On January 27 at the world trade Center Moscow hosted the world summit of cryptocurrency and blockchain (the Blockchain and Cryptocurrency World Summit). The event was organized by the international Association of decentralized cryptocurrencies and blockchain (Decentralized International Association of Cryptocurrency and Blockchain – IDACB), which currently consists of 58 countries.
The summit brought together more than 400 world-class professionals: actors and partners IDACB, representatives of authorities, funds, investment companies and banks. Speakers at the event were representatives of more than 30 international organizations from Europe, North America, Middle East, Africa and Asia, responsible for the regulation of cryptocurrencies, as well as experts such as Herman Klimenko, Vladislav Martynov, Paul snow, Nilam Doctor, Antonio Selas and other leaders of kryptonyte.
Discussed the most important and acute problems of the rapidly growing and evolving kriptonyte, the ability to create a favorable legal and investment conditions in the field of application of the blockchain. Business program consisted of five sections:
The summit, in part repeating the experience held last month, a major conference «Cryptospace» in SKOLKOVO, and left the questions not less than of the replies showed that most countries of the world community interested in technology development and joint work on projects and the development of market regulation. As commented by the Russian President’s adviser Sergei Glazyev:
«In Russia, digital technology is a priority, because cryptocurrency is possible to change the existing financial system and solve the problem of financial bubbles due to saturation of the market with Fiat currency. The blockchain, in turn, is already widely implemented to combat corruption and create more transparent government».
It is obvious that the current economy may not be effective due to the large number of intermediaries in all areas that slow down and complicate the possibility of carrying out different operations.
After the official opening of the summit was the plenary session, dedicated to national and international regulation of crypto-currencies with the participation of experts from Russia, Switzerland, China, Japan, North Korea, South Africa and the USA. The speakers discussed the status of cryptocurrencies and preparation of the legal framework for the market.
We must recognize that despite all the ongoing studies and discussions, the main problems and risks associated with cryptocurrencies and bloccano, at the moment remain open. Almost each of the speakers the speakers emphasized that we are now on the threshold of a revolution, which in the future will affect every person.
Mattia Rattaggi, the representative of the non-profit Association from Switzerland, Crypto Valley Association, explained that cryptocurrencies will help to strengthen the financial system, but don’t hurry because you first need to create a special cryptophony and kryptovaci to process transactions, and solve problem with anonymity, which currently also remains an open question.
«Anonymity is a huge issue and needs to be viewed from all sides, because we don’t want to get rid of it in all areas, leaving the possibility to conduct private transactions,» – said Antonio Selas, partner of Cremades & Calvo-Sotelo. Although unlikely to set clear boundaries for anonymity, so the idea that digital identity and the creation of a single account linking all accounts, seems more plausible.
Maxim Chernyshev, a representative of the Association of cryptocurrency and blockchain:
«Law-abiding market players have nothing to hide, so, in my opinion, anonymity is not required.»
According to the results of a panel discussion on legislative topics to the field of cryptocurrency and blockchain and regulatory system, it has become clear that there is still no unified view about what we have to deal, so at the moment, according to the speakers, can be no fully developed a consistent legislative framework.
In the past year has seen an interesting trend when the country entered into a real race to create the legal framework for cryptocurrencies and blockchain, and there were many different achievements in this field. But, for example, countries such as Japan, Singapore, and even Switzerland, which had originally given a fairly free field for operation, and accepted the liberal laws that now begin to «tighten the screws», to curtail freedom of action and in fact going back to the starting point. This, in turn, allowed other countries to offer their conditions, which many thought more attractive.
According to Vladislav Martynov, the founder of the platform BlockGeeks combining blockchain experts, in this case, capital and intellectual resources pumped into adjacent areas, providing more favorable conditions for work in a few days. Means the country, which will provide an opportunity to work in a free legislative field is fully formed, will get huge advantage before the rest. «Pleasantly surprised by a law passed in Belarus, it determines the clarity of the interpretation of the transaction and the relationship of people in cryptamnesia,» said Vladislav Martynov. In regulating important: consistency, reasonableness, consistency, and for this it is necessary to study the full range of issues associated with new technologies.
The representative of cryptoccocal from Switzerland Mattia Rattaggi commented on the situation at the moment in the country: «Despite the fact that the Swiss spent large amounts of time and resources in the development of the legal field, still environment of crypto-currencies is not regulated, because we want to reach consensus between private and public parties involved in this area. For us, safety is a priority.»
Regulatory field – this is the Foundation on which to build a new future, and understand how important it is to build a strong sustainable Foundation.
One of the main ideas that appear from meeting to meeting, is to allocate a special area, the so-called regulatory sandbox, which would allow legal persons involved in the development of the legislative law, to carry out in a restricted environment experiments for their implementation without the risk of breaking the law. The Chairman of the Duma Committee on economic policy, innovative development and entrepreneurship Anatoly Aksakov noted that he sees as a «sandbox» area in «SKOLKOVO» to see a specific example of market behaviour in certain given conditions.
«In my opinion, the controller should perform the most primitive functions to avoid global risks», – said Vladislav Martynov.
The discussion touched legal aspects of ICO and trends of the new financing instrument has shown that in the near future possible crisis market is oversaturated at the moment, failed projects and disappointed investors.
But the source of the problem lies not primarily in the number of fraudulent or unfeasible due to technical problems projects, and unprofessional investors, who invest even in projects in the White Paper which openly says that the team has no plans to actually create anything.
«The main problem is the investors who do not understand the market, but still put money in it, they somehow ignore the fact that there are a large number of options for startups just run off with the money without receiving any punishment for it», – Dmitry Karpilovsky, founder of the community Cryptonet.
Today reasonable is the idea of a decentralized ICO. In this case, the specific project, raising funds to carry out their ideas, and the funds collected by the investors in the particular promising idea, and then searched for ways to implement it. Vladislav Martinov: «It’s a great concept to reduce many of the risks».
According to Antonio Selas, ICO will soon replace the existing model of venture capital investment, thanks to the advantages offered by this tool of financing:
ICO allows you to collect large sums at the idea as soon as possible;
the lack of regulation or registration by the state bodies;
big advantages for investors at the private presale.
Participation in WBCSummit provided an excellent opportunity to obtain the most relevant information and analyses from the first persons of the industry and make useful contacts. Many items were duplicate issues of the past year. At the moment, the experience has shown that companies around the world continue to actively implement the blockchain in their business, and the government in the existing system. But many risks and challenges you have to deal with, still fails to reduce, and therefore many questions remain open. But the objective of such events is exchange of experience of different countries, which allows joint efforts to work on the tasks. Pleasantly surprised with their performances and deliberate holistic ideas speakers from Russia, which shows how far we have advanced in the last time.
The site that was provided by the organizers, was also a great place to interact with investors cryptoendoliths pursuing common interests. Most of the delegates were more interested in the possibility of exchange of contacts and ideas for future joint projects than in the speech of the speakers. The industry will continue to grow rapidly, and soon we will see the results of the implementation of revolutionary technology.
«The blockchain in business and government is the implementation of democracy at the level of mathematics,» concludes Nikolai Ermakov, founder of cryptocurrency Fund Nakamoto Capital.