 8: the time.
Speaker 3: All we get it.
Speaker 8: So there's different between what we call a private blockchain
Speaker 8: and a public blockchain. So a private blockchain is a
Speaker 8: blockchain that is controlled by an entity. They all see
Speaker 8: themselves and they're controlling themselves and so again depending on
Speaker 8: the cryptonitis, and they seem not to trust it that
Speaker 8: much because they want to see. The word public blockchain
Speaker 8: offers is that openness, that transparency, people ability to actually
Speaker 8: see transactions as they're happening. So there's no similarity, like
Speaker 8: I said, between they're actually completely different. So one the
Speaker 8: different here is one the issue the issue. One is
Speaker 8: by the central bank. The other one is by private company. Secondly,
Speaker 8: the technology that parties are not the same thing. One
Speaker 8: is public, I mean the private blockchain. One is public
Speaker 8: that have a lot of the loopers and is contributing
Speaker 8: to its robustness and order. So coming to technology, like
Speaker 8: you ask whether the technology is different years it is different,
Speaker 8: and we use suffer the same fate. The promoters are
Speaker 8: completely different depending on the trust and how we're able
Speaker 8: to push. So that and is part of this to
Speaker 8: make sure that people just understand what we're doing. I
Speaker 8: think Victor was trying to talk about people can easily
Speaker 8: transfer when there are not in that context, in the
Speaker 8: context that you can actually do transfer with completely low
Speaker 8: and negligible fee, you.
Speaker 3: Know at the end of the day.
Speaker 8: So that's what you're just trying to explain why talking
Speaker 8: when is not literally the same people will transfer when
Speaker 8: I can bank actually use it to deep in.
Speaker 3: Maybe their loans and whatever.
Speaker 8: So today we have the equivalents of banks on chain
Speaker 8: and they are called decentralized finance. And so for people
Speaker 8: that are crypto natives, that people that understand crypto properly,
Speaker 8: we hardly go to bank to go row money. They
Speaker 8: will actually go to decentralize finance peratform to forrow their money.
Speaker 8: So banks whill come there and money to use. This
Speaker 8: not the it's not the banks in orders, it's not
Speaker 8: the units you're not. The empty money is actually the
Speaker 8: cryptocurrensis and the only noira that will be residing in
Speaker 8: that rail is going to be seeing GM now and
Speaker 8: so that's what we're saying is complimentary. Depending as the
Speaker 8: time and space evolves, we see a lot of these
Speaker 8: activities getting official moment.
Speaker 1: Okay, perfect, Thank you so much, Thank you so much,
Speaker 1: thank you so much. Perfect. Yeah, questions, thank you, that's
Speaker 1: a fantastic answer. Let me get Michael or Michael I
Speaker 1: have you in here. Once you ask, I'll just drop
Speaker 1: you so I can add us folks, Michael, you're dead,
Speaker 1: and of course we'll come back. I do have a
Speaker 1: question for Michael.
Speaker 5: Go for it.
Speaker 1: Okay, thank you very much, and yes, I can go ahead.
Speaker 12: Okay, I have some questions and some remark to make
Speaker 12: us a bring your Marx in our novel.
Speaker 5: The questions, I'm just some purchasing wants.
Speaker 12: I was saying, when you're in fact about around is
Speaker 12: that this engine I don't know about generally when the
Speaker 12: bluction took on the programmentcous that can't use that pos So.
Speaker 1: We have by what probi Michael, Michael, your audios has
Speaker 1: a break in that. Can you fix the audio real quick?
Speaker 5: Are you clearing now?
Speaker 3: Yes?
Speaker 1: Please go ahead?
Speaker 12: Okay, So when you was talking about from being programmed
Speaker 12: about this engine and being programmed with that. We can
Speaker 12: be used across defied protocose blockshing protocols in that for example,
Speaker 12: I'm creating a blocking kit and maybe in the game
Speaker 12: you end currency for performing signatural rewards.
Speaker 5: I can use this engine in that regard. So use
Speaker 5: that cross you know what I said just about having.
Speaker 12: Bound on shame something like that centralized applications, so you
Speaker 12: can use it freely. You don't need to take permission
Speaker 12: from anyone, So you can use it permission. Yes, if
Speaker 12: you're building whatever you're building, that just that. But my
Speaker 12: questions I will start with this first. I've just had
Speaker 12: them just as by stay first of all outdoors the
Speaker 12: company behind c ENG and make money, is it the same?
Speaker 12: We have stat a noted how the hold us tradery
Speaker 12: notes and any interests on that. While secondly, I'm considering
Speaker 12: the reverability of CNG and in terms in the sense
Speaker 12: that but I've seen stable coins like euro seeds like
Speaker 12: in a stable coin of the or for the Europe
Speaker 12: it's it's it's it really doesn't get any traction. The
Speaker 12: really stable coins dominance stable coins is supposed to be
Speaker 12: and majurely USD dominated US dominated and on. We know
Speaker 12: it's because the U s allies like the world's most
Speaker 12: popular currency and people.
Speaker 5: Appreciades or usage.
Speaker 12: So I see, and I think adoption will also be
Speaker 12: may also be a problem because.
Speaker 5: Majurely the US. The reason the US this is is really.
Speaker 12: Is really you know, successful, it's because it's used majurely
Speaker 12: in defied people trust the US. It is resilience like
Speaker 12: we For example, I don't trust n If I'm even
Speaker 12: moving my assets from it's going to let's see, still
Speaker 12: going up. I may not want to use the Nira
Speaker 12: because I don't trust the Nigeria and Nayra. Right, I
Speaker 12: trust to an accent rather than a move. Every other crisis,
Speaker 12: I would naturally want to move my assets to G two.
Speaker 1: Okay, well let me let me let let me let
Speaker 1: me let them. Let's a question. I'm not a crypto guy, right,
Speaker 1: I'm not a crypto guy. But we don't spend dollar
Speaker 1: in Nigeria. So if I want to pay I have
Speaker 1: a I sell a book in Nigeria. The book is
Speaker 1: sold in naira. No that it's not sold in dollars.
Speaker 1: So if I was going to buy my book in Nigeria,
Speaker 1: do I care eat a dollar or nayra is strong?
Speaker 1: What I want to get the book and I want
Speaker 1: to pay and I have naira, so usually I would
Speaker 1: do naira naira to a digital maybe dollar like you've said,
Speaker 1: or dollar paper. These guys are saying that I can
Speaker 1: simply do naira digital naira and buy the book. Is
Speaker 1: I know what I want just book? I can't pay
Speaker 1: a per bill in naira. I can transper money to
Speaker 1: someone to enter you can and come and see me
Speaker 1: in naira. Does stability matter if it's dollar dollar? We
Speaker 1: know dollar is stronger, we know euro is stronger. But
Speaker 1: the efficiency argument does also play, doesn't it?
Speaker 5: Yeah?
Speaker 12: My My My main point is like if I'm someone
Speaker 12: in Nigeria, right, I really don't want to use the
Speaker 12: ng I can just use my.
Speaker 3: One for example.
Speaker 12: I'm not a cryptolative person, right, I'm prevent using my
Speaker 12: naira do and go through the whole stress of you know,
Speaker 12: trying to get education. And I also use the crypto
Speaker 12: a crypto troop for example, when I can easily use
Speaker 12: my naire. And I'm even coming on the street side
Speaker 12: because when he said this is a negligible. I think
Speaker 12: it's from a dollar perspecty transpending like ten thousand dollars,
Speaker 12: I'm trans twenty ten thousand dollars naturally or over pupla
Speaker 12: blocks worficially like one dollar, and that's negligible.
Speaker 5: But for the.
Speaker 12: Aversion of Gium user, the aversion and Gium user, that
Speaker 12: the fee maybe zero and zero five dollars. But if
Speaker 12: you if you multiply that with the price of of
Speaker 12: instner of a dollar right now, that's about a hundred
Speaker 12: era approximately, or they are about. So imagine I want
Speaker 12: to spend I want to spend something like two thousand ERA,
Speaker 12: and I'm being fees of five of one hundred and
Speaker 12: era in my bank will show me like twin era
Speaker 12: or ten ARA.
Speaker 5: So I think the fee side will be largely beneficial.
Speaker 5: But users were.
Speaker 12: Sending millions because the fees are quite quite a big constant.
Speaker 5: So I think from the used from the for the
Speaker 5: for the Ninegeerian user side, I think the ce tues.
Speaker 12: I said, I'm sore broad and I want to you know,
Speaker 12: for Chassera, you.
Speaker 5: Can't help me with that.
Speaker 12: In terms of track, I don't know if you can
Speaker 12: gain traction in like nobally.
Speaker 1: Because okay, let's let's let um answer. Let him answer
Speaker 1: the question. Michael, so maya, I think I think you
Speaker 1: have your point is valid, so let them helping your
Speaker 1: Yeah yeah yeah.
Speaker 8: Let me let me just quickly going So Michael, so
Speaker 8: two things, and thank you for for your questions. And
Speaker 8: I think you're fixated on the fact that maybe you're
Speaker 8: using you're used to turn. We have local blockchain ecosystems,
Speaker 8: so we're talking Africa now. For example, we have asset chain,
Speaker 8: we have Band two blockchain. We we put our fees
Speaker 8: because we're using the white guys innovation to define everything.
Speaker 8: We're changing the starlescope and we need to work to
Speaker 8: change the startlescope. So we have blockchains that are completely robt.
Speaker 8: So you check a Band two blockchain. Of course they
Speaker 8: are not as popular as once, you know, but we're
Speaker 8: thinking that moving rails. We have the asset chain network
Speaker 8: that is also a layer to of materion that you know,
Speaker 8: and it's finageriors, innovators and nagerias, the creators and and
Speaker 8: those people defease you're talking is actually completely negligible on
Speaker 8: those on those block chaps, and so that that possibly
Speaker 8: will answer that certainly you trust. All law problem is
Speaker 8: general saying what you We just are saying that we
Speaker 8: have nera, you know, globalized. So if you have your narra,
Speaker 8: now if it just just say, for example, a card.
Speaker 8: Let's say you are in Natuia, you have a card,
Speaker 8: and you have maybe above card, and you want to
Speaker 8: travel to maybe say Italy or anyway. The moment you
Speaker 8: step out, no matter how rich you are in Nagulia,
Speaker 8: inn Ira, you discovered that I just caught off from
Speaker 8: global finance.
Speaker 3: And all we're trying to say to say, no.
Speaker 8: This cannot happen if you have a US city like
Speaker 8: the one you trust, and the US city that you trust,
Speaker 8: does is he saying to have a hand shape with
Speaker 8: the digital mirror to enable orchestration of these payments globally,
Speaker 8: so that your nera have been more valuable than being
Speaker 8: locktopping you're popeed on your bank when you're out of Naturia.
Speaker 8: And those those are things we are actually not compare.
Speaker 8: Of course it to be, and it to be it
Speaker 8: to be somebody that is not thinking, all right, I
Speaker 8: will begin to compare, and the rite lira or a
Speaker 8: Brazilian money with your doll they have their master again
Speaker 8: for a long time, so there's no issue of comparing.
Speaker 8: No is trust dollar, it's more, it is higher. So
Speaker 8: there's another thing happening quietly, and that is why it's
Speaker 8: great that we're on discod So the dollars stable coin
Speaker 8: just decided and they saw themselfs being isolated from global traits.
Speaker 5: So people are using and people are holding it.
Speaker 8: But then now see that there's a need completely now
Speaker 8: for the dollars stable cord to have a handshield with
Speaker 8: different locals table coins issued in different countries because the
Speaker 8: last mind is always headache for the dollar transactions, and
Speaker 8: so now they are in bed with everybody issuing local
Speaker 8: currencies stable coin. So the idea that oh dolla is
Speaker 8: the global one that is dominating, yes, but the narrative
Speaker 8: is changing with localst table coins. So litra has come up.
