‘Bitcoin in the West Has Sold out, and Now Only the Global South Can Save BTC’ — Ray Youssef

According to Ray Youssef, the CEO of Noones, peer-to-peer (P2P) bitcoin buying and selling is the United States’ public enemy primary as a result of its potential widespread adoption by folks from the Global South represents the “world’s first actual menace to the U.S. Treasury system.” Youssef added that the United States’ disdain of P2P marketplaces can be on account of its consciousness that peer-to-peer commerce is “the perfect path to allow actually free commerce within the Global South.”

‘Turning Bitcoin Into a Medium of Exchange’

However, Youssef, who was just lately appointed CEO of the brand new peer-to-peer Bitcoin market, instructed Bitcoin.com News that he’s prepared to just accept the dangers and challenges that include main a P2P platform as a result of “the payoff is value any threat.”

The Noones CEO nonetheless mentioned he disagreed with the notion that spot bitcoin exchange-traded funds (ETFs) approvals by the U.S. Securities and Exchange Commission (SEC) will probably be key in driving bitcoin adoption in Africa within the coming years. He insisted that many individuals on the continent “are [already] turning Bitcoin right into a medium of trade as its major use case.”

Meanwhile, in his written solutions despatched to Bitcoin.com News by way of electronic mail, Youssef emphasised the significance of listening to and addressing consumer complaints as a result of doing so in the end helps firms to “radically enhance” their services or products. Youssef additionally shared a couple of particulars about his departure from Paxful and the way his subsequent efforts to help customers helped him keep their belief.

Below are Youssef’s solutions to all of the questions despatched.

Bitcoin.com News (BCN): One may say that you simply had a topsy-turvy 2023, which began along with your surprising departure from Paxful however in the end ended along with your current appointment because the CEO of Noones. However, not like others who wilted away after going via one thing related, you have got seemingly remained dedicated to the trigger and continued to make the case for Africa. What motivates you to proceed even when it looks as if you’re shedding?

Ray Youssef (RY): Getting hit with a lawsuit on Martin Luther King weekend was robust, however having a mission makes you more durable. There have been two issues that helped and gave me an epic win on the finish. I’m pleased to say that the lawsuit was dismissed, and all my points have been resolved. I personal not a single share within the firm; I gave all of them up and obtained no cost. My hope was that the corporate would do the precise factor and pay for the compliance hours wanted to unfreeze customers’ funds held by regulators. While I stroll away with not a single ‘SAT’ for eight years of constructing an organization, I depart with my integrity, expertise, and my fame stronger than ever. The whole neighborhood actually appreciated my transparency and deeds like paying those who misplaced cash in Celsius out of my very own pocket. Trust is priceless.

First, the chance earlier than us now’s actually the most important ever in all historical past. I don’t imply as only a enterprise however a kind 1 civilization improve for all humanity. The entire world goes via a mass awakening all of sudden and going peer to look to empower the folks immediately. We have an opportunity to be the tremendous app the worldwide south wants to interrupt via and encourage the world. That would get anybody out of retirement.

Second, I imagine in God and I noticed the indicators all over the place that he was all the time with me.

BCN: You have constantly talked concerning the rise of the Global South and the way that is going to alter the present world order. Can you briefly describe or speak about this Global South and determine who’s going to learn from its rise?

RY: Africa, Latin America, and Asia, are the Global South. It is a time period utilized by a few of my heroes like Malcom X to explain every part apart from the Western powers. The Global South, encompassing 80% of the world’s inhabitants, possesses lower than 20% of the worldwide wealth, with nearly all of that wealth concentrated in Western international locations. Projections point out that the nations of the Global South will expertise greater than 90% of the world’s inhabitants development within the coming many years, and their present demographic make-up predominantly contains people below the age of 30.

A well-maintained matrix of monetary apartheid has been holding again the folks of the Global South. Bitcoin and peer-to-peer commerce enabled by Noones and an enormous world of over-the-counter (OTC) transactions is the remedy. When the wealth of the Global South can transfer freely then we will see immense wealth being constructed from the bottom up. Western firms can commerce as a result of they will transfer their cash, a privilege not uniformly shared by the Global South. Once these limitations are gone we will see the rise of a peer-to-peer world and it shall be led by the youth of the Global South.

Every human being shall profit, together with the West. Humanity will enter a Golden Age and be a kind 1 civilization, a change achievable inside a decade and even quicker. I communicate with such confidence as a result of I do know it has occurred earlier than. With NoOnes, I’m dedicated to fulfilling this imaginative and prescient.

BCN: Over the previous 12 months, regulators, notably these within the United States, have elevated their scrutiny of the cryptocurrency business. We have seen them goal centralised exchanges like Binance and Kraken, which has difficult their operations. Do you foresee regulators going after peer-to-peer bitcoin buying and selling platforms like Noones? If so, how are you getting ready for that?

RY: Peer-to-peer is little doubt public enemy primary for the US. The U.S. doesn’t need Bitcoin to turn out to be a real technique of trade within the Global South as it will be the world’s first actual menace to the US treasury system. They know peer-to-peer marketplaces are the perfect path to allow actually free commerce within the Global South and they’re fearful of seeing a complete continent break free. I like a problem and the payoff is value any threat. Prosperity and peace breaking out everywhere in the world is value any value so you recognize I’m going for it.

I respect the facility of the empire and don’t take its capability to challenge energy calmly. Noones doesn’t serve the U.S. nor the West and doesn’t plan to. I understand that Binance’s ventures there offered a susceptible level for potential assaults. Another misstep was Binance’s reliance on a closely centralised operation. In distinction, we’re getting into all jurisdictions via the entrance door, collaborating with probably the most respected and progressive regulators worldwide. As for Kraken, I like to recommend a departure from the US, just like Western Union’s transfer to Dubai.

