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HENRY, GREAT TO HAVE YOU WITH US. SO, HOW HAS LIBRA REALLY CHANGE THE EQUATION IN THIS SPACE? HENRY: LIBRA DEFINITELY BROUGHT THE TOPIC OF CENTRAL-BANK DIGITAL CURRENCY ON TOP OF THE AGENDA. AND TRADITIONALLY CENTRAL BANKS WERE DSLSL -- SLOW TO REACT. THINGS HAV E CHANGE QUICKLY PRINT TODAY AROUND 70% OF CENTRAL-BANK ARE LOOKING AT DIGITAL CURRENCIES. TWO BIG TOPICS TO WATCH IS ONE OF THE BIG TRANSNATIONAL ORGANIZATIONS, THE BIS OR THE ECB, THE BIS RELEASED REPORT ON THE TOPIC AND SECOND AND MORE IMPORTANT IS WHAT SOME COUNTRIES ARE GOING TO DO. AND ALL EYES ARE ON CHINA. THAT ANNOUNCED THE DIGITAL ELECTRONIC PAYMENT KNOWN AS DIGITAL YUAN. IF IT HAPPENS IT WILL BE THE FIRST G-20 COUNTRY THAT HAS TAKEN A BIG LEAP ON THE. TOPIC SHERY AHN: IT WAS INTERESTING TO HEAR MARK ZUCKERBERG AND CONGRESS TALK ABOUT THE REASONS WHY U.S. SHOULD MAKE MUCH MORE PROGRESS IN THIS SPACE. HOW WILL THE DIGITAL YAN COMPETE -- YUAN COMPETE? >> THE TOPIC OF LIBRA. IS AN INTERESTING ONE. WHEN YOU LOOK AT THE COUNTRY LEVEL WITHIN CHINA AND THE U.S. IT IS NOT AS BIG AS IN A CROSS-BORDER PAYMENT. TODAY, IF YOU LOOK AT THE AVERAGE CROSS-BORDER FEES ARE BETWEEN 5% AND 7%. THERE'S $500 BILLION TRANSACTED EVERY YEAR. SO, THIS IS PROBABLY THE LOWEST THING -- LOWEST HANGING FRUIT. LIBRA IS WHEN IT COMES TO CROSS-BORDER PAYMENTS. PAUL: HENRY, AS CRYPTO BECOMES MORE MAINSTREAM AND CENTRAL-BANK START TO EXPLORE THIS MORE, WHAT ARE THE IMPLICATIONS FOR THE OLDER PLAYERS LIKE BITCOIN? HENRY: IT IS A GOOD QUESTION. THAT IS WHEN WE GET OFTEN. BITCOIN IS STILL THE MOTHER OF ALL CRYPTOCURRENCIES. A LOT OF THESE THINGS ARE COMPLEMENTARY. WHEN YOU LOOK AT LIBRA, THE UNDERLYING ASSETS ARE GOING TO BE FIAT CURRENCIES, THEY U.S. DOLLAR AND THE SINGAPORE DOLLAR AND OTHERS. I THINK WHAT YOU'RE GOING TO SEE OVER THE NEXT COUPLE YEARS IS NOT ONLY BITCOIN BUT OTHER CRYPTOCURRENCIES LIVE SIDE-BY-SIDE, EACH HAS A DIFFERENT USE AND MANY OF THEM HAVE DIFFERENT PURPOSES AS WELL. PAUL: HOW ABOUT THE TAXATION OF CRYPTOS? THAT IS ANOTHER PIECE OF THE PICTURE THAT HAS BEEN MISSING. HENRI: IF YOU LIKE IT SECURITIES REGULATORS IN THE LAST 24 MONTHS, THERE HAS BEEN A LOT OF CLARITY FROM A REGULATORY PERSPECTIVE. TODAY, ONLY 5% OF REGULATORS TO NOT HAVE SOMEBODY WORKING ON CRYPTO. HOWEVER, IT IS NOT THE CASE WHEN IT COMES TO TAX CLARITY. THAT IS ONE THING WE EXPECT TO CHANGE OVER THE COMING MONTHS. ONLY A COUPLE OF WEEKS AGO IN THE U.S. THE IRA S PUT OUT SOME GUIDANCE ON THE