Speaker 8: If you if you're checking the Twitter of the cego
Speaker 8: of Coinbise listened, they say we're glad now that on
Speaker 8: bees you know, some locals tables are for me. And
Speaker 8: the reason why it's praising that is not because sitting
Speaker 8: there only is powerful. Is to make sure that they're
Speaker 8: able to do a kind of a hand shape to
Speaker 8: do last mile set to men across countries, to the
Speaker 8: bank accounts, and so that they're happy that the Littal
Speaker 8: and they're happy Brazil has come up. They're happy that
Speaker 8: s in jail from Nagelia. It's on the rail. And
Speaker 8: what he's doing is that we're now Neira on steroid,
Speaker 8: Narra Global and neither on the International rail. On the
Speaker 8: block chain. They can do whatever other digital money can do.
Speaker 8: So it's not competition really, So it's more efficiency not competition. Actually, okay,
Speaker 8: let's get everything. Let's get everything to she everything sucks.
Speaker 8: Everything go ahead. I need to just add more people,
Speaker 8: so I approach that I if you spoken, I was
Speaker 8: going to drop you. Lots of folks want to have
Speaker 8: a sense. So I've got everything such and I'll do
Speaker 8: the crypto and let's let's go for it. Michael, thanks
Speaker 8: much for your question. Everything go ahead, all.
Speaker 2: Right, guys.
Speaker 3: For me, everything is breaking here.
Speaker 1: Could you could you the audience not that lowed, if
Speaker 1: you could just become.
Speaker 3: An That's what I'm saying. You app is buggy for me?
Speaker 3: Adam am I audible?
Speaker 16: Yes, please go ahead? Yeah, all right, awesome. So for me,
Speaker 16: it's quite an interesting time in the cryptocurrency, bigcoin slash
Speaker 16: stable coin space, and that we are sort of having
Speaker 16: these types of conversations as how to move value within
Speaker 16: the space and do so in a regulated manner. I'm, however,
Speaker 16: from very very important questions because there are some things
Speaker 16: that while I understand the need for promoting this space
Speaker 16: and do not factually entirely with the technicals of how
Speaker 16: the technology actually works. Right, I understand everybody is trying
Speaker 16: to do your own thing, but I wouldn't really evolve
Speaker 16: into that because of time, and I'll just keep a
Speaker 16: shut to ask my very few questions. Hopefully I get
Speaker 16: adequate answers. So there are some Nigerians who want to
Speaker 16: move value in a discreete manner because they fear that
Speaker 16: the normal banking system does not respect financial predacity and
Speaker 16: they can be debanded for autuary reasons, maybe going to
Speaker 16: the wrong protests and whatnot.
Speaker 3: Does this same.
Speaker 17: System give that same sort of leadway to the issue
Speaker 17: was of this token?
Speaker 16: Should probably be worried that they might be this might
Speaker 16: just be another surveillance to buy the government to punish people.
Speaker 17: Or confiscate people's savings. Can people be comfortable in.
Speaker 1: Saving in d C engine Okay, that's a fantastic question.
Speaker 1: That's a fantastic question. I mean because I know why
Speaker 1: that's a fantastic question again because it's all over again
Speaker 1: on my DM. So let's one answer that everything. I
Speaker 1: appreciate that that question, I'm very very valid. So who
Speaker 1: wants to take that up? Can we trust this? If
Speaker 1: we use this and need's going to be taken down somewhere?
Speaker 1: Can so come tomorrow and send folks after us? Who
Speaker 1: wants to take it on?
Speaker 3: Let me speak class and there are my colleagues.
Speaker 5: I yield your mic.
Speaker 8: So it's just and I think that that's a distinction
Speaker 8: that I did earlier to say one is built by
Speaker 8: government and again most of the most of the concern
Speaker 8: globally when it came out is actually deserted as like
Speaker 8: the speaker mentioned. And so what we build is on
Speaker 8: public blockchain. So today, if you have I have seen
Speaker 8: gene in my Metamax for example, today a metal mark,
Speaker 8: like you know, is your wallet is decentralized. I have
Speaker 8: se engine on my Transford for example, and like you know,
Speaker 8: it's also completely under your control, so it is it
Speaker 8: is decentralized, meaning you control your money. So that is
Speaker 8: what wanting engine on public block chain does for you.
Speaker 8: So if your money is your money, accept accept if
Speaker 8: there are criminality and involved, if it's say maybe for example,
Speaker 8: you told that c engen from somebody, of course they
Speaker 8: will be able to accord because on public blockchain, which
Speaker 8: will be able to follow it.
Speaker 3: Different companies globally, you.
Speaker 8: Know, the likes of change analysis analysis companies and all
Speaker 8: those issues will.
Speaker 3: Be able to track down.
Speaker 8: Even they had has the store Walmi billion, we're able
Speaker 8: to track down. The only thing is that I don't
Speaker 8: know who is behind it or whenever they spend it
Speaker 8: in a very compliance man, I should be able to
Speaker 8: know who did that. Well, outside that atting, your money
Speaker 8: is your money. Nobody can the bank you you're actually
Speaker 8: your own bank. If you are in those waters, you
Speaker 8: have those money in those or whatever. You're on your
Speaker 8: own bank. Coming with the attendant risks of you managing
Speaker 8: your private key yourself, and so it's as good as
Speaker 8: you're having builtcoin your.
Speaker 3: Wallet, it might be.
Speaker 1: Okay, is that the final answer on that? I like
Speaker 1: the answer just I think that's a final answer for
Speaker 1: going to the next question. And guys, yeah, okay, let's
Speaker 1: get the crypto who got the crypto Preacher, Then I'll
Speaker 1: get Lawa in here. So Crypto Preacher, I have you
Speaker 1: an also function that had dropped off Crypto Future. You've
Speaker 1: got the flow. Ask you a question. We've full branch.
Speaker 1: And again lots of bookshare have different you know, the
Speaker 1: ass on different spaces or different tea of this. But
Speaker 1: go ahead and ask your question.
Speaker 2: Thank you very much Calou for the opportunity to speak.
Speaker 18: Also the very big thanks to you guys behind the
Speaker 18: cngent team and the rest.
Speaker 2: Of the coup right here on the on this space.
Speaker 18: So my question is costletely the fact that over this
Speaker 18: part a period of time, let's say twenty twenty one
Speaker 18: down now, with all of the front and back and
Speaker 18: all of the name calling of this industry, and with
Speaker 18: a couple of things that have happened in the.
Speaker 5: Past, and regarding or the INI Earth ting.
Speaker 18: I figured out because I posted a couple of my
Speaker 18: payers about cng in one of my social media patform
Speaker 18: and the bad clash is somewhat looking like people see
Speaker 18: the cnngen as another recipe to salve the INI Earth team.
Speaker 18: What is the CNGN team doing to be able to
Speaker 18: erase all of that because what has happened specifically in
Speaker 18: the crypto space right now is the lack of trust
Speaker 18: which government actually initiated or making the industry.
Speaker 5: Look terribly bad. Right, but what is what are the
Speaker 5: team is this current team doing to make it.
Speaker 8: Look like No, this is not a government should be
Speaker 8: This is a private company trying.
Speaker 3: To make sure that things can.
Speaker 18: Work out more like the US did better and circle.
Speaker 2: USDC kind of thing.
Speaker 1: Thank you very much, Okay, perfect, I mean this is
Speaker 1: it's almost like the last question. I think it's folks
Speaker 1: asking for you know, due to the gens and all
Speaker 1: that kind of stuff. So who wants to take that off?
Speaker 1: I know they've just spoken a lot, but he wants
Speaker 1: it to jump in.
Speaker 5: Yeah, i'd in think ended up.
Speaker 3: And think for that.
Speaker 1: So one of the things we are doing is just
Speaker 1: what we are.
Speaker 5: Doing now there that it is this book.
Speaker 6: We we've heard about that and that is why we
Speaker 6: are coming out to reach the public right to say,
Speaker 6: there's a clear distinction between.
Speaker 1: From the inn era the c Engen Like what your
Speaker 1: audio about spec Yes it booke up a bit, but
Speaker 1: go ahead, you can speak up wonderful.
Speaker 6: Okay, So so so so the inner life specifically or
Speaker 6: basically the government enduable right it's big priate central bank
Speaker 6: for the country, so on the private blockchain. But the
Speaker 6: c eng and is a stable coin that is on
Speaker 6: a public blockchain by a private company, So that is
Speaker 6: a clear distinction.
Speaker 5: They both have their the market they are serving. Then
Speaker 5: the c engine.
Speaker 6: Our model currently is it's more of like a whole
Speaker 6: self right to businesses. That is why we're focused more
Speaker 6: on companies or organizations of financial incisions or.
Speaker 5: Digital exchanges to take this the CNNG and formost.
Speaker 1: That's why.
Speaker 6: It's not everybody that can go to the platform and
Speaker 6: you register and then you start getting the CNN.
Speaker 5: So based on the fact that these are the greatest tablecoin,
Speaker 5: we're compliance.
Speaker 3: We have our rules and that for the.
Speaker 5: CNGEN to be issued.
Speaker 6: Then it goes out to the public, and the public
Speaker 6: mixtures of it, the retailers or the individuals I want
Speaker 6: to make use of it for to create solutions that
Speaker 6: will have to do it maybe payment or people that want.
Speaker 5: To create solution that has to do with paying utility
Speaker 5: bills and all that.
Speaker 4: That is fine.
Speaker 5: There's a whole lot of possibilities. So we've not even
Speaker 5: started scratching the.
Speaker 3: Surface of the possibilities.
Speaker 6: Although I do not come from US as an issue
Speaker 6: as but we believe there are lots of companies out
Speaker 6: there that I've been waiting for solutions like this to create,
Speaker 6: to create solutions that.
Speaker 5: People can is listed using. I'm talking that had the
Speaker 5: first question.
Speaker 1: I think he's dropped off because because we were cycling.
Speaker 1: But I think it's just more let's knowing the the
Speaker 1: safety and safety mechanisms that I guess that's what pops
Speaker 1: are asking about. But I think good answers so far.
Speaker 1: Let's get fund show fund shore to ask the question
Speaker 1: way way back. I see you. I don't know what
Speaker 1: it is, what its go methological. Let's get a full shot.
Speaker 1: Then we'll come back to the crypto boys and when
Speaker 1: you guys calm you guys are gonna so for Shure,
Speaker 1: you've got a question full Shore, Giro, you've got a question, okay,
Speaker 1: or Louis shuggle my friend Cosimani, how are you doing?
Speaker 1: This is your space. We've got the guys with one
Speaker 1: of the Niger stable coins here. Do you have a
Speaker 1: question for them?
Speaker 3: Sir?
Speaker 5: All?
Speaker 2: Do I share?
Speaker 5: Go?
Speaker 3: Yeah? I want to think is having a netal problem
Speaker 3: what's up.
Speaker 5: Calu, What are you doing?
Speaker 4: My brother?
Speaker 8: Congratulations you eventually brought dig and Charlie to this place
Speaker 8: for about two years I've been ham marrying. Is you
Speaker 8: bring them Here're very very glad? Yeah, yeah, thank you
Speaker 8: very much. Well done, caldum me God bless the work
Speaker 8: of your hand. Amen, keep it up. You know, today
Speaker 8: is not the day for me to express my Bitcoin
Speaker 8: maximalism because these are my brothers, you know. But I
Speaker 8: just want to say a few things before I ask
Speaker 8: my question, before I give them mike to other people,
Speaker 8: because it's very very important. Digiuh, Charles and the rest
Speaker 8: of them. You your life spoken. They've done well. But
Speaker 8: but one thing I want to call the attention to this.