Our largest defence listed here are our values. Revolutionary transparency is certainly one of them and it’ll manifest in methods that can set a brand new commonplace for all monetary providers firms going ahead. We at NoOnes are totally dedicated to Decentralisation and would be the first to combine CivKit, a totally decentralised protocol constructed round Bitcoin that can create the world’s first permissionless and unstoppable free market.

Civkit is not going to simply permit for a totally decentralised order guide on Nostr, it should additionally present the required P2P providers to scale such a market, together with KYP (know your peer: a peer-to-peer ID system, Civcourts a decentralised court docket system for monetary disputes and the Civdollar, a bitcoin-backed steady foreign money. We are usually not going into this alone. I welcome everybody to undertake my thought and compete with me. There is sufficient for all and the extra progress we collectively make, the safer and extra affluent all of us turn out to be.

BCN: As you already know, a rising variety of Africans use cryptocurrency for remittances or as a defend in opposition to inflation. However, on the subject of the remedy of cryptocurrencies, many African international locations seem to repeat and paste every part carried out by Western regulators, such because the U.S. Securities and Exchange Commission. Some imagine ignorance is the primary cause why African regulators are imposing inappropriate laws. Do you agree?

RY: No. While African regulators are a bit behind the West in coming to phrases with regulating cryptocurrency there are lots of good regulators in Africa that perceive all too properly the benefit a cryptocurrency-powered financial system would give the continent. A pan-African clearing system would change every part and create immense prosperity for African international locations.

There are many devoted people in authorities striving to make constructive adjustments however there are few folks reaching out to them. When we first met the regulators in Nigeria in 2021, they expressed that we have been the very first firm to ever strategy them for collaboration. Many firms usually strategy regulators with a gross sales pitch, providing tokens or advocating for the adoption of a worthless blockchain. Such approaches, geared toward promoting relatively than collaborating, have left regulators cautious, given their experiences with scams like MLM and tokens reminiscent of Onecoin over time.

What is required now’s a brand new monetary architect that may create a Pan-African Renaissance. The key to reaching this transformation lies in schooling and collective empowerment. One of our values at Noones is Bullish Education, specializing in demonstrating how people can earn cash by constructing peer-to-peer monetary providers companies to attach Africa. Our emphasis is on sensible monetary schooling relatively than token investments or day buying and selling—a type of schooling that many people want we had obtained at school. We have been constructing colleges and investing in schooling since day one and are trying ahead to our Gold Coast campus tour subsequent 12 months.

BCN: Recently, an skilled told us that buyer or consumer complaints may very well be a goldmine for enchancment if seen correctly. Do you agree with this assertion? Also, how is Noones dealing with consumer complaints or queries in a different way?

RY: YES. Every concern is a chance, and each interplay with a consumer who cares sufficient to truly offer you suggestions is treasured as a result of they will drop the method to radically enhance your product. Every actual product man is aware of this. The Noones group spent six months in alpha, enhancing their market with consumer suggestions, and that impressed me enormously.

The very first thing I did as CEO was go to Africa and host a roundtable with the highest merchants. They actually laid out a goldmine earlier than us, and these customers are actually our true product group. One of my necessities as CEO is that each C-Level should be boots on the bottom with me and do escalations for customers simply as I do. Empathy and actual concern from the underside up is what makes Noones so completely different.

This is a real Global South firm, and I see it extra as a distributed Nation. My formal title is CEO, however I see myself because the Chief Advocate, and our clients know they will come to me immediately and sometimes do. Our final measure of success isn’t income or revenue however relatively, “what change have we made within the day-to-day lifetime of probably the most susceptible members of our nation.” This ought to be the factors of success for each single civil servant on the earth. I haven’t been seeing that, so we will set the usual and welcome others to observe.

BCN: Finally, now we have been seeing various BTC predictions, and all of them appear to level to a bull market and presumably a brand new all-time excessive. However, not like up to now when an upcoming Bitcoin halving occasion was the primary cause for the bullish predictions, many now see the doubtless approval of spot Bitcoin ETFs by the SEC as the important thing issue. What is your tackle this?

RY: I don’t agree that the approval of spot Bitcoin ETFs by the SEC is the important thing issue. Bitcoin within the West has bought out, and now solely the Global South can save Bitcoin. As it stands, Bitcoin wants Africa greater than Africa wants it. Nigeria leads the complete world in cryptocurrency adoption with official volumes at 59 Billion per 12 months. However, it’s essential to acknowledge that the genuine quantity is roughly 10 occasions larger, predominantly facilitated via peer-to-peer transactions.

The folks of Africa are turning Bitcoin right into a Medium of Exchange as its major use case. Only somebody that has been on the bottom understands this. The P2P buying and selling neighborhood in Africa is a pressure. Brothers from the Benin Republic have been travelling to Ghana to fulfill different P2P merchants and open new corridors.

It is that this work that can make Bitcoin immensely invaluable even within the coming years. Every foreign money first turned a medium of trade after which a retailer of worth. While the West is proud of a pet rock that they will maintain and money out on the Global South is utilizing bitcoin to resolve the most important downside on the earth. That takes time, however I imagine that inside six years, the core of the work will probably be carried out, and break-away civilizations everywhere in the Global South will emerge. Africa can have many Dubai-level (and past) cities and encourage the complete world.

What are your ideas about this interview? Let us know what you suppose within the feedback part under.