The modern system of commodity-money relations is experiencing the deepest crisis and no longer meets the needs of industrial society, which pushes it to rapid changes. One of the manifestations of the transformation was the application of the blockchain technology and its introduction into the existing financial system, the result of which the appearance of cryptocurrencies and other elements of the digital economy supported by the set of enthusiasts became the result.
One of the fundamental reasons for the imbalance is the desire of some groups to dominate others, impose and dictate their conditions. Also logical and natural is that those who are in the privileged position of the existing system will not allow changes that could threaten their success.
In the modern financial world, the total system for monitoring and regulating all areas of activity is introduced, which leads to an artificial, uneven and unfair distribution of material goods.
Of course, such things like corruption, terrorism, illegal turnover of weapons and drugs, any manifestations of criminal activity should be eradicated in modern society by all available ways. However, not by regulating each step, a unambiguous ban on certain types of activities, followed by the punishment that the state imposes.
The fight against criminal manifestations of society should be carried out by law enforcement agencies of the state, and not bank clerks. Now global regulators, in fact, created the system in which the presumption of innocence is moving into the background, and the person engaged in the business is forced to make a lot of effort to prove its honesty.
A system shift occurred from the principle «that is not prohibited, then allowed» to the principle «that is not allowed, it is prohibited.» Such a situation leads to the fact that those who should provide a free and efficient movement of money are forced to slow him. The investigation of the stories and artificial restriction is the crisis of the economy.
Under these conditions, the financial system, as a certain body, begins to look for other ways to survive. Cardinal changes in the existing system of commodity-money relations are long ago, and many see the exit through the introduction of innovative blocks of technology, the development of a digital economy.
Bright minds create many unique projects, implement unique ideas, many of which may wage in the future or at the present stage of the foundation for a new system of commodity-money relations. If it comes to safety, then persons implementing similar projects must, first of all, think about the fact that in what conditions and in which financial and legal ecosystem they will embody their ideas.
Banana plantations are not growing in concrete, they grow and fruit in the appropriate ground and conditions. No matter how good the idea is, it cannot be implemented if you do not create suitable conditions. Its genius and efficiency will then appreciate the descendants. Such examples our story knows enough.
Many projects and their developers are hostage to the established national legal and financial systems that do not allow them to effectively develop.
Another global problem on the development of blockchain technology is a systematic conflict between cryptocurrency and traditional fate currencies. The first, are the result of using the distributed registry technology combined with a high level of cryptographic sewn. The second, less technological, but their presence and turnover is the result of a public agreement in the form of the current Yamaician currency system of 1976.
The first, nothing except technology is not provided, the second, in fact, also nothing but an agreement and confidence in power. The society in the person of national governments has agreed and adopted the rules of the game.
The problem is that an attempt is attempt to replace the fate money with cryptocurrency by analogy, in every way integrate virtual currencies to the existing financial system. Instead, you can go on another way. Use digital tokens provided by goods, services and any resources for instant exchange them.
Partly for these purposes were attempts to use Bitcoin. However, the current market relations strongly discredited this opportunity, infecting cryptocurrency in such a phenomenon as high volatility. This led to speculative operations in order to quickly profit and unscrupulous manipulations on the market.
In essence, digital coins tried to install in an existing financial system and immediately manifested the problems inherent in this financial system. It happened as if infection. Therefore, much more promising to make the creation of a parallel transportation system and compete with existing on key qualitative and quantitative indicators. Drag of business activity, and not try to reanimate old ideas to reanimate.
Domestic legislative initiative does not exclude a positive aspect in this veneer.
In developed countries, found a fairly simple way out. We decided not to prohibit, but in every way to promote the development of cryptocurrency and blockchain projects, I go on the principle of «that it is not forbidden,», freeing this sector of the turnover of goods and services from the total test and regulation in the financial system. Saving the principles of P / FT, KYC and them like. However, creating, in fact, a parallel system, free from existing restrictions and problems, explaining to the participants, what will happen if you move the line.
They are talking about this technological phenomenon, but rarely take into account the implementation of the Fintech projects. The appearance of hardware with huge computing capacities will require operational revision of project infrastructure, since the modern level of cryptography will be vulnerable. This issue is important in a comprehensive assessment of the prospects and the investor adoption of a decision on financing a project.
The initiators should be very carefully considered to choose the legal and financial environment in which they plan to move. Do not mess with projects that will enjoy the existing restrictive legislation and contribute to the implementation of criminal manifestations of society. Nowadays, the time of information technology sharing and collecting information — will find and punish.
Promote goods, services and services that have real, rather than speculative or artificially created value. Always think about how technically the project will be technologically and technically relevant today, not to mention tomorrow.
Text: Gamelov Pavel Vladislavovich — CEO «AP Investment & Consulting» (Switzerland), candidate of legal sciences