Speaker 8: You can hear how people truly want to support you,
Speaker 8: and they've already started their due diligence trying to scrutinize
Speaker 8: you as wonderful lit well as you guys have done
Speaker 8: as I would love to really hype, give a round
Speaker 8: of a plus and say some positive things and then
Speaker 8: ask you push your questions that can help grow. Because
Speaker 8: of course I may not be on the board, but
Speaker 8: I've been a part of this from day one day
Speaker 8: zero blow a bit of God. I would like to say,
Speaker 8: Charles Digi and all the representative representative of CGN here,
Speaker 8: please go to your ex profile and go and see
Speaker 8: how you have not represented CNNGN. Well, first go and
Speaker 8: put ashtack CNGN or at CNNGR can do on your
Speaker 8: profile first, because I said bitcoiner, I don't trust, I
Speaker 8: verify and I love.
Speaker 3: You guys as my brothers.
Speaker 8: Charles will spend the year together twenty twenty one to
Speaker 8: twenty twenty two, so me and you were family.
Speaker 3: Diji is my guy. Anytime I go to a buja,
Speaker 3: you know, I got to check him out.
Speaker 8: Shout out to show Danny and my friend down there.
Speaker 8: You know, and everybody on the CGM board, you cannot
Speaker 8: be representing the first ever stable coin in Nigeria. And
Speaker 8: all of you speaking about c Engen don't even have
Speaker 8: at c engen or ashtack c Engen on your profile.
Speaker 3: I speak truth to power and walk away from billions.
Speaker 5: You know.
Speaker 8: So I know we say because my friends we can
Speaker 8: tell you about the truth. So I'll keep quiet for now.
Speaker 8: That's what I want to call your attention to because
Speaker 8: I'm getting d ms uh people that don't want to
Speaker 8: write under Carlus comments so they don't mess this all
Speaker 8: up for you guys, and those have to unnecessarily cause.
Speaker 3: Quilt diligence.
Speaker 5: That is too timely. I think it's too timely for
Speaker 5: now to start.
Speaker 8: You know, over scrutinizing c Engen call Aduna of Tether,
Speaker 8: the co founder of usd T went through a lot
Speaker 8: of scrutinization from the entire crypto community, bitcoin community on
Speaker 8: top of the food chain. That's why it represents a
Speaker 8: bitcoiner even more than the Tether co founder.
Speaker 3: That I so please my.
Speaker 8: Guys, all of you, all of you representing CNGN, You
Speaker 8: cannot be profiling yourself without carrying the flag of c
Speaker 8: eng Because CNGN is an automated machine. CNGN is back
Speaker 8: a human beings. Right, you guys are the once in
Speaker 8: charge of CNNGS, So put the flag of cng on
Speaker 8: your profile first, the website, the astag, so we can
Speaker 8: know who to pick, who to find, who to blame,
Speaker 8: who to apploud.
Speaker 3: First of all, I'll use my my calu. That's what
Speaker 3: I want to call your.
Speaker 8: Attention to first, so that everybody who follows you here
Speaker 8: will be able to you know, know how to ask
Speaker 8: you for that questions on every time, You'll be a
Speaker 8: CALDO space and thank you all for coming to my
Speaker 8: space the other day?
Speaker 3: Who owns another space?
Speaker 8: If I get another opportunity, I will ask them the CALU.
Speaker 5: These are my guys.
Speaker 8: I trust them until they fail. They say, don't trust
Speaker 8: but verify. I'm not going to scrutinize them too much.
Speaker 8: Onto billions and billions and billions of transactions that have
Speaker 8: been done. My fear is fractional reserve banking. But these
Speaker 8: are my guys who I trust. You know, I've exchanged
Speaker 8: money with the J before. The g has been there
Speaker 8: for me before. That's my guy, Guy Guy. Charles is
Speaker 8: my guy Guy Guy. So these guys are not. They
Speaker 8: run a forensic company. They run a software development company
Speaker 8: until they proved to us that we are Cammas before
Speaker 8: we start to condemn them. Before now, if we have
Speaker 8: accepted USDC worldwide, there is no reason to do it.
Speaker 8: We are our own IRA. I don't care about the
Speaker 8: e IRA, but shout out to CNG and there's a
Speaker 8: lot of possibilities and as a bitcoiner, I will carry
Speaker 8: out for my head everywhere. But my guys don't run
Speaker 8: away from questions. Starts by representing CNG A. Well, I'm
Speaker 8: putting on all of your profile. Then we'll continue with
Speaker 8: it utilis I hope that's fair?
Speaker 1: Okay? Perfect?
Speaker 5: Thanks?
Speaker 1: And I'm not sure comment for the for the folks
Speaker 1: here your inside baseball thing. I appreciate the comments. I
Speaker 1: had a question though, and I know who's going to answer.
Speaker 1: So it's a stable coin, right, and I know at
Speaker 1: the very beginning I did read out that that's so
Speaker 1: the detect from CNG from the c G and back
Speaker 1: to one to one and all that. So I just
Speaker 1: want to ask, can you name the bank you happen
Speaker 1: in the bank, per se? But how much treasury bills
Speaker 1: or bonds? How are you guys what's backing the stable
Speaker 1: quote unquote side of the c and energy?
Speaker 5: Is it cash?
Speaker 1: Is it bonds? Is it held in the bank? Who
Speaker 1: can give us more insights on the other side? Now
Speaker 1: on the on what's back in the one for one?
Speaker 1: Do you guys have these funds already curated? Is it
Speaker 1: in the CBN? Is it in individual banks? Who wants
Speaker 1: to let me talking around that?
Speaker 3: Okay, thank you, shruggle.
Speaker 5: I think you have to give me a hour and
Speaker 5: what why you to send me oneaus?
Speaker 3: I think when we launch have a hashtag send jan
Speaker 3: on my bidar. I don't know if you can check mine.
Speaker 8: So yeah, God is taking I think we love those
Speaker 8: questions and just keep them coming. If you spend your
Speaker 8: US with I think a lot of ahead of us.
Speaker 8: So I cannot be okay, this is backed by no man.
Speaker 8: So I listen, for example, so you.
Speaker 1: Have I'm not sure. I'm not sure if it's me
Speaker 1: dig you, but your audience kind of cracky. I'm not
Speaker 1: sure if it's me.
Speaker 5: Yes, I noticed that.
Speaker 2: I noticed that that.
Speaker 1: I can think, okay, okay, So so you want to
Speaker 1: go ahead, okay, so let me look at that.
Speaker 4: Okay, I can here. Thanks very question and thanks. So
Speaker 4: the saying journey is really backed by.
Speaker 5: Buying there.
Speaker 4: And government dates instruments, right, and we we have an
Speaker 4: a detour. We have an appointed custodian from our largest
Speaker 4: banks in Nigeria and we reports.
Speaker 5: Monthly.
Speaker 4: It's a sect, but our reserves and everything audited monthly,
Speaker 4: and it's it's displayed in real time life on a
Speaker 4: dashboard on our website, so sort of everybody can see
Speaker 4: what our reserve positions are. Both for the reserve assets.
Speaker 4: We are Our assets are managed by I can a
Speaker 4: great a assets manager by augusta uncle, and we have
Speaker 4: an auditor and custodian.
Speaker 3: I don't know answers question.
Speaker 1: It doesn it doesn't lot. So you have the assets there,
Speaker 1: it's it's regulated, it's audited monthly, and it's backed really
Speaker 1: one for one and you guys are holding Nigerian or
Speaker 1: Naira assets to backtop one for one? Yeah, perfect, perfect,
Speaker 1: Let's gets the tutor, got the floor, jimsy, you've got
Speaker 1: the flow. If you're not ready, let's get cryptonomics. Cryptonomics,
Speaker 1: thank you for hopping in here. Economics, thank you, Carlos.
Speaker 12: In fact, I don't think I have any other question
Speaker 12: because I've already asked my question.
Speaker 2: But let it still be that I asked something.
Speaker 5: So I heard one of.
Speaker 12: These speakers when they said when he spoke about they
Speaker 12: are still targeting businesses at the moment. So in the future,
Speaker 12: is there any plan for retail users or small business users?
Speaker 12: And then for those of us in the exporta You know,
Speaker 12: I know how much I spend in bank, you know
Speaker 12: charges when I do make a nirab bank to bank transfers.
Speaker 12: So would there be any benefit you know of using
Speaker 12: c eng and in terms of reduced transaction fees. If
Speaker 12: I'm sending c Engen to another CNNG on wallet or
Speaker 12: like if I want to transfer us the US dollars,
Speaker 12: I usually do that using transferring US data. I know
Speaker 12: how much I save, you know, in transferring usty to
Speaker 12: my family in Nigeria and the cell and converted to naira.
Speaker 4: So that's the only one I want to ask. Thank you, Okay, no,
Speaker 4: thank you very much for that fantastic question. So really,
Speaker 4: our job in the end, in the end, everything we're
Speaker 4: doing is about regular you know, every day Nigeria and rates.
Speaker 4: So even when we say our focus is on businesses,
Speaker 4: it's still it's still those transactions are done by everyday users.
Speaker 4: It's using those businesses, if that makes sense. So our
Speaker 4: job here is to make sure that businesses right, FinTechs,
Speaker 4: you know, everybody that can you know, that's that sort
Speaker 4: of manages the systems can get and you know, distribute
Speaker 4: see engine as cheaply, as easily and as fast as possible.
Speaker 4: And that's really the you know, the tall tax we
Speaker 4: have to do right now. Really every day, our job
Speaker 4: for the next few months is figuring out how to
Speaker 4: make sure that when you in maybea in Canada, in
Speaker 4: the UK, wherever you are, you're even in Nigeria and
Speaker 4: you're trying to you know, buy irregular digital assets in Nigeria,
Speaker 4: or you want to send you know, money to your
Speaker 4: you know, to your family or friends, you know, whatever
Speaker 4: it is. So our job is really to make sure
Speaker 4: that end users are able to access the engine, working
Speaker 4: obviously working closely with our business partners, but making sure
Speaker 4: that end users are able to access Changine and Engine
Speaker 4: transactions as cheaply, as easily and as as quickly as possible.
Speaker 4: And so so far I said that that's really our
Speaker 4: focused right now. Am away that you can you know,
Speaker 4: there are there's some people building in the in the
Speaker 4: community because sameermes starting to have an interesting community.
Speaker 3: There's no blocks. I see some of the stuff they're doing.
Speaker 4: You can basically now go from you know, your your
Speaker 4: blockchain wallets, you know, internire in like you know, to
Speaker 4: three seconds right for like sooner three and a five
Speaker 4: do sort of things. So days there's a lot of
Speaker 4: sort of work going on right I am aware that
Speaker 4: some who are building in the systems to enable you
Speaker 4: go from in the same gene to impers out in Kenya,
Speaker 4: for example. So what that means is you can't then
Speaker 4: functionally be spending nira, you know anyway, you don't have
Speaker 4: to if you're traveling to Kenya, you don't have to
Speaker 4: go on hard you know, ten thousand US dollars five
Speaker 4: thousand US dolls because you want to travel. You can
Speaker 4: just go to your regular bank with your normal and
Speaker 4: are and you can't spend it there in real time
Speaker 4: and the transactions are going two seconds, three circles, you.
Speaker 5: Know, for like tenure transaction piece.
Speaker 4: So that that's that's really a lot of the what
Speaker 4: we're doing is making sure that and users can ultimately
Speaker 4: access and use you know, disproducts as cheaply, as quickly
Speaker 4: and as as possible.
Speaker 3: I don't know if that answers the question.
Speaker 1: It does, it does a lot. I just want to
Speaker 1: just yeah, it does. Just you're just getting some questions again,
Speaker 1: Just can you just go over that question asks the
Speaker 1: very beginning, how does this, you know, help the average
Speaker 1: Nigerian business, Like think of a woman selling soaping in
Speaker 1: gian Kara or song setting textiles and cane. How does
Speaker 1: this really help the efficiency you know, the cashless. Just
Speaker 1: give us an example, make it, you know, make it local.
Speaker 1: How does it really help businesses in Nigeria? This sea
Speaker 1: engine and if you might just go over that, I
Speaker 1: know you give it at the beginning, just go by
Speaker 1: it the game please.
Speaker 3: And thank you, thank you.
Speaker 4: Ver So i'd say this this it would happen in phases, right.
