News Aug 10 ,2021

Q&A Session with Credits CEO, Igor Chugunov


We are glad to see you at our Questions and Answers Session! Thank you for being eager to keep up to date with everything happening at Credits. Here are the latest questions from our community:

Q1: Is there any further information on the legal about cards both from UK and EU? Is it already been submitted?

A: All information about the legal for using cards from both the UK and the EU was previously mentioned by Max. In short, we have established contacts with reputable law firms in the UK that can help with the registration of crypto business and enlisted the support of several crypto custodian companies that already have registered under the AML crypto regime of FCA and can include our UK entity into the regulatory umbrella. At the moment, we adhere to a strategy that will allow us to run payment products faster without regulatory issues. Therefore, we have redesigned the policies and procedures. We also plan to do a partner's additional review. After that, the applications will be sent on behalf of our UK entity to FCA and CBI. The approximate timeframe for the application right now is August.

In addition, we are closely working on the payment products setup (Card program, Banking as a service) on behalf of our Lithuanian entity that is currently working with one of the TOP card issuers in the world. At the moment, we are undergoing internal audits. Very soon as they are going to be done, we are going to apply to the Central Bank of Lithuania for the registration of EMD and passportization through the countries of Europe as well. The approximate timeframe for this subproject is 3-4 months for registration and dedicated BIN setup with VISA since internal audits will be done.

Q2: Is Credits looking into coupling the "Standard Protocol"?

A: We have not considered any integrations with this infrastructure yet. However, our team is studying lots of cases daily, and if we find any benefit for Credits, we will undertake a more detailed examination of the various options.

Q3: Is CS blockchain working? Is it possible to build dapps for gaming like Axie Infinity of ETH & CryptoBlades of BSC? 

A: Yes, the Credits blockchain is working. One of the possibilities of interaction is precisely the development of all kinds of Dapps on our blockchain. You can find more information here. On how to work with our smart contracts you can find here.     

If you have any related technical questions, you can always contact the technical group.

Q4: What is Credits plan to earn money with the digital bank? Is there a base fee, transaction fee or how will it work? And how many users do you need to be profitable?

A: There is always a quite versatile approach to app monetization. Ranging from usage fees to commissions for deposits, transfers, and interchange. Also, additional monetization due to built-in products and options (for example, buying crypto, etc.).

In all, profitability mostly depends on costs in the first place, since we plan that they will grow quite strongly after the release (for attracting users, operational work, etc.).

Good day, thank you for your questions and participation! We do appreciate your drive for Credits development!

Users have one week to submit their questions. Please do not hesitate to send us more questions you would like to be covered here!

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