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00:00THE WORLD WHO ARE SENDING REMITTANCE PAYMENTS HOME. THAT MEANS SOME OF THEM ARE LEAVING THEIR COUNTRIES, WORKING TO SEND MONEY BACK TO THEIR FAMILIES, AND PAYING HUGE FEES , 20% MORE THAN MEN. WE WANT TECHNOLOGY TO HELP EVERYONE. WHAT WE ANNOUNCED YESTERDAY IS THE FORMATION OF A GLOBAL ASSOCIATION BASED IN GENEVA. WE HAVE SOME INCREDIBLE PARTNERS IN PAYPAL, MASTERCARD, VISA, VODAFONE, SPOTIFY, UBER AND LYFT, AS WELL AS NGOS AND NONPROFITS. WE WANT TO HELP THERE BE A GLOBAL CRYPTOCURRENCY THAT IS MORE INCLUSIVE. WE ARE A LONG WAY FROM LUNCH. REGULATORS HAVE CONCERNS -- FROM LAUNCH. REGULATORS HAVE CONCERNS. WE ARE MEETING WITH THEM. THIS IS AN ANNOUNCEMENT OF WHAT WE WOULD LIKE TO DO, WITH A ROADMAP OF HOW TO DO IT, AND WE ARE NOT GOING TO RUN THIS. THIS IS GOING TO BE AN ASSOCIATION NOT REPORTING TO FACEBOOK. CAROLINE: SO YOUR IMMEDIATE RESPONSE TO REGULATORY SCRUTINY, WE ' VE ALREADY HAD PEOPLE LIKE MAXINE WATERS SAYING IT SHOULD BE HALTED ALREADY. HOW DO YOU FEEL ABOUT THE INITIAL TAKE-UP OF THIS? SHERYL: WE ' VE ANNOUNCED THIS EARLY. ALL WE ' VE DONE IS ANNOUNCE THE FORMATION OF THE ASSOCIATION BECAUSE WE KNOW THAT WE HAVE A LOT OF PEOPLE TO WORK WITH. WE KNOW THIS IS A HEAVILY REGULATED SPACE. WE NEED TO TALK WITH PEOPLE, MEET WITH PEOPLE, AND THAT IS WHAT WE ARE DOING, AND WE ARE THEN GOING TO LAUNCH. CAROLINE: SO HOLD YOUR HORSES,

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