PaySafe Group’s Yasen Yankov Ranks 3 Requirements For Mass Crypto Adoption
Three Things Required to Put Cryptos on a Mass Scale
The engineer manager at PaySafe Group, Yasen Yankov, has shared his views on the challenges facing the mass adoption of cryptocurrencies and blockchain technology, explaining his attitude towards the ICO boom.
The adoption of cryptocurrencies was one of the hottest topics at the NEXT BLOCK conference, with all speakers having something to comment about the subject and give their personal views on the situation.
Yasen Yankov said that there’s no need to fight regulators, and instead embrace regulations since it’s the only way to have a more mature industry. The engineer manager said that:
“In order to have the mass adoption you need to have three things: the first is shared KYC all over the ecosystem, the second one, the shared payment method and payment gateways which connect fiats to crypto; and the third one there shouldn't be a guy who is asking the question what was that crypto thing,”
People may need to share their identities
Yankov believes that cryptocurrency companies like Circle, Coinbase and others are rapidly growing their user base, and soon they will reach a point where users will be required to share their identities in order to send money efficiently and quickly.
Speaking on the topic of ICOs, Yasen Yankov said that they are a good thing since they help level the investment field, opening up endless opportunities, especially for retail investors. He said that:
“For me, ICOs actually enable customers to do something which was not possible before. It is definitely a good thing because if you think about how it was super hard to invest in anything if you are not an accredited investor, if you are not in the investment business. ICOs actually changed that.”
Explaining further, the PaySafe Group’s Engineer manager, said that ICOs are generally considered risky since most of them usually fail, leading to loss of money and unhappy investors. But as Yankov believes, this is a natural way of such an industry which is evolving, and that’s how it’s expected to work.