Speaker 4: I think that's kind of the points that's necessary to
Speaker 4: make it would happen in phases. Right now we are
Speaker 4: we are in a regulator sandbox, right, and the immediate
Speaker 4: focus is really proving setting use cases, proving sets and functionalities.
Speaker 5: Right.
Speaker 3: So a lot of the.
Speaker 4: A lot of the specific use cases for financial inclusion,
Speaker 4: you know, a lot of dis things would come naturally
Speaker 4: over time.
Speaker 5: Right.
Speaker 4: But what say engine is and what stable coins are
Speaker 4: in general, it's they are basically a technology that makes
Speaker 4: that makes the the use and distribution of of money
Speaker 4: rights as cheap, as efficient, as quick as rights. So
Speaker 4: that means in practices, you no longer need, for example,
Speaker 4: you know, three four, five intermediaries to set two a
Speaker 4: transaction between two banks, right like in Nigeria today, to
Speaker 4: set the transaction between two banks or two financial institutents,
Speaker 4: a I'm sorry this, I just want to be very
Speaker 4: clear that the engine is not as a stable coin
Speaker 4: is not yet used by banks or anything, and distance
Speaker 4: will happen in phases. I'm just making a points stable
Speaker 4: coins in general, right, like in the in the US
Speaker 4: or other markets where their regulations are more.
Speaker 5: You know.
Speaker 4: Developed, In some of these paymental use cases, you no
Speaker 4: longer need three four five, You don't need to pay
Speaker 4: four five six intermediaries to cetily transaction, right, so you
Speaker 4: can pretty much directly go from.
Speaker 3: The end from the woman in the market pain to
Speaker 3: the person she wants to pay at the.
Speaker 4: Most minimal possible PHI is like in a ways that
Speaker 4: in ways that the regular.
Speaker 3: System will be able to accommodate.
Speaker 5: Right.
Speaker 8: So that's really the core of stable coins is that
Speaker 8: it allows it allows value flow in a way that
Speaker 8: is more efficient, cheaper, and faster than any other thing
Speaker 8: we currently have to pay anywhere in this world.
Speaker 4: So what that means in practices, ultimately everybody is going
Speaker 4: to be getting access so easier, cheaper, quaker you know
Speaker 4: systems right to move there, to move their to move
Speaker 4: their local value and payment.
Speaker 3: Around, if that makes sense.
Speaker 4: So yeah, it's ultimately it's automately get to get to
Speaker 4: you know, do money in Alabama.
Speaker 1: And eventually so Wela, eventually you can actually be in
Speaker 1: here at.
Speaker 2: What point in mind?
Speaker 11: Yeah, thanks, thanks so much for you for pointing that out.
Speaker 11: I think again this is a very good point in
Speaker 11: the space to speak to developers.
Speaker 12: If you remember the last time I made a comment
Speaker 12: about programmable money, right, I for one know that there's
Speaker 12: a lot of innovators in Nigeria.
Speaker 2: In fintech space even you know, generally.
Speaker 12: What the engine can do is almost limited by the
Speaker 12: creativity an innovative mindset.
Speaker 2: Of this Nigeria itself and even Africa.
Speaker 12: When you talked about the person the market will manage
Speaker 12: that someone can build and you know something in wallet
Speaker 12: or something that has some scroot system stuff built into it,
Speaker 12: you can revolution is how is SUSU is currently done?
Speaker 2: For example?
Speaker 13: Right you how I like?
Speaker 12: I like I like that.
Speaker 1: I like what you just said. Now, so if I
Speaker 1: have ten people and want to do a sus so
Speaker 1: we can do a susu with inira Abbi because sorry sorry,
Speaker 1: when I see engine and we can do that right
Speaker 1: because it's instantaneous, it's every month, it's programmable and exactly.
Speaker 2: It's the programming rights. There's no you know, you know
Speaker 2: what they in.
Speaker 1: You know when it's time to turn money to me, when.
Speaker 2: It's time to pay you know.
Speaker 12: We we really want developers to come on board and
Speaker 12: think about what they're able to do. I mean, I
Speaker 12: think I've been in the text Niger, but you know that.
Speaker 5: People are super treated.
Speaker 12: People talk about organization, you know, the organization of stocks,
Speaker 12: organization of assets. You know what if let me bumba
Speaker 12: engi so I can say some things, but think about
Speaker 12: what you're able to treat. If you people that order things,
Speaker 12: you know from from other markets that maybe asked, well
Speaker 12: they needed the US.
Speaker 2: Did to do that.
Speaker 11: We have stable coins and there's seven point of some
Speaker 11: of those markets.
Speaker 5: Now you don't need.
Speaker 12: USD can just buy your CNG and and if if
Speaker 12: you know, if you build more intuitive market to my
Speaker 12: friend dissolutions, you literally can use your to make orders
Speaker 12: in those particular places. You know the issues that you
Speaker 12: have paying some of your subscription bills, you know because
Speaker 12: of limitations or you are someone can easily.
Speaker 8: Build the proper nut virtual virtual.
Speaker 11: Type in which all you don't introduce to fundly your NIRA.
Speaker 11: You don't know what happens under the rails, right, and
Speaker 11: then you're able to make assessments and then the reverse
Speaker 11: the reverse. There's a lot of smart people in like
Speaker 11: g get you know, geek geeks abroad because of settlement
Speaker 11: issues or because you know sometimes they did complex Now
Speaker 11: you can expand our gig economy, so to speak, because now,
Speaker 11: like like you said, we're in different phases where people
Speaker 11: from different parts of the world can literally acquire CNNG
Speaker 11: and just decise is that they.
Speaker 12: Currently acquire us DT, et cetera, and we can use
Speaker 12: that to make payments. Think about the situation where where.
Speaker 5: Publies cannot you.
Speaker 12: Know, up their start what they call it up pay roam.
Speaker 12: You know, they can do that so easily now because
Speaker 12: you know at a particular time of it, as long
Speaker 12: as the money available, it can go to everybody, you know,
Speaker 12: and you can you can payble by hour, you can program.
Speaker 2: You know over time, you know hours and things like that.
Speaker 2: You know, there's you just we just need creative.
Speaker 5: Developers to come on board and and speak.
Speaker 12: To us UH and try to build innovative solutions on this.
Speaker 2: We can do everything.
Speaker 11: If the guys at c ENG and they make the
Speaker 11: infrastructure you know available and many of the things that
Speaker 11: you have, many of the products that you have today
Speaker 11: that are built on CNJA, built by people you know
Speaker 11: who are creative but are trying to to make things happen.
Speaker 5: So I guess maybe that's.
Speaker 12: My addition to what my public view has already said.
Speaker 1: Is there a use for this and music in Nigeria?
Speaker 1: We have copyright issues, so on release an album, it's copyrighted.
Speaker 1: Is there a way we can tie this into downloading
Speaker 1: music where musicians are able to get paid digitally, where
Speaker 1: they see and energy. Is there something around that we
Speaker 1: can build?
Speaker 12: Again, remember what I said before that we are not
Speaker 12: the one who are going to build this, but imagine
Speaker 12: a situation where you're able to scream and build paper.
Speaker 11: Second, right, this is just me imagining things. I'm not
Speaker 11: about all the nuances and not about the condo or
Speaker 11: the inefficiency that I may bring. But I'm just saying
Speaker 11: that the we'll just have to apply our imagination here.
Speaker 11: Regardless of what you build people.
Speaker 12: You know that people who always do want to gain
Speaker 12: whatever system or platform you're build.
Speaker 2: So again, it's not a not to innovate on behalf
Speaker 2: of people.
Speaker 12: We have just created this particular tool or infrastructure, so
Speaker 12: to speak, to say, here you are here and here
Speaker 12: you go. This is programmable nairah. Make it work for
Speaker 12: the average jow on the streets.
Speaker 11: The cryptunities already kind of know what they can do
Speaker 11: with it, right, some of them already can swap digital
Speaker 11: assets directly into c Engen and off from you know,
Speaker 11: that is already happening. But for the average drive on
Speaker 11: the streets, the market woman, like you said, the program
Speaker 11: the product manager here looking for gigs.
Speaker 2: In Mauritia, So the US is somewhere.
Speaker 12: All of those people build solutions that would enable them
Speaker 12: to be able to receive payments deciding for their service.
Speaker 5: So that we can even be more.
Speaker 11: Export driven, so to speak up I mean export service driven.
Speaker 11: I know we have limitations and challenges with the exporting
Speaker 11: you know, actual products and companies, but at least we
Speaker 11: can export services no people that you can get you
Speaker 11: so we can get instant settlement.
Speaker 2: You know, and stuff like that.
Speaker 11: So for us, we're not going to be the ones
Speaker 11: building these things that you said. There might be some
Speaker 11: of us, you know that may end up innovating as well.
Speaker 2: I'm built on top of this.
Speaker 11: But the mandate of rahap CDC CITYDC is to ensure
Speaker 11: that we're initially constant and complained. Man, we're making this
Speaker 11: particular if a platform available for businesses and technological partners
Speaker 11: to build on, you know, to to change how business
Speaker 11: is done in Nigeria and Africa.
Speaker 1: So gotcha? Okay response, Let's get money, him money, him money,
Speaker 1: Thanks for having ye go ahead?
Speaker 3: Yeah okay.
Speaker 19: So first of all, I'd like to thank the creators
Speaker 19: of c Engine for they also what they're doing. I
Speaker 19: think this is definitely a way forward for Nigeria and
Speaker 19: for the blockchain community. One question I just want.
Speaker 20: To ask is regarding the aspect of trust and transparency.
Speaker 20: I know bits of this has been touched and previous
Speaker 20: answers to the questions asked for, but I think this
Speaker 20: is very important because.
Speaker 5: As we all know, Nigeria and every Nigeria.
Speaker 19: Has trust issue right and and I think it's falls
Speaker 19: the responsibility for as on say Engine, to make sure
Speaker 19: that they're able to help people understand that this platform
Speaker 19: is uh is going to help them solve a lot
Speaker 19: of problems.
Speaker 3: In the future. And this is this applies to developers
Speaker 3: and their end users eventually.
Speaker 1: Now to give example, why I'm apking this.
Speaker 19: Question on your side, you mentioned that you have like
Speaker 19: audits reports been delivered on daily basis, but I can't
Speaker 19: really touch on or see anything in that area like
Speaker 19: they for spent for some reason. But I think these
Speaker 19: are examples where I think it's important for you to
Speaker 19: be on again regarding like giving accurate informations. Now the
Speaker 19: numbers with regard to circulations or as they're just numbers
Speaker 19: like for the auditors. If I can get like another
Speaker 19: audit reports, that in the way kind of helps me
Speaker 19: trust the platform and I can meet maybe for doing
Speaker 19: investigation and see how I can maybe start working around
Speaker 19: maybe working with teams to be something around this. But
Speaker 19: these four steps are four steps are not even available
Speaker 19: to me. And how do I and this is just
Speaker 19: me one understand a bit of blockchain, So please, how
Speaker 19: do you address the issue of trust and transparency? And
Speaker 19: then you've mentioned the world compliants quite a number of times.
Speaker 19: What does that mean like saying this compliant, like what
Speaker 19: what does that entails? Like can you pick that down
Speaker 19: a bit? And yeah, so that does are my questions.
Speaker 1: Right again? Open question, guys? Did you go I take that?
Speaker 2: Take that?
Speaker 5: Thank you time? Money.
Speaker 8: Again, we are barely a mont. So normal traditional stable
Speaker 8: coins do whether they started or with a quarterly report,
Speaker 8: but we are going to be doing monthly report and
Speaker 8: the auditor is working on it now. We're barely a mont.
Speaker 8: Always saying is that all the structures have been putting
Speaker 8: place for transparency.
Speaker 3: If you check on our page, those.
Speaker 8: Numbers are not merely numbers, they are picking them from blockchain.
Speaker 8: Since we say you understand blockchain, those numbers are immittable.
