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“Decentralization does not serve to bypass regulations”


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Buda is a money exchange that was born in Chile, and soon it was already present in four countries, in addition to serving users from many more. Its founder and current CEO, Guillermo Torrealba, takes us on a tour of its culture and the values ​​that govern its priorities. In an atypical episode, we approach an unconventional view in which the idea of ​​a revolution does not evoke violent disruptions, but rather a kind of peaceful coexistence between old and new paradigms.

Content

  • Countries served by Buddha.
  • The case of 2018.
  • “If we don’t meet the state’s demands, the crypto is in jeopardy.”
  • Not because we are a cryptocurrency company we are special.
  • The Buddha’s position regarding internal regulations.
  • The country with the most movements in Buda.
  • The difficulties of the Argentine market.
  • Buddha and the teacher of drawing.
  • Challenges of remote work in the pandemic.
  • Buddha’s plans for the future.
  • Eco initiative.
  • Lightning Network for everyone.

Episode Notes

A preview of what you will find in this episode:

Joseph: It is a pleasure to be talking with you today Guillermo. In this episode we would like us to talk about cryptocurrencies in Chile and how this whole adventure with Buddha has been, and also, to talk about other experiences that you have had in this ecosystem that is always in constant change.

William: Yes. Delighted to share the experience, and hopefully it will serve an entrepreneur who is thinking of doing something in cryptocurrencies to launch or someone who is thinking of buying their first satoshis to do it too. There is a first jump of faith that it is the most difficult, that once one gives it, one realizes that it is not only very real, but also unique and extraordinary. And there is no going back, but the first step is the most difficult. So that if I can help someone in something, well delighted.

Elena: And it is not only Chile. We are talking about Argentina, Colombia, Chile and Peru, according to the Buddha’s own page.

William: So is. Those are the markets that we currently support.

Elena: This means, in concrete terms, that the legal team of Buda is in Argentina, Chile, Colombia and Peru, and not that his clients and his market are there.

William: Quite the contrary. It means that our clients are in Chile, Peru, Colombia, and Argentina. We have lawyers in all countries, because the company is incorporated in all four countries. But the Buda legal team, with which we respond to 90% of our needs, is in Chile. We concentrate as much equipment as possible in Chile. But from Chile we operate to these four countries and we have clients. In fact, more than half of the clients are not even Chilean, they are Colombian. There is our fort.

Elena: Okay. But you are incorporated in Chile and comply with Chilean regulations. That means that the exchange and bitcoins are in Chile.

William: No. Well, more or less. We are not only incorporated in Chile. But also in Colombia, Peru and Argentina. There are four companies, the parent is Chilean, but the company is established in four countries. And regarding where the bitcoins are …

Elena: In a hidden and secret location. In Switzerland under a carpet.

William: Clear. They are where the servers are. And servers can be anywhere in the world. It is an originally Chilean company, but we no longer even consider ourselves a Chilean company, but we consider ourselves a Latin company.

Elena: They better. They had better because we are all jumping from Latin America everywhere. They better.

William: Sure, of course.

Elena: The first question I wanted to ask was if you had any comments on how Buddha handles customer data. Because there was a whole move already a year or two ago about Buda and the Chilean Government and customer data. How are you handling it right now?

William: I don’t know right now what news was that you are referring to. It may have been that two years ago the Chilean internal tax service began demanding that Buda inform him about the buying and selling of its clients. Just as it does with stockbrokers. Basically equal to another company …

Elena: Exactly. When Chile was still learning in its first steps what cryptocurrencies are and how copper is beaten.

William: Clear. And well, the government already wants to get its share, as is always the case.

Elena: Government always being government.

William: Government being government. As it is. Well we are a stock exchange and a cryptocurrency market that has a very good reputation. Very good mainly because we take the privacy and security of our infrastructure and customer data very seriously. There are regulations that we cannot skip, since the internal tax service arrives and demands something of us. Not only is the company in danger if we do not comply with that regulation, because the Internal Revenue Service can take away our license and Buda can no longer sell in Chile, but we’re risking we, our personal skin, because we can go to jail if we do not comply with the regulation. But then even cryptocurrencies are in jeopardy. Because it is that if the state of Chile considers that the most relevant cryptocurrency companies are being subversive and revolting, eventually the country as a state could even take an anti crypto.

And in that sense, in Buddha, while we believe and are in love with the decentralized characteristic of cryptocurrency, we believe that decentralization is an attribute that is more beneficial to create an incorruptible network, than to create a network that bypasses local regulations. . In this sense, Buda is a Chilean company in Chile. It is also a Colombian company in Colombia, but speaking of Chile, it is a Chilean company and therefore we should comply with all the laws that the state of Chile considers most important. Not because we are a cryptocurrency company we are going to be special and we are not going to abide by regulations that we believe are not the responsibility of the world of cryptocurrencies. This is not only gigantic egocentrism, but it also does a lot of damage to cryptocurrencies.

Buda is a very serious, very responsible company that wants cryptocurrencies to have a place in the countries in which we operate. And therefore, we comply with all regulations. What does not mean that when we have space to fight for the privacy of our users’ data, we have. Always. And that has even gotten us into trouble. But they are problems that we are willing to take on. But there are requests and requests. There are requests for goodwill and many of those we resist, and there are requests for will, if not they are already demands, and those no longer make any sense to remove them, because again, it does more damage to the ecosystem than it benefits .

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