Change Bank’s CEO on BBC World News
This morning, Kristjan Kangro — CEO of Change Bank — was live on BBC World News in Singapore, discussing the current regulatory landscape of cryptocurrencies in China and the future of Change after raising US$ 10 million in 24 hours.
The host kicks off by questioning Kristjan how the latest regulatory changes in China impact Change Bank.
In everything new, there is uncertainty. Uber and Airbnb used to be uncertain, but nowadays everybody uses Uber and everybody is booking their accommodation through Airbnb. I think that the same is happening with cryptocurrencies. In two to three years, cryptocurrencies will be used just as your fiat currencies, and this is what Change Bank is trying to do.
Not only in China, you also have other regulators turning their back on cryptocurrencies. You even have the likes of JP Morgan’s CEO James Diamond calling Bitcoin a fraud. Is this too extreme?
It is definitely too extreme. As for Mr. Dimon, I think that the 5 million crypto wallet users would disagree with him. This is what my team is working on day and night, to bring cryptocurrencies to the masses, to actually let them pay with cryptocurrencies, let them use financial services with cryptocurrencies.
What about regulations affecting the demand for your initial coin offering (ICO)? Is this the right time to even be doing an offer?
If you compare with other Kickstarter campaigns, our ICO was one of the most successful, raising US$ 10 million in 24 hours. This Saturday we will have the main sale, and we don’t expect this to directly influence us as we’re not based in China.
Do you think that the cryptocurrency space has to be more regulated?
I think that consumer protection is very important, and China did the right thing with banning ICOs, as there were a lot of negative aspects there as well. For every fraudulent case, there is also a very successful ICO like Change, which had one of the fastest fundraises in the history of crowdfunding.