Speaker 8: It means they actually happened and it's pulling it from
Speaker 8: the blockchain. And if you inquire deeper on that same page,
Speaker 8: you see the numbers on each of the protocols that
Speaker 8: we support, from asset chain to pace to every transaction
Speaker 8: that's happened.
Speaker 5: Is that open on that.
Speaker 3: Those areas.
Speaker 8: So we are completely committed to transparency and we we
Speaker 8: all attend. Now we're about blocking one month and we
Speaker 8: don't want to go with the style of releasing quarterly
Speaker 8: auditor report.
Speaker 3: We want to do it monthly.
Speaker 8: In fact, we just did the meeting with the auditor
Speaker 8: today to make sure that that goes out so that
Speaker 8: you see it immediately. Hunger the website like you did
Speaker 8: mention Secondly, I think the second question is about first
Speaker 8: atten distrust. Yeah, I think we addressed that, No, we
Speaker 8: don't have our compliance. We don't have our compliance and
Speaker 8: what what does that mean? Okay, so so there have
Speaker 8: been they have been there have been people that have
Speaker 8: attempted to do to do uh stable coins, but they
Speaker 8: didn't go to regulators. Again because it's a bit kind
Speaker 8: of regulated activities. We don't want to take the route
Speaker 8: of just going to the market. We are going to compliance.
Speaker 8: And again, like I mentioned, we're very big in compliance
Speaker 8: and around crypto risk and all that. And so for us,
Speaker 8: we are starting off with merchants and merchants that are regulated.
Speaker 8: So it means for you to optic c engine. You
Speaker 8: know you asked what that compliance meant. For you to
Speaker 8: uptake c Enger, you have to be one regulated entity.
Speaker 8: It means we are distributed it from a regulated I dentity.
Speaker 8: So today we have started with entities like quid Acts
Speaker 8: who are also regulated and still like Busher, who are
Speaker 8: also to their regulator.
Speaker 3: If we move to FinTechs, we.
Speaker 8: Must have a sibian or one other line sense that
Speaker 8: you have to be able to come to us who
Speaker 8: want to know who are the initial optakers of these
Speaker 8: tokens are and that's what that compliance meant.
Speaker 5: So, but of course retail customers.
Speaker 8: WI go and but there would be a lot of
Speaker 8: people that will also optake it make it available to
Speaker 8: every other personality to be distribute like that. But the
Speaker 8: source is that you have to be a regulated business.
Speaker 8: You have to be registered for you to be able
Speaker 8: to appairly op take it in that larger wholesale quantity.
Speaker 1: Okay, all right, all right, all right, let's get James James,
Speaker 1: Hillary consoles Hi, thanks for hanging there in.
Speaker 5: Jims, Hillary, I'm from a roobic career. I work with
Speaker 5: a couple of more authority and I have to say that.
Speaker 21: James around virtual assets and one of the very patternate
Speaker 21: and key issues that we've been discussing a lot actually
Speaker 21: stable coins. I was also in a meeting the other week.
Speaker 21: Road is also coming up with their regulation and stable
Speaker 21: coins also was a very patent issue that was raised.
Speaker 21: And for this CNN team, I just want to to
Speaker 21: inquire what is the rational of the Central Bank of
Speaker 21: Nigeria to refer you guys to CEC because that will
Speaker 21: actually go a long way, and especially in Kenya as
Speaker 21: that will shape.
Speaker 3: Our discussion as that now.
Speaker 21: Many people are of the opinion that stable coins should
Speaker 21: be under the central bank, while it's evident from this
Speaker 21: kind shows that it falls unto the.
Speaker 3: Couple of market space.
Speaker 21: So just a clarification potionally for corderstondability or perspective.
Speaker 8: Thank you, thank you very much, sir, thank you for
Speaker 8: coming on. So what I would say, hello, car am
Speaker 8: I own yes, I can hear you. Yes, okay, okay, okay.
Speaker 8: So what I would say, sir is I think there's
Speaker 8: no finality in my view to that. As earlier as
Speaker 8: yesterday or so, I was at the Central Bank on
Speaker 8: the same discussion. So they are I think the Central
Speaker 8: Bank is working on a framework, and I think it's
Speaker 8: in their wison not to not to hold us down,
Speaker 8: to say, okay, go to the people that will regulated,
Speaker 8: that will regulate and digital asset, so that we can
Speaker 8: get sort.
Speaker 3: Of moving and something moving, if.
Speaker 8: You if you know, we are in the regulatory some
Speaker 8: works to test the model. And again the two regulators
Speaker 8: are talking to themselves, and I want to believe there
Speaker 8: will be some kind of hansh before maybe later or
Speaker 8: maybe not, depending And I would say this is not finality,
Speaker 8: but for now, the way it stands is aware with
Speaker 8: the SEC and we they are also talking together. But
Speaker 8: again if there are questions from the Sibyan, we said,
Speaker 8: we we also go to attend to those questions and
Speaker 8: see if we can help as they do their framework
Speaker 8: to make sure that this works properly, where most people
Speaker 8: will have also learned from what have been the years.
Speaker 8: But they are just too still doing the framework currently,
Speaker 8: so I don't think it's a finality to say. Obviously
Speaker 8: it's directly under secle for today, so it depends the
Speaker 8: even the stable coin has different variants. So today we
Speaker 8: started up with what we're called stable coin that we
Speaker 8: use the money market phone to pack it, which is
Speaker 8: directly under the.
Speaker 3: SEC to regulate.
Speaker 8: But we know naturally that the whole stable cord journey
Speaker 8: we metamorphosing to payments and reels and cross border and
Speaker 8: all those issues that some how we than the purview central.
Speaker 8: But whatever our framework eventually comes up, we will also
Speaker 8: working improperly. But today that's the regulatory situation assistance, Thank
Speaker 8: you very much, sir, just kind.
Speaker 1: Of go ahead, go ahead, okay, to add like a bit.
Speaker 4: So our own our position. Really again, we can't speak
Speaker 4: for the regulators. Our position is we are we talking issue, right,
Speaker 4: and just like any of our talking right. And that's
Speaker 4: how how different entities sort of intact we just talking
Speaker 4: and use them really depends on you know, those entities
Speaker 4: and their regulators. Right, we're probably speaking what we're just
Speaker 4: talking issue and that that was there in the second moment.
Speaker 1: Okay, fantastic. Let me see if you're a full show
Speaker 1: is available to speak now? Full show? Gim we have
Speaker 1: you all right, fund show where to get that? So
Speaker 1: let's get go Chuku Urnu all right, I've let's get shape.
Speaker 5: Yeah.
Speaker 2: Hello, can you hear Nick Leny.
Speaker 1: Yes, I can hear you.
Speaker 9: Go ahead, Okay, great, thanks. Okay, So my name is Butchpool,
Speaker 9: governor of asset Chain. I know the g and the
Speaker 9: rest of the Engine team speaking about you know, blockchain
Speaker 9: supporting c eng and I yeah, we're from asset Chain.
Speaker 9: We built in the one blockchain you know from Nigeria.
Speaker 9: We we've been able to support c Engine on our
Speaker 9: private main net public maynaire should be out in a
Speaker 9: few weeks. But yeah, something I just really wanted to
Speaker 9: comment on is, you know, when a lot of people
Speaker 9: talk about adoption I think the c eng and team
Speaker 9: has done if fantastic job being able to create this.
Speaker 9: When you look at something like Teta as the USDT,
Speaker 9: you say that Tata actually became really huge from early
Speaker 9: days of DeFi that's like the centralized financial protocols, right
Speaker 9: like you needs to have a compound finance and finance
Speaker 9: you could earn yield from stable coins, right like USDT.
Speaker 9: And I think it's now on us to build very
Speaker 9: good five proto calls that would allow c eng and
Speaker 9: gain massive adoption. At this point, I don't really look
Speaker 9: at it from the perspective of the everyday consumer, maybe
Speaker 9: like someone entrain bike or something.
Speaker 5: I think that's still.
Speaker 2: Maybe months away, maybe years away.
Speaker 9: I think first is for people who understand cryptotally. I
Speaker 9: think it's from the noon to the unknown, right from
Speaker 9: the guys that understand crypto first, to deal with it,
Speaker 9: to use it in different systems, and to derive value
Speaker 9: from it. Someone here was speaking about the what's it
Speaker 9: called tokenization of assets? Right there are different things that
Speaker 9: can be tokenized. I mean we have our money market,
Speaker 9: we have things that any yield right at skill in
Speaker 9: in with our with our current Ninjeri and NIRA I
Speaker 9: think bringing a lot of these assets.
Speaker 5: On chain is a big deal.
Speaker 8: And at this point you don't necessarily need the regulators
Speaker 8: that much. I mean, you can break things with direct
Speaker 8: letters down come for you. That's okay.
Speaker 9: But the seer gene guys have done a lot already
Speaker 9: with you know, breaking or surpassing the first regulatory hurdle.
Speaker 9: It's not for people to innovate and build around c
Speaker 9: n G and create reasons why people should use it.
Speaker 9: Some weeks ago, someone was talking about, you know, building
Speaker 9: a system that would convert their usd T to NAIRA
Speaker 9: in a couple of minutes, an automated system. And when
Speaker 9: I looked at this system, I commented on it. It
Speaker 9: had some flaws that were caused by the person, but
Speaker 9: flaws whether were caused by the traditional financial system, which
Speaker 9: is connecting to banking APIs and all that. But we
Speaker 9: see eng and all those flows are removed instantly. You
Speaker 9: don't need to you don't need to connect to an
Speaker 9: API because everything is going to happen instantly, right if
Speaker 9: you're connecting.
Speaker 2: To a liquidity pool in a dept.
Speaker 9: Now, some of the things that might be saying, might
Speaker 9: this quite strange for people who don't understand crypto. But
Speaker 9: for people who get crypto, they will know that this
Speaker 9: makes a lot of sense.
Speaker 2: And these are the fects.
Speaker 9: These are supposed to be the real off takers, right.
Speaker 9: And then the corporate, the guys that trade made in
Speaker 9: our Nigeria stock exchange and all that, because if they
Speaker 9: see that, oh wow, there is lipidity when let's say
Speaker 9: cee eng and and people are tapping into it, maybe
Speaker 9: there is you know, a pool that trade c eng
Speaker 9: and USDIT and they don't have restrictions like markets that
Speaker 9: open on Monday and close on Fridays. They know that
Speaker 9: these markets are open to for seven they can plod
Speaker 9: into that market, trade even weekends. And I value these
Speaker 9: are the kind of people that we need to also
Speaker 9: build for. Right, So I think the whole cng and
Speaker 9: adoption is a no brainer. We just think builders, just
Speaker 9: like early days of DeFi twenty seventeen, twenty eighteen, we
Speaker 9: need to now build on build a lot of DeFi
Speaker 9: protocols that leverage c engen. Already there are some companies
Speaker 9: already building that on our blockchain, right, and we're pushing
Speaker 9: them really hard because you've see that it's something the
Speaker 9: product that nobody else has, and everybody wants more money.
Speaker 9: I'll give you an example. People still invest in on
Speaker 9: stable currency and I know people will be like, Snira
Speaker 9: is not the US dollar.
Speaker 3: Yes, I agree.
Speaker 9: Well, if you tell someone that they can end let's
Speaker 9: say twenty percent APR in nyra or twenty five percent
Speaker 9: or thirteen percent APR in Nira, and then the person
Speaker 9: will probably end five percent in USD. A lot of
Speaker 9: people might understand that there's still the risk, right that
Speaker 9: Narra is quite unstable, but they will still are located
Speaker 9: a certain part of their asset to that now because
Speaker 9: they know that they can end a huge amount of
Speaker 9: yield on it. And it's possible some some systems already
Speaker 9: even pay huge amounts, right, So why don't wenown leverage
Speaker 9: some systems like that and bring those assets on and
Speaker 9: allow people and interests that are really high. And you
Speaker 9: see guys converting their USDIT to c eng and to
Speaker 9: end those interests, right, that's the truth. A lot of
Speaker 9: people will do that. They might not convert their entire portfolio,
Speaker 9: but they might convert in So these are just a
Speaker 9: few points I wanted to point out.