TOPIC. NOT ONLY PROVIDING CLARITY ON TOPICS THAT THE TAX TREATMENT OF CRYPTO ASSETS BUT SPECIFIC SITUATIONS LIKE AIR DROP. WHILE NOBODY LIKES TO PAY TAX, CLARITY ON TAX TREATMENT OF ASSETS IS SOMETHING THAT IS VERY WELCOME. SHERY AHN: WHAT ABOUT INSTITUTIONAL PLAYERS? JPMORGAN OR FIDELITY IN THIS SPACE. IS THIS SOMETHING WE HAVE TO KEEP WATCHING AND 2020? HENRI: ABSOLUTELY. WE ARE SEEING THE CONTINUOUS ENTRY OF INSTITUTIONAL PLAYERS INTO THE SPACE. THIS IS GOING TO CONTINUE BECAUSE WE HAVE MORE REGULATION AND MORE DEMAND FROM UNDERLYING CLIENTS. ONE THING WE HAVE TO KEEP AN EYE ARE ON INSTITUTIONAL INVESTORS. WE HAD A LOT OF REGULATED SOLUTIONS. CRYPTO CUSTODY AND CRYPTO FUNDS AND REGULATED CRYPTO INSTRUMENTS LIKE MANY OF THE FUTURES, THE CME. I THINK THAT'S GOING TO BE VERY INTERESTING THAT THESE ENTRANCES -- THESE TI INSTRUMENTS PROVIDE TRADITIONAL PLAYERS AWAY TO TOUCH THIS CRYPTO SYSTEM. SHERY AHN: WE HAVE SEEN HONG KONG REGULATORS APPROVED DIGITAL BANKS. IS THIS ANOTHER TREND WE WILL CONTINUE TO SEE GROWING 2020? -- GROW IN 2020? HENRI: THE ENTRY OF VIRTUAL BANKS IS AN AREA TO WATCH. WHAT IS MORE INTERESTING ON THIS TOPIC IS THE BATTLEGROUND FOR VIRTUAL BANKS IS HAPPENING IN ASIA. YOU MENTIONED A SPATE OF THEM APPROVED BY HONG KONG. WE ARE SEEING NUMEROUS INITIATIVES FROM MALAYSIA TO SINGAPORE TO THAILAND TO KOREA. AND ESPECIALLY THIS WAVE OF VIRTUAL BANKS ARE NOT START UPS, BUT TECH PLAYERS THAT HAVE NOT ONLY TECH EXPERTISE THEY HAVE BRAND RECOGNITION BUT ALSO THEY HAVE THE TRUST AND CONFIDENCE OF THEIR USERS. THIS IS SOMETHING TO WATCH, ESPECIALLY IF THEY HAVE DEEP POCKETS. PAUL: ONE OF THE THINGS THAT YOU WATCH THAT I FIND INTERESTING IS THE VALUATION OF ASSETS INSIDE VIDEOGAMES. YOU RAISE THE POINT THIS COULD BE USED FOR MONEY LAUNDERING. ARE THERE SOME OPPORTUNITIES HERE AS WELL? HENRI: WHAT WE MAY SEE IS THE SYNERGIES BETWEEN THE GAMING INDUSTRY AND THE CRYPTO SPACE. TODAY MANY OF YOUR VIEWERS WHO ARE GAMERS PROBABLY HAVE ASSETS WITHIN YOUR VIDEO GAMES, WHETHER IT IS SKINS OR SPECIAL WEAPONS, BUT A LOT OF THESE ARE ASSETS, THEY DON'T OWN THEM, AND THE VIDEOGAME COMPANY CAN PUT RESTRICTIONS OR -- REDUCE THEIR VALUE. WEBBING THING WE ARE WORKING ON IS THE RISE OF NON-FUNDABLE TOE KENS -- ONE OF THE THINGS WE ARE WORKING ON. WE KNOW EXACTLY HOW MANY OF THOSE THERE ARE IN EXISTENCE. THIS IS SOMETHING THAT COULD BE INTERESTING FOR THE GAMING INDUSTRY WHICH IS A $150 BILLION INDUSTRY THAT IS GROWING FAST AND MAY PROVIDE GAMERS WITH AN ASSET THAT THEY OWN AND CAN