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“There is a problem in financial education in all countries.”

June 13, 2020

We interviewed Luis Vaello, who is Binances Director of Operations in Spain. He told us his vision about the interest in cryptocurrencies in Spain, the situation after halving Bitcoin and the challenges in the company.

Fernando Quirós (CF): Has interest in cryptocurrencies in Spain increased with the pandemic crisis? And in Europe?

Luis Vaello (LV): The COVID crisis coincided with the halving of Bitcoin, and while the global economy was suffering, cryptocurrencies were seen as a very viable alternative to the traditional system, and in fact we have seen growth not only in Spain and Europe, but also in Spain Global Level. Interest in cryptocurrencies is growing very quickly, not just as a speculative asset, but as a real value reserve solution.

“There is a problem in financial education in all countries.”“There is a problem in financial education in all countries.”

FQ: Do you see cryptocurrencies as a paradigm shift in finance?

LV: Of course, cryptocurrencies are a paradigm shift in the financial world. Every time, thanks to blockchain technology and all platforms that offer services, we see more alternatives to conventional mechanisms and tools. When Bitcoin started, we were able to transfer and store values. Nowadays we have platforms like Binance that offer trading, savings, loans, mining, staking and many other services. Since the advent of the internet, cryptocurrencies are the next big change. We still have to go through the “smartphone” phase so that the acceptance and use is massive. But the technology is already there!

FQ: You talk about the money problem (Fiat Money) in different countries. What role do cryptocurrencies play in this context?

LV: The issue of the fiat currency without borders or control has only one result: inflation at a very dangerous level. With every second that passes, our savings in the bank are not only worth less, but also increasingly expensive to maintain. Instead, Bitcoin is a deflationary system whose emissions are not only controlled and programmed, but reduced from time to time, just the opposite of that in Fiat currencies. The paper is clear in my opinion, your euros are worth less and less and cryptocurrencies have more and more value from the start. In 2010 we were able to buy a candy with a bitcoin and in 2020 we can buy a cheap car. Argentina and Venezuela are great examples of how cryptocurrencies help people in hyperinflationary scenarios.

FQ: The price of Bitcoin remains relatively stable after halving. Do you think there could be changes in the short term?

LV: In the short term, no one knows what can happen to the price of Bitcoin, and especially the instability that is currently prevalent throughout the global economy. Anyone who says otherwise is lying. In the long term, there is a simple equation for me: the lower the supply and the higher the demand, the clearer the route, and I am quite optimistic about the coming years.

CF: Do you think more financial education is needed in the general population?

LV: Unfortunately, there is a problem in all countries at the level of financial education and also at the level of knowledge about cryptocurrencies. For this reason, we at the Binance Academy are making great efforts to learn more about the world of cryptocurrencies and blockchain technology and how their use can help us. We have basic information for beginners, from Bitcoin or a wallet to more information about blockchain.

FQ: What new challenges do you have with your new position at Binance?

LV: Our challenge is to further promote and facilitate the use and introduction of cryptocurrencies. Binance has traditionally been a trading platform, and with that in mind, we continue to have an incredible and secure platform for all users. Today, Binance is also a great option to buy Bitcoin and other cryptocurrencies easily, securely, and with really low commissions. In the past few months we have introduced the purchase of cryptocurrencies via debit or credit card and bank transfer and are continuing to work on expanding these options in as many countries as possible and always with the lowest possible commission and with a great team of customer service 24 hours a day , always ready to help with questions.

FQ: How do you work with Binance in Spain?

LV: Binance is a team of more than a thousand employees who work decentrally on a large number of projects in more than 180 countries. We offer solutions that help individuals and businesses in Binance’s infrastructure drive the use of cryptocurrencies.

CF: A tip for those who are not yet immersed in the crypto ecosystem?

LV: Let people lose their fear of this barrier to entry. There are many resources to learn today and we even have great communities where our Binance Angels and other members are happy to help everyone learn.

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