Speaker 2: I think what the C engine guys have done is really.
Speaker 9: Great and I would love to come on you know,
Speaker 9: vators and developers to build more DeFi pros leverage c Engen.
Speaker 5: Thank you.
Speaker 1: I think the next live question before you guys answer,
Speaker 1: I was going to ask that question if it was
Speaker 1: possible to stake or if it was too little to
Speaker 1: talk about taking of the c and energy, If I
Speaker 1: can stay, if I can put Nayra in the bank
Speaker 1: and n interest and it is one for one, should
Speaker 1: I also be about to put my c NG and
Speaker 1: stake it and also an interest. Let me let you
Speaker 1: guys speak. I've got you. You guys are all here,
Speaker 1: Please go ahead.
Speaker 5: Let me let me quick at jumping.
Speaker 6: So yes, now, these these are these are products that.
Speaker 5: Can actually be created.
Speaker 6: I think we've seen a lot of the five products
Speaker 6: right that's actually created sort solutions with high use and
Speaker 6: all that.
Speaker 5: And the beuty about this nowise it's more things like
Speaker 5: you're taking.
Speaker 6: Alone business online or on chain saying people want to okay,
Speaker 6: people already having digital assets like bitcoin, they're storing it
Speaker 6: or they're holding it as also value and all that.
Speaker 3: Now with such with such digital.
Speaker 5: Assets and with a solution like CD products like loan
Speaker 5: and actually be created whereby you deposit.
Speaker 6: The digital asset like bitcoin or any other asset that
Speaker 6: is that you're holding, and you collect your loan in
Speaker 6: even city engine, all right, So that is one very
Speaker 6: big use case that people can actually build on. Then secondly,
Speaker 6: one of the things we also need to help developers
Speaker 6: and help businesses that will be integrating is we have
Speaker 6: called a library like next decade, where as you as
Speaker 6: a company that is integrating, does differy much as you
Speaker 6: can easily integrate that library be able to create wallets seamlessly.
Speaker 5: That's crypto wallets.
Speaker 6: You'll be able to swap so in the crypto space
Speaker 6: or stable coin, there's well got liquidative fragmentation, right, so
Speaker 6: you have less stay engine on one chain and you
Speaker 6: want to send a user c engine on another chain. Now,
Speaker 6: what we did was to create a bridge system whereby
Speaker 6: you can easily.
Speaker 5: Do the bridging that you send. You can still send.
Speaker 6: Your c engen that you have on a particular chain
Speaker 6: to the chain of the recipients, right, So that's the
Speaker 6: bridging system. So this is just to make it easier
Speaker 6: that you're not locked in on just one thing that
Speaker 6: the CNNG and system supports. You are with anatually mixus
Speaker 6: of it all the gain that the CNNG and support.
Speaker 5: So there are there are whole lots that's.
Speaker 6: Been built around these defire products and come in and
Speaker 6: create whatever they need to create.
Speaker 5: There's a whole lot of possibilities. So this, like Victor said.
Speaker 3: Earlier, is not on steroid.
Speaker 6: That's anyone that wants to create innovative, protim ultraly.
Speaker 1: Wrong, all right, all right, so so just want to
Speaker 1: because so it's possible, it's in the pipeline for for staking,
Speaker 1: like if I a stake c ENG and it's possible
Speaker 1: if I take my money out to fixed deposits and
Speaker 1: I can also end someone.
Speaker 2: Is that going?
Speaker 1: Is that also a pipeline.
Speaker 5: Yeah?
Speaker 1: Issue, but yes, I love someone I want.
Speaker 5: Yeah, No, we have it on then finance, okay, exactly.
Speaker 9: Yeah, so that's what I mentioned earlier. On the asset chain.
Speaker 9: Minut's coming out in a few weeks. It's really it's
Speaker 9: going to be life for everybody to to deposit here engine.
Speaker 1: And any Yeah, so we're on where again, please.
Speaker 9: On asset chain. It's it's we're ventually announced, it's on
Speaker 9: our blockchain. Right, we have defied products launching on asset chain. Yes,
Speaker 9: so you can deposit he.
Speaker 1: Eng and yes, okay and get okay, very important to
Speaker 1: know that. Okay, perfect, Let's get Shay. I've got Shay here.
Speaker 1: He's his work crypt Can you hear me?
Speaker 5: Ah?
Speaker 1: Oh, she is doesn't Caliber Bitcoin Club? How are you
Speaker 1: guys doing Calibar Calabar Bitcoin Club. She's just got ready
Speaker 1: to speak Caliber Bilo.
Speaker 2: We got the flog.
Speaker 22: Go ahead, all right, believing in thee. My name is
Speaker 22: she to do from Caluba. I wish I would heare
Speaker 22: on my Andrew, but I'm found of Colabal Bitcoin Club. However,
Speaker 22: I say yes my view actually and not start of
Speaker 22: Clover Bitcoin Club. You know, first of all, I would
Speaker 22: really love to comment betic engine.
Speaker 5: I've been asking questions back.
Speaker 22: And forth, you know when bitcoin I'm a big cooin
Speaker 22: and foremost.
Speaker 23: And I'd love to ask. I would love to ask
Speaker 23: some specific questions. And first of all, when.
Speaker 5: Are we seeing c NGC engine or Bitcoin network. That's
Speaker 5: the first question.
Speaker 2: Nobody saying anything.
Speaker 1: I can hear you. You are asking when I do
Speaker 1: you ask a question?
Speaker 3: Yeah?
Speaker 1: Go ahead? Is that the question?
Speaker 20: Yeah?
Speaker 23: Because I thought I would say something, okay, so to
Speaker 23: go ahead.
Speaker 5: We have been saying this is noron steroids, right, noron steroids.
Speaker 2: For me, I think that's bad.
Speaker 23: That's a very very bad slogan because practically only patriotic
Speaker 23: people who want the air, right.
Speaker 2: Aly, patratical who want the air.
Speaker 22: So I think we should keep out the neron steroids
Speaker 22: because when you're.
Speaker 23: On steroids you mean inflation and steroids you mean you know.
Speaker 2: Lots of things on steroids of which we don't want.
Speaker 23: And also I want somebody asked this question but does
Speaker 23: not answered explicitly, And I just wish morels could be
Speaker 23: truded on it.
Speaker 5: Now when you see reports in reporting back to.
Speaker 23: I'm the second I really understand I could start to
Speaker 23: be corrected that Gene is a secure because it's a
Speaker 23: single issue, right, which means that there's a lot. It
Speaker 23: has a lot to do with the SEC and the
Speaker 23: CBL and all of that.
Speaker 2: We see.
Speaker 23: If if I want to do transactions, I don't want
Speaker 23: usd T. I can't tach you the city for my
Speaker 23: own personal use except maybe for you know, complex reasons.
Speaker 3: I want to do stuff for businesses and all of that.
Speaker 23: But I can't touch you s CIT because I know
Speaker 23: I'm not safe and I know my ux City. My
Speaker 23: phones can be seised, I know, I can be you know,
Speaker 23: foos and all of that kind of stuff. Now, when
Speaker 23: you guys keep using the world reports back, reports back,
Speaker 23: what is the scope of reporting back to SEC? Are
Speaker 23: we see if I get involved in the protest against
Speaker 23: bad governors and the protest against you know, look I'm
Speaker 23: suffering from I mean, got to the federal government right now.
Speaker 23: A lot of people know, and I'm challenging the government
Speaker 23: reasons for blocking and you're just having access to you know,
Speaker 23: a lot of exchange and all of that.
Speaker 5: I mean, that's the re booked the news.
Speaker 23: But the question is if I see any as an engine,
Speaker 23: am I safe or do I you know, have to
Speaker 23: look up for others.
Speaker 5: And that's why I keep asking why on bitcoin?
Speaker 2: And lastly, what what are the fees?
Speaker 5: I mean, can we know what the fee is? Are
Speaker 5: CNG and c engines engen to other.
Speaker 23: Apploggings you know, and all of that so very importantly, Also,
Speaker 23: who are the founders of c gen? Like all you
Speaker 23: said earlier, I love to see I'm proudly learning you
Speaker 23: and no doubt, and I was very happy when CNG
Speaker 23: came on, you know, but I love to know who
Speaker 23: are the founders of c engine, what's their background story,
Speaker 23: you know, what's their business? What what we see if
Speaker 23: you know, in the whole c eng and and stuff
Speaker 23: that is coming up and down.
Speaker 2: And I'll use my mind for them for now.
Speaker 1: Okay, I'm sure, I'm sure I'm going to come and
Speaker 1: really give you a good answer. I've also just shared
Speaker 1: a little rite up on CNNG and I just first
Speaker 1: regulous stable coin a three developers I see here, WARP,
Speaker 1: c B d C Limited in collaboration with Convexity, Interstella
Speaker 1: and Alpha Greeks Tech. Maybe they'll tell you more, but
Speaker 1: I've just shared that in case folks wants so google
Speaker 1: them to know who about it. But I think it's
Speaker 1: excellent questions, even though they've been asked before, but excellent questions.
Speaker 1: So whoever wants to address those concerns can please.
Speaker 8: Okay, so we'll just go thank you a bitcoining Calaba.
Speaker 8: I think we are Calabana Calabar Bitcoin. Okay, yes, so
Speaker 8: great again, just to start, we'll all be going us right,
Speaker 8: everybody coming into this space. His grandfather is bitcoin, and
Speaker 8: so we are fine and we're working with everyone to
Speaker 8: make sure a bitcoin.
Speaker 5: Actually we're talking with the.
Speaker 8: Latin lab to see what can happen with everything gent
Speaker 8: on Lighting network, and that talk is going on.
Speaker 5: Unlet's see, I goes.
Speaker 8: It's just that there's a lot of work maybe done
Speaker 8: and are just starting just barely amount. But I can
Speaker 8: tell you that the future is bright.
Speaker 3: Again.
Speaker 8: To address the question whether you are safe, I think
Speaker 8: you're completely safe, but I will put a caveat that
Speaker 8: same Jene.
Speaker 3: Is used for legitimate purposes.
Speaker 8: So if Jene is involved in money laundry, in terror
Speaker 8: financing and all those issues, we are completely also be
Speaker 8: able to use some other innovative compliance tools to make
Speaker 8: sure that and this is not all the issuers but
Speaker 8: every everybody that is take so take for example on
Speaker 8: a quid acts for example, if you are really going
Speaker 8: that you would be.
Speaker 5: Able to do your clients.
Speaker 8: But people have it today as pick today to you
Speaker 8: today you can go swap.
Speaker 3: John on pancake.
Speaker 8: To those you are as good as safe in that
Speaker 8: in that direction, and I to you which one is
Speaker 8: the last question?
Speaker 3: Again?
Speaker 8: Who are the guys behind it? So the companies behind it?
Speaker 8: Three uh Convexity. We started the project and I'm one
Speaker 8: of the co founders of Convexity and Convexity. We have
Speaker 8: a lot of things we've been doing within the space
Speaker 8: and we are very serious pioneers within a lot of
Speaker 8: corporate block chain use. We have been on the forefront,
Speaker 8: like you, fighting for you know, teens that doesn't make
Speaker 8: any sense to change for the eternality of the young
Speaker 8: Nigerians to take opportunity of what the blockchain have got
Speaker 8: to offer to make some economic benefit out of it.
Speaker 8: And we've been in the forefront of educating. So we've
Speaker 8: been educating. We've been talking about policymakers. We are not
Speaker 8: running away and fighting them from a distance. We are
Speaker 8: within and talking to them and why they have to
Speaker 8: do it, because within that is how it has to work.
