Mexico is a pioneer in technology, in fact, it was the first country in Latin America to issue a law that regulates FinTech (Fintech Law). Regardless of whether the capital of Mexico is Mexico City, the State of Jalisco has received the name of Mexican Silicon Valley, given the efforts of government, private sector and civil society organized to promote the development of innovation, science and technology.
Therefore, we are pleased to interview Rodolfo Díaz, who, in addition to being the CEO of a exchange of cryptoactives, has a high knowledge and enough experience in technology blockchain.
Tell us who you are and what you do?
I'm Rodolfo Díaz, I'm CEO of Domitai, a platform that allows the purchase and sale of cryptocurrencies, I am also a co-founder of the Blockchain Latam community and the Mises Mexico Institute.
How was your interest in blockchain, crypto, etc.?
In 2013, I came across some news about bitcoin and started to investigate, the first thing I found were videos of Andreas Antonopoulos, the best speaker of the technology in my opinion, after 2 or 3 hours I knew that this would change the technology forever, since then I have not detached myself from this.
How was Domitai born?
It all started talking to Mario Medina, at the beginning of 2017, about developing a cryptocurrency platform, who is the CTO of Domitai and the pioneers in the bitcoin community in Mexico, who he had known since 2013. Interestingly, it turned out that he had already started working on the platform and had even thought of the name: Domitai, which means money market in Otomi language.
What do they do in the Blockchain Latam community?
The community was born at the end of 2013, under the name of bitcoingdl, as most of the communities we focus on education about this technology.
After the alliance between La Borra del Café and Domitai, could you explain to us how your business model works?
Our platform is focused on making it easier for businesses to accept cryptocurrencies, we facilitate converting all payments in cryptocurrencies to Mexican pesos through the platform and depositing them automatically in your bank account, which allows businesses to accept any cryptocurrency without any type of risk.
What are the main challenges for a exchange?
There are quite a few, to begin with it is a very delicate technology to develop and quite new, the security challenges are the main ones, we must ensure that the funds of our clients are safe at all times, after that they are the regulations, since it is not clear to the authorities how they should proceed.
Do you think that the day will come when people will use a global cryptocurrency as a means of payment (without the need to convert it to fiat money)? What cryptocurrency do you think is imposed as a means of change?
I do not think there is a single cryptocurrency, no doubt bitcoin will be the main one, but there will be different currencies with different economic configurations that will adapt to more needs, such as loans. Little by little, the market will specialize, as a means of payment will depend on us, in Domitai we are focused on the adoption of business, little by little we integrate more business, we expect this adoption to be exponential.
What do you think of the new "cryptocurrency" Facebook Pound? Do you consider it positive or negative?
I think it's positive, it will help to raise awareness blockchain a lot of people, this may give access to hundreds of millions of people to the crypto world, in the end the market decides, I do not see it as a competition against bitcoin and other direct crypts, since their economic characteristics are totally different.
How do you see the scenario after the enactment of the Fintech Law and its circulars, both for your business and for all those who want to use technology blockchain in Mexico?
Mexico is the first country in Latin America to issue a "Fintech Law", it is based on the principles of innovation, financial inclusion, healthy competition, consumer protection and prevention of money laundering.
However, secondary provisions issued recently by the Bank of Mexico are intended to limit the internal use of cryptocurrency and exclude the general public. That would have negative consequences on the social, economic and political progress of the country. Any regulation should promote the responsible use of this technology and not limit it in this way.
Regardless of all the definitions and concepts, for you What does Blockchain mean? How do you see the development of blockchain, crypto technologies and cryptocurrencies in Mexico and the world?
Blockchain has certain characteristics that make it unique, I do not think that by chaining data in blocks it converts something into blockchain Under my concept, blockchain has expanded the concept of immutability, blockchain It has a set of technological structures and incentives based on the strength of the market that ensure its characteristics and makes it unique.
Do you have any comments or final message?
Mexico is a "hot spot" for crypto for different reasons. 56 percent of the population does not have a bank account, but almost 80 percent have a smartphone. We can give them access to financial services that connect them to the world in a cheap and simple way.
Mexico has many commercial relationships with the world. Only US-Mexico is the largest remittance broker with 26 billion annual dollars, of which nine percent or more commissions can be paid. We can reduce that to less than one percent, safely and instantaneously, eventually.