BiKi.com is Positioned for Future, SEA CEO Ethan Ng Tells Why and How
Against this backdrop of speculation, significant developments in technology and economics have evolved. At Thailand Blockchain Week, Ethan Ng, Southeast Asia CEO of BiKi.com spoke about the evolving landscape in the industry.
"In 2017-2018, we saw the altcoins market boom," said Ng. "ICOs were very hot in 2018, but it was a double edged sword. In March of 2018, we saw a total of US$1.75B funds raised and in November the same year, it dropped all the way to US$0.36B. The number of altcoins listed also dropped from 528 to 213 per month in that period of time. This year, a total of US$262M was raised from IEOs."
So what is the next innovation?
"I believe it is an upcoming shift to CBDC (Central Bank Digital Currency), which is a digital payment token issued and fully backed by a central bank and is legal tender," stated Ng. "The IMF published a paper in November 2017 encouraging central banks to experiment with CBDCs at the Official Monetary and Financial Institutions Forum (OMFIF) meeting in October 2019. The First Deputy Governor of the Bank of France also stated that central banks should not refrain from experimenting with different forms of CBDC, with a higher potential from his perspective, for wholesale CBDCs in Canada, Singapore, Marshall Islands and China."
Ng believed that with increasing government regulations, multi-national corporations (MNCs) will be attracted to the crypto and blockchain space, which, in turn, will bring in small-medium enterprises (SMEs). From Gartner's Hype Cycle, while mistakes will be made through this wave of innovation, corrections will follow. This macro to micro move will bring "true value" that impacts at the level of individual daily lives and encourage more innovation in the space, eventually improving everyone's lives.
And BiKi will be positioned for that future, according to Ng.
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Chang Jie Lin, BiKi.com
Cecilia Wong, yourPRstrategist.com