Speaker 8: We've been involved internationally to work to see how the
Speaker 8: frameworks globally in alliance and we're working to help to
Speaker 8: make sure that alliance and for us, we are involved
Speaker 8: with building technologies around blockchain. We supported companies that are
Speaker 8: building it and we're building ourselves and changing a lot
Speaker 8: of generation. That's for Convexity. Astella is currently they are
Speaker 8: the builders of Band two blockchain and also working on
Speaker 8: the Pan African payment settlement system to make sure that
Speaker 8: the African countries is not dollarized and they'll be able
Speaker 8: to be able to treat our bungerself with our local
Speaker 8: currencies and they're working with Afraism on that. And so
Speaker 8: it is the is the company with higher reputation. ALFA
Speaker 8: Gig is a tech company that does a lot of
Speaker 8: things around web Tree, build solutions and all that. So
Speaker 8: we are the one and with a lot of partnership
Speaker 8: with few other and other companies that are supporting a
Speaker 8: different segments to make sure that the Seni stable comes
Speaker 8: in a very regulated compliance and more serious and stable
Speaker 8: and that can be very confident for people to actually
Speaker 8: use freely.
Speaker 6: Let me jumping on the reporting right, So you asked
Speaker 6: the Calababic what what is being reported? So what's which
Speaker 6: it's out there in terms of reporting. We have some
Speaker 6: of it on our side correctly, like well I'm not
Speaker 6: being minted?
Speaker 3: What is been minted?
Speaker 2: Right?
Speaker 5: They exchanges that of taking an order.
Speaker 1: So these are regumated. These are kind of.
Speaker 5: Reports drawn from.
Speaker 6: Approjects by the Bank of International Settlements I think they
Speaker 6: call a project. Then the extra that states the kind
Speaker 6: of reporting that should be going to regulate us when
Speaker 6: it comes to a stable coins.
Speaker 5: So we we already have that model before the Bank
Speaker 5: of International Settlement came up with such a projects.
Speaker 6: So it's not like we don't have this of the individuals, right,
Speaker 6: retailers and all the stuff that is left for the
Speaker 6: my chances that are of taking both.
Speaker 5: For us, the reporting is the normals in circulation. What is.
Speaker 6: For us rereading aloument things like that is what's that
Speaker 6: contain in a report which I also some of them
Speaker 6: are visible on our.
Speaker 1: Side to go to our fantastic guys or guys hey
Speaker 1: believe it or not, guys who've spent some time here
Speaker 1: learning from you folks who've done about two hours in
Speaker 1: Let folks go to bed. So we've got three guys
Speaker 1: I want to speak, d unsatisfied and I believe there
Speaker 1: is a ten on bitcoin. We're gonna let all three
Speaker 1: speak so we can just take closing remarks. This is
Speaker 1: such for us to learn, you know what we've lard
Speaker 1: you guys to basically talk. I want to learn more
Speaker 1: about this because it's all new and the us I
Speaker 1: had about the Genius Act. They're also doing their own
Speaker 1: thing over there to bring about the digital doll are
Speaker 1: the CNBD and all that. So this is the world
Speaker 1: is changing and we have to, you know, adapt to
Speaker 1: what is going to happen. We can stay still, we
Speaker 1: can we're going to use FIAT or or Bitcournercy scam.
Speaker 1: We can't just keep on saying that. We've got to
Speaker 1: understand what's happening. So we composition our portfolios and even
Speaker 1: our companies to what is going to happen, because clearly
Speaker 1: a change is going to happen the way we settle
Speaker 1: payments internationally and even locally. So if the better we
Speaker 1: are informed, as in, the better it is for us.
Speaker 1: So lets us get d n M d V on
Speaker 1: a called NMD. You're going to be first and we'll
Speaker 1: take the other two. And then we just got to
Speaker 1: vote of tanks by the foods that have been here,
Speaker 1: So go ahead. So you've got the flow re pretty
Speaker 1: and everybody.
Speaker 3: Thank you Carlo J for wonderflow.
Speaker 24: Butting to talk, I want to say very big kudos
Speaker 24: to the e CNG and team and most especially to Charles.
Speaker 24: I think I met Charles twenty two and MCB and
Speaker 24: Sam being there happen to happy that terms just come
Speaker 24: up with the steam INTI ideator to transform the ecosystem.
Speaker 5: So I'm very curious because.
Speaker 24: In that hapaton, we came up with an idea that
Speaker 24: the then leadership of Civilian decided to.
Speaker 5: Support.
Speaker 24: We participated in the incubation program and we la'nt have
Speaker 24: a product using the inn Era. But right now I
Speaker 24: can't really say anything about the Inner. So my question
Speaker 24: is how we'll see engine co exists with Inner? Right,
Speaker 24: we know that in Ara was meant to address the
Speaker 24: issues of financial inclusion, because then we're doing a financial
Speaker 24: inclusions solution that would enable anybody to seamlessly provide value
Speaker 24: to unbound people. Right, so you have an anti in
Speaker 24: the village, you could like similarly use our solution to transfer.
Speaker 1: Value from your from your inerra wor led to the
Speaker 1: full number.
Speaker 24: A unique idea, and that's really skilled. And then we
Speaker 24: got into that incubation program. But because of I don't
Speaker 24: really know what happened. I don't know, I can't really
Speaker 24: say it about the Inner right now. So I'm curious
Speaker 24: because and this is another stable coin launched kind of
Speaker 24: like by.
Speaker 5: Regulated entities, So what will happen? How is it going
Speaker 5: to equisist with the Inner.
Speaker 24: And then secondly, I think I like we go to
Speaker 24: consent take on a program with more money, how we
Speaker 24: can actually provide programmatically yield mechanisms.
Speaker 1: Right for people to utilize.
Speaker 3: The c engine and stake it or put it in.
Speaker 24: Every protocol to kind of like yield some innings from that.
Speaker 24: So I'm trying to like ask what are the plans
Speaker 24: for because we have a lot of change right now,
Speaker 24: we have so many changes coming up from assets in
Speaker 24: and them based. I think I had that at some point,
Speaker 24: what are the plants to kind of like them support
Speaker 24: more chines and they make it interapprival for people to
Speaker 24: We didn't want to bridge another chain and make it
Speaker 24: kind of similars for people to have arturally assess and
Speaker 24: the possibilities of the inner regardless of the chain your own.
Speaker 24: So this is are the questions that I need clarity, clarification.
Speaker 24: I think anybody can actually through more light on this.
Speaker 24: Thank you so much and could do specially to be conversited.
Speaker 8: In your things brilliant you want to take that. Thank you,
Speaker 8: Thank you very much so for the for that for
Speaker 8: that platform you build. I would say all you unit
Speaker 8: is what char just mentioned to just reach out for.
Speaker 8: So can your secan library for you to make sure
Speaker 8: that what inerror does on your application, you can actually
Speaker 8: enable saying gien to perform that for you. Whatever the
Speaker 8: inner the inner I think maybe if they come up,
Speaker 8: if they center and come up with it again and
Speaker 8: all that, it's simply just the same, just just I'm
Speaker 8: residing on different rails. So you can take a c
Speaker 8: eng in to those diffire protocols. You cannot take an
Speaker 8: inner day because like I mentioned, that is a private blockchain.
Speaker 8: They don't want to inter operate within those ecosystems. So
Speaker 8: it depends on which network you actually want to use.
Speaker 8: Tom power your solution, and I think most people are
Speaker 8: moving to A three. Most people are moving to blockchain,
Speaker 8: and I think it's good that you integrate that's decay
Speaker 8: into the system.
Speaker 5: I think my Alcolley would take the second question.
Speaker 1: Okay, who's going to happen that? Should? Should? Should we
Speaker 1: move on?
Speaker 5: What was the question again, Carlum.
Speaker 1: Dm DM DM W Did you want to have the
Speaker 1: second question?
Speaker 24: Yeah, I was talking about the programmable money and I
Speaker 24: think they are clified already. I think we have really
Speaker 24: I think we open computation channel with conversity teams, which
Speaker 24: I also think we take it on from there because
Speaker 24: I'm happy this is kind of like them live now.
Speaker 5: So I think last generally we were in contact.
Speaker 24: We created the worstapp chat where we were talking about
Speaker 24: possible integration of MC engine, but I think we did
Speaker 24: Like now, I think we're actually continue the conversation on
Speaker 24: that wapp group. So yeah, So the haput question was
Speaker 24: the possibility of integrating multiple chains, so that to address
Speaker 24: the issues of liquiditive augmentation.
Speaker 5: Right, so it's on this chain, it's not on this
Speaker 5: change so this kind of thing.
Speaker 24: So how do I know you guys started not quite
Speaker 24: long So what are the long term plans to address
Speaker 24: this issue?
Speaker 8: Okay, I think I think the the protocols we have,
Speaker 8: I think we for us, we have moved faster, and
Speaker 8: I think it's because of demands. Most most typical projects
Speaker 8: we possibly start and they will be on launching and
Speaker 8: it takes longer time for them to integrate because of
Speaker 8: cost and of course engineering requirements. But to the assistance,
Speaker 8: we are on almost seven very popular protocols and many
Speaker 8: people are acting. I think in the next a few
Speaker 8: weeks we should be also going like on tron and uh.
Speaker 5: Solana.
Speaker 8: We're currently on ethelium polygon bus network, binance matching asset
Speaker 8: chain band too.
Speaker 5: You know. So there's a lot of change.
Speaker 8: And so again we have building a muti chain transfer
Speaker 8: protocol to make sure that people can easily work and
Speaker 8: move between chains. So I think we have done that.
Speaker 8: We didn't want that we were launching. But again a
Speaker 8: lot will come and to just answer what you said.
Speaker 1: Here, perfect love it. Okay, let's get unsatisfied. You've got
Speaker 1: the flow sour satisfied legend.
Speaker 5: Gem everybody and my brothers past, I am most satisfied agender.
Speaker 25: Yeah, indeed, I want to give a posision to the
Speaker 25: c eng and seam for.
Speaker 5: Coming up with something like this. You know, anyway, three space.
Speaker 3: Is not like people.
Speaker 25: People kind of have their identities in.
Speaker 5: This web three space mostly some of them.
Speaker 25: That's that's why you guys might have had.
Speaker 5: Experiences of racism on the use of it.
Speaker 13: So you guys coming up and you know, probably coming
Speaker 13: out two years, do something for the country, do something
Speaker 13: for us. It's something heavily to appreciate. The stable coin
Speaker 13: backs with Neyra is something amazing. They do different scenario
Speaker 13: and dollar those different price.
Speaker 5: Facts that we concuse ourselves. So I want to ask
Speaker 5: a few questions.
Speaker 13: First of all, is just as you guys talked about programmability, that.
Speaker 2: Is builders coming up to you know, build.
Speaker 25: Something with with c ENGM. How programming with this engine?
Speaker 13: Like you know, when I want to make an maybe
Speaker 13: an app eveleyment system, lending and boring, protocal eat C
Speaker 13: or anything, how easily can I be able to integrate
Speaker 13: this engine own chain, you know, not just like Pumpy
Speaker 13: or other banks, Like how can I is it the
Speaker 13: possibility of me doing things and it is verifiable on
Speaker 13: thing just like the way I can very sadly use
Speaker 13: the transaction. And also start of you may not be
Speaker 13: funded and as you know, round the business or this
Speaker 13: course the way are gerally welcomed or you know, is
Speaker 13: it when you want to start with just run on
Speaker 13: your own? You are not nearly affiliated to thine, Yes,
Speaker 13: I know that very much. For then those of us
Speaker 13: as developers, we are not so funded as you.
Speaker 25: Know, we might have the products or we might not
Speaker 25: have the funding.
Speaker 5: What I mean.
Speaker 13: Possible way of support or integration. And then about peer
Speaker 13: to peer if if she meets the c e GM
Speaker 13: to the easy it is I have to reconvert it
Speaker 13: back to naira as if as she means it, Uh,
Speaker 13: after I do whatever I want to do on other
Speaker 13: changes like if I she meet it, I want to
Speaker 13: treat the coin it's issy and after I don't the
Speaker 13: ability of bringing it back to NIRA again, how physical
Speaker 13: is that?
