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FinYear’s interview with Pierre Noizat

Paymium
Paymium

The cryptocurrency exchange of trust for individual and institutional traders and investors.

This article was first published on FinYear : read the original article here (en français).
French to English translation from Blockchain.io.

Launched in 2010, Paymium is the world's first Bitcoin trading platform. Since 2018, the company develops and operates the Blockchain.io platform, a marketplace dedicated crypto-asset trading for individuals and investors.

-Paymium has just filed its application to the AMF for PSAN status? What is the purpose of this new status, resulting from the “Pacte law"?

"Without a status in France, our potential partners abroad could ask questions about our compliance. The only interest of this status lies in the form of official recognition of our existence. It is not much but it is a first step in the right direction."


-This new public status is well perceived by the players in the industry. At the same time, the public and financial authorities remain very critical regarding cryptocurrencies. How do you explain this paradox?

"Banks in general and central banks in particular have no direct incentives to innovate. In fact, they recruit on a managerial profile that is the exact opposite of the innovator. The general interest is interpreted by these actors in the very short term, as an injunction to preserve what exists at all costs, even when it is inefficient and costly.
It is difficult for them to understand the time it takes for an innovation to produce its benefits.
Moreover, the myth of the monetary monopoly as an instrument of control of the economy is hard get rid of because it reinforces the banks' position regarding other economic players."


-The Ministry of Economy has expressed its support for a digital public currency. The ECB is also studying the subject. What do you think about these initiatives?

"This initiative reminds me of the launch of the Minitel by France Telecom at a time when the internet was emerging. Institutions prefer a centralized network to experiment the services that will result from decentralization. This is a waste of time, but perhaps we need to go through this before the mass adoption of open networks. Open networks will always be more agile, both in terms of security and functionality, than networks controlled by toll gates."


-For several years now, the spotlight has been on cryptocurrency. However, their use is still limited and they are having difficulty breaking through to the general public. What is your vision of the development of cryptocurrencies in France and Europe?

"It has only been ten years since the Bitcoin network started operating. It takes about 20 years for such infrastructures to be ready for mass adoption. Stablecoins and security tokens will be the triggers, but there is still a long way to go."


-Many private actors are facing hostility from banks. Is this the case with Paymium?

"We have successfully dealt with several changes of banking partners but we think we have found the right one with the one we’ve just integrated."


-A forecast on the evolution of Bitcoin in the coming months?

"Every day, more people are learning about the benefits of cryptocurrencies.
The entire ecosystem benefits from this increase in users and supporters, but Bitcoin benefits even more from its leadership position. The halving of Bitcoin's "block reward" scheduled for mid-2020 will further limit the supply of Bitcoins available on the market which could lead to an increase in the following months. The price of Bitcoin remains volatile but over a 4 year holding period it has been rising steadily since its creation."

Paymium
Paymium

The cryptocurrency exchange of trust for individual and institutional traders and investors.

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