Saturday, February 24

Challenge: bring cryptocurrencies to the next billion people

On the last day of the conference TNABC 2022, Ram Ahluwalia, Director of Digital Assets at Cross River took the stage speaking about how to bring cryptocurrencies to the next billion people in the world. During the panel, a number of topics were discussed, from financial services to the metaverse to Blockchain gaming. He also mentioned that he wanted to echo how banks can address these opportunities and lead the adoption of cryptocurrencies.

Ram Ahluwalia, CEO of PeerIQ, a financial information services company, aims to strengthen the P2P sector. This by increasing transparency, enabling efficient risk management and providing analytics to support better investment decision-making. He said that through it, they have promoted leading crypto companies such as Coinbase. He added that the rise of NFTs as well as the Metaverse want to “move money between them.” He assures that it is precisely there where a bank is needed to be a bridge, which is why his organizational aspiration is to play that role.

Ram Ahluwalia en TNABC 2022

Metaverse and cryptocurrencies

Ahluwalia also said during TNABC 2022 that you have to be very attentive to the cryptocurrencies of the metaverse. Since, unlike other digital currencies, they have enormous technological support, which makes them assets with an excellent long-term future. Considers that, “the metaverse is extraordinarily interesting.”

«Our aspiration is to be the first bank to fund these digital assets to create more liquidity in the metaverse.». For his part, he mentioned how amazed he is with the entire rise of NFTs and what this represents for the community in general. In other words, with this digital art there is a direct commitment to the audience, and it provides access to exclusive content.

However, he stressed that the most important thing, as a creator, is to be able to capture the value of the secondary sales of the transactions. Which means in Ahluwalia’s words that every time someone clicks on a song for example, the creator will get paid, which in turn gives more direct control.

Blockchain Games

Ahluwalia touched a bit on the subject of Blockchain gaming and the digital economy that has sprung up around it. Mentioning that this ecosystem is currently larger than the entertainment industry, referring to Hollywood. He added that in countries like the Philippines there are individuals who are earning an income and living from this new industry behind the monetization of games based on Blockchain technology.

«The common user does not need to understand how Blockchain works»

On this, he expressed that he considers that the next challenges around the ecosystem will lie in making these uses easier for the consumer. He considers that the average user should not know how the blockchain works in order to immerse himself and use the services within the crypto ecosystem.

In this sense, he reiterated his thought that, according to his consideration, there are areas of opportunity that should be improved in order to reach more people in the world.

He said: “We need more diversity in general in the crypto world to bring it to the next billion people».

Join the adoption of cryptocurrencies from governments

He also emphasized that there are many entrepreneurs who are afraid of incorporating cryptocurrencies into their businesses due to the current wave of regulation. He added that for those who are just starting out, it is truly a challenge to include this type of product because they are always thinking about: «If I launch this decentralized algorithm on the blockchain, will the SEC come after me or will the IRS come after me if I receive an airdrop token and don’t disclose it on my tax forms?». And, it is totally normal, that is why he reiterates that the same evolution of the ecosystem will give peace of mind and the answers to all those “investment insecurities”.

He suggested engaging with elected officials in governments that are committed to cryptocurrency adoption, as it will be a good way to expand the ecosystem and make it a central theme. So that it is possible to lead the principles of economic sovereignty and financial inclusion through cryptocurrencies.

He ended by saying: «What is happening is that there is a need for more entrepreneurs, more developers, a larger ecosystem of providers. And so it will be extraordinary, you are all in the first stage. And, I think they will be rewarded».