Speaker 5: And then the antimate just.
Speaker 13: Like I highlight highlighted earlier, especially about this closer security.
Speaker 25: You know, some people come up with very good projects.
Speaker 13: And at the end they get to wreck the trust
Speaker 13: spreading them. You know, something like these audiits suppose the
Speaker 13: way we can track and takes years that the people
Speaker 13: actually this with this, but really fast.
Speaker 5: These processes are many more.
Speaker 25: And then about instegration with eco systems.
Speaker 13: I'm a developer coming from it starts looking starts.
Speaker 5: Delimiting between two.
Speaker 12: So I'm hoping to see CNG and on the Bitcoin
Speaker 12: network at least via starts.
Speaker 25: So how okay?
Speaker 5: I know that.
Speaker 25: Yeah, you guys are working on.
Speaker 13: It, just like you're highlected with runs as they issue. Also,
Speaker 13: Jessica has also come to stacks. I really appreciate, you know,
Speaker 13: bringing CNG using the James to get the starts to
Speaker 13: open on from my own products.
Speaker 5: That's the few questions I have to thank you all.
Speaker 8: So you can see that the changes are unlimited. But again,
Speaker 8: like we say, we want it to be everywhere, so
Speaker 8: it should be. It should be everywhere, every every block, TAM.
Speaker 8: We should be able to have SA there with time.
Speaker 8: But again, like I said, we're just one one all.
Speaker 8: I will try it as much as possible to accommodate.
Speaker 8: How easy can you integrate? I would say as easy
Speaker 8: as switching off a light bulb, you know, just click
Speaker 8: with our execute our libraries. A lot of people are
Speaker 8: doing activities with the people are integrating very similar. We
Speaker 8: make it very good detail, very self explanatory, and as
Speaker 8: developers you can actually quickly.
Speaker 3: Just integrate it.
Speaker 8: We currently support twit change, but we'll be adding like
Speaker 8: you like you know, as the time goes on. Do
Speaker 8: developers don't have phones? Again, we are also just starting up,
Speaker 8: but again we're open to supporting very innovative solutions to
Speaker 8: make sure that those solutions build pantastic use cases that
Speaker 8: will push the adoption order for me. I think those
Speaker 8: those are the questions I was able to pick any
Speaker 8: other thing that I'm living up.
Speaker 4: I think the last thing is how do you go
Speaker 4: from seeing gentin So basically you off arms.
Speaker 5: Oh okay, okay, okay, okay.
Speaker 8: So yesterday, yesterday, just an example, yesterday I moved. I
Speaker 8: moved about fifty thousand from my clock wal CNG and
Speaker 8: now c eng and and what is the purpose of
Speaker 8: moving it.
Speaker 5: I want to send fifty.
Speaker 8: Thousand to somebody's first barmy you be account. But the
Speaker 8: person say, oh, I want you to send me this money,
Speaker 8: And what I have with me at that point was
Speaker 8: a c engn in trust wallet. So what I did,
Speaker 8: if you remember when we were speaking, he said, there
Speaker 8: are people building in a Vasis solution to enable seamless
Speaker 8: few seconds of ramp at the maplop per twenty second,
Speaker 8: fifteen seconds.
Speaker 5: Ten seconds. Your money is in the bank.
Speaker 8: What I did was just to collect a person's a
Speaker 8: cant number, plan that money to no blocks, no blocks.
Speaker 8: I saw young in a virtual that just built something
Speaker 8: some weeks back and just putting the account number and
Speaker 8: before you say it, few circles with the person and
Speaker 8: the person confirmed.
Speaker 5: So that's how easy and how similars it is.
Speaker 8: So I want to see a lot of solutions around
Speaker 8: that line to make it very easy for people to
Speaker 8: move from do see engine in different networks and start
Speaker 8: like you mentioned to anything to bank account.
Speaker 3: In a matter of just a few seconds.
Speaker 1: Really okay, looks good, looks good. Thanks and the last
Speaker 1: guy to speak is going to be a bit coin blaze,
Speaker 1: Cape Town, go for it.
Speaker 5: Yeah, thank you very much, Calu, thank you, thank you
Speaker 5: seeing GMT. So I just want to quickly say it,
Speaker 5: do you anyways where we.
Speaker 26: Can transparently verify if there is in what you guys do,
Speaker 26: is their ways to verify that you guys are not
Speaker 26: practicing the fractional reserve policy?
Speaker 2: And also I would like to actually look at the.
Speaker 26: Plans where you someone can actually send b TC and
Speaker 26: a woman in your name markets can naturally receive c
Speaker 26: ENG or NYRO equivalent when you say BTC, like are
Speaker 26: the plans for that?
Speaker 1: So yes, thank you, all right, excellent, Yeah, thanks that
Speaker 1: very much.
Speaker 4: So again, being being sort of regulated means that they
Speaker 4: are very very high reserve standards for us. Right, So
Speaker 4: what that means is literally speaking every single you know,
Speaker 4: every single c ENG is back to the last couple,
Speaker 4: we are detayed. We have like a custodian and uh
Speaker 4: you know, we have assets manager.
Speaker 3: So it's it's a whole very robust process I think
Speaker 3: that that's really great.
Speaker 4: Uh, you know running with regulated products is that they
Speaker 4: are very again I mean this, it's it's unbelievably high
Speaker 4: standards for for our reserve backet right for bitter c
Speaker 4: to say engine of firms. Again, it's a lot of
Speaker 4: these things really really would depend on on duders like yourself.
Speaker 4: Right within the bit t C ecosystem. You ple add
Speaker 4: geniuses to understand the ecosystem and to the level that
Speaker 4: see engine is integrated, you know, course on doders like yourself.
Speaker 4: For us, we are very open, you know, to anything
Speaker 4: that the most can you do forward most danger afford
Speaker 4: allows Nigerias and just Africans in general participate point in
Speaker 4: the digital set right, Oh.
Speaker 1: Your your your audio is breaking up real.
Speaker 3: Oh apologies, apologies.
Speaker 1: Made all the early points really gotcha? All right, folks,
Speaker 1: let me just get you guys to sort of give us, like,
Speaker 1: you know, closing remarks. You guys sent me a very
Speaker 1: very interesting data point. I have more here, try to
Speaker 1: share as much as you guys want to share, but
Speaker 1: let's have closing remarks from you folks. I think most
Speaker 1: most of us here are not crypto or even you
Speaker 1: know it people, but we like what we're hearing, you know,
Speaker 1: I like the fact that we're sort of keeping pace
Speaker 1: with what's happening.
Speaker 3: I like it or not.
Speaker 1: If Innera had worked, this would have been a better
Speaker 1: you know, pill to swallow inn literally work. You guys
Speaker 1: are doing a little bit better. You've gotten the sect
Speaker 1: behind you. I like that a lot are you are
Speaker 1: just starting. You've done all this and this is just March,
Speaker 1: like I say said in February, and I have achieved
Speaker 1: all this, So I would just say keep at it,
Speaker 1: you know, keep really at it. We need this now
Speaker 1: for you know, the efficiency of payment in Nigeria were
Speaker 1: also what happened about two years ago. So perhaps if
Speaker 1: this is there and more folks start to build on it,
Speaker 1: then we can really have some even Africans can then
Speaker 1: take from us on adopt. I hear the comments about
Speaker 1: exchange from dollar to naira, but I think the you'll
Speaker 1: focus really should be on the efficiency locally. If we
Speaker 1: can stop the use of cash because it's not safe,
Speaker 1: and we can make this payment seenenerg where have achieved something.
Speaker 1: If we can do CNNG and invest in CNERG and
Speaker 1: get returns is taken, we've done something really a lot.
Speaker 1: If we can get the market women, the kids out there.
Speaker 1: I want to pay for jam, want to buy music.
Speaker 1: To use this even taxes, you know you want to
Speaker 1: pay your tax you can. Can you pay your tax
Speaker 1: to legal state as all the other states. Using this,
Speaker 1: can we get even allocations you know, paid fair salaries
Speaker 1: to focus because if you pay the property payments through this,
Speaker 1: you can track it. You can remove the waste and
Speaker 1: fraud because then you can know who is receiving it.
Speaker 1: It's going to specified wallet or phone or whatever. So
Speaker 1: it's you know, it's it's you know, you remove waste
Speaker 1: and fraud. So I like what I'm hearing, and I
Speaker 1: want to tell you guys, I'm a friend. If you
Speaker 1: guys have more stuff your on the share even after
Speaker 1: the space, please feel free to come back and do that.
Speaker 1: I can also just omit that. But let me give
Speaker 1: you guys a floor to give your closing remarks whoever.
Speaker 1: I want to do that, and then we'll just call
Speaker 1: it today. Thank you so much, guys. I really enjoyed
Speaker 1: the decision with you guys. So it's back to you
Speaker 1: guys now.
Speaker 3: No, thanks very much.
Speaker 4: I'm very very grateful that you picked that interest in
Speaker 4: this and you set this up for the community. Maybe
Speaker 4: for us, it's been very helpful, you know, just to
Speaker 4: listen directly and then that's really what I hear from again.
Speaker 4: We are accessible really just to get as many people
Speaker 4: as possible, you know, to build on this rights because
Speaker 4: this success would really depend on on the community, right
Speaker 4: and and the ingenious of you know, of Nigerians rights
Speaker 4: and the builders in the ecosystems.
Speaker 8: Yeah, we really really employ everybody. Please reach out to us.
Speaker 8: Let's let's build together.
Speaker 4: And yeah, curd really flow up and saying undus, well,
Speaker 4: thank you, please, let's let's build. Let's build less, build less.
Speaker 1: Built perfect. Reach out to us, all right, guys, and
Speaker 1: don't want to want to say anything else.
Speaker 5: Yeah yeah, yeah, go ahead, all right, thank you. I
Speaker 5: would love to have our.
Speaker 13: Says to be visiting to and you know, at least
Speaker 13: maybe one of the explorer links is the transaction A
Speaker 13: lots of play around in I'm looking into right now.
Speaker 1: Okay, all right, got you guys. So guys, if that's
Speaker 1: where we are right now, of because I want to
Speaker 1: make sure this is recorded, it's going to be shared
Speaker 1: after the space, so you guys can go back and
Speaker 1: you know full up and what we've heard. The handles
Speaker 1: are all in there for you guys to follow, ask learn.
Speaker 1: That's the whole idea of the space is we want
Speaker 1: to bring in folks that know what they're talking about,
Speaker 1: teacher stuff, and then of course we can become better
Speaker 1: investors of our money. We didn't get to Genius Act, right,
Speaker 1: we didn't get to Genius Act. We try to keep
Speaker 1: it very, very local. But that's going to have a
Speaker 1: big impact. I believe in too, what we're doing in
Speaker 1: Nigeria as well. Once the US basically signed off on
Speaker 1: crypto on stable coins, there's going to be an adoption
Speaker 1: across the world, whether we like it or not. We're
Speaker 1: now part of the world, so we also have got
Speaker 1: to respond. So this is very very good the young
Speaker 1: folks in Nigeria stepping up again to create an industry.
Speaker 1: Nollywood was created outside the government. This is also going
Speaker 1: to be something big. Ten years we're going to say wow,
Speaker 1: Remember we're starting this NGX and it was all this
Speaker 1: and that. Now it's really big. We have built this
Speaker 1: on top of it and we're creating jobs, efficiency and
Speaker 1: revenues for Nigerian state. So I thank you guys for
Speaker 1: doing this good job, keep at it and again guys
Speaker 1: who will come back here next week to talk again
Speaker 1: about sometimes about the economy, personal finance and of course
Speaker 1: are investing and I hope you guys will join us.
Speaker 1: My name is klu Aja, So you guys then have
Speaker 1: a good.
Speaker 2: One and buy.
Speaker 5: Well weakly.
Speaker 2: Thank you, You're welcome.
Speaker 1: H m hm