Bitcoin mining share difficulty getting
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Attending the event were dozens of representatives for banks, major international companies, organizations and media. The conference in Moscow, similar to the one held earlier in Kyiv, had two sections: Bitcoin enthusiast and entrepreneur Alex Fork hosted the financial section, while Ivan Tikhonov, Bits. ForkLog team focused its attention at the financial section since it seemed the most appealing to our audience.
Community chairman Artyom Tolkachev. Elina Sidorenko spoke about legal status of cryptocurrencies and ways of their regulation. According to Sidorenko, today there are four approaches to cryptocurrencies in the West: It would let us expand our understanding of how the Central Bank would be involved in this issue. If it would not be about mining, it would at least be about supervision of mining of those monies.
For instance, we have to establish a certain exchange rate of cryptocurrency, and somehow control it. Moreover, are we really ready to consider cryptoruble as a sort of an economic substitute for ruble, for example, when we make cross-border transactions?
If we exchange rubles for cryptorubles and send them to Ukraine, Kazakhstan or elsewhere, the intended recipient receives rubles, while cryptoruble is a some kind of a substitute for SWIFT.
The meeting is to decide what way the working group will take thereafter. The next to speak was Artyom Tolkachev , who talked about two options of cryptocurrency regulation. In his opinion, it would either involve amendments to the Civil Code which would consider virtual currencies a property with such features as conveyance, value and acceptance , or equalizing virtual currencies to foreign currencies, with the latter approach involving specific taxation rules.
Tolkachev also spoke about regulation of smart contracts, issuance of tokens, and initial coin offerings. We receive many requests to help out with running an ICO, and there are indeed many questions. As a result, ICO becomes a sort of a regular crowdfunding with no obligations. Daria Petrova of BitKan spoke about peculiarities of the Chinese blockchain and cryptocurrency market. Also she stated that BitKan intends to take a share of the Russian-speaking market from Localbitcoins.
His speech was about blockchain projects not being able to solve such fundamental issues as customer security, overall legality, and having sufficient qualified staff to service customers promptly. Overall the conference has proven that the community and the industry have definitely matured with many new players present, China-based companies interested in local markets, and great opportunities for business partnerships and employment of experts.
All this leads to even more interest to cryptocurrencies and blockchain technology and makes banks and government entities to research the ongoing developments more thoroughly.