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Aleksey Muratov: Meanwhile cryptocurrency market is more like Wild West

Last week two important conferences were held in which Chairman of the Board of the International Public Movement Change the World Together Aleksey Muratov took part. One of them is for the cryptocurrency users from six countries, took place on January 30, in Dubai (the administrative center of Dubai emirate of United Arab Emirates), and the second - for CWT activists, took place on February 4, Nepal.

As Aleksey Muratov noted, the conference on blockchain and cryptocurrency in Dubai, the organizer of which was the movement Change the World Together, came about a hundred representatives of leading organizations – users of cryptocurrency members from six countries. "This is a unique conference in which we had to invite Bitcoin users, E-dinarcoin, Ripple, Litecoin, Monero, Dash from Uganda, United Arab Emirates, India, the Philippines, Bangladesh and Nepal," he said.


According to Aleksey Muratov, not by chance the conference organizers tried to cover such a wide audience. "Currently in the Middle East users have several types of e-currency in circulation. Our task is to explain to them that opportunities of blockchain are very diversified. This is a unique technology, which will allow in the near future to create alternative systems not only in the financial banking sector but also in other directions," Aleksey Muratov emphasized.

Katmandu, Nepal

He also drew attention to the fact that recently there have been instances of fraud, when criminals, hiding under the names of investment companies, try to use the alleged financial technologies for personal gain. "We are also obliged to warn our supporters against possible fraudsters who work under the guise of well-known companies. Just recently, the Financial firm Rothschild & Co issued a statement that the criminals operate in the network, using under the guise of the Rothschild family, cryptocurrency fraudulent scheme. Fraudsters posing as an investment fund associated with the virtual currencies and the Internet of things, promising to pay out money, depending on the period of investment," Aleksey Muratov said.

According to him, this is not an isolated case of such illegal schemes. "This is not the first case when the fraudsters use famous names to attract users to the projects, hiding behind fake cryptocurrencies. So, in November 2015, the creators of JPM Coin used a similar scheme, forcing JPMorgan management to make a statement about its non-participation in this project," Aleksey Muratov stated.

A newly established by Sergey Mavrodi cryptocurrency Mavrocoin is a clear example of a fake project. ʺSergey Mavrodi stated on his official website that he had not issued any cryptocurrency and had nothing to do with Mavrocoin. Besides that, he emphasized once more that he had no social-media accounts and it was fraudsters who had taken advantage of his authority and tried to deceive people,ʺ Aleksey Muratov noted.

He believes that such criminal schemes are unavoidable at the current stage of financial technology development. ʺIf we draw an analogy, the development of e-currency increasingly resembles the Wild West, when there were no clear rules of the game, safe structures and deposit guarantees, and cowboys rode roads ready to rob a bank at any moment. Unfortunately, this intermediate stage of formation is inevitable. Currently, these cowboys are hype-projects in the form of financial pyramids. They claim to be cryptocurrencies that use blockchain. And there is a need of expert examination as well as intervention of state regulators in order to protect ourselves from these financial pyramids,ʺ Aleksey Muratov said.

At the same time, he noted that the International Movement Change the World Together intended to involve blockchain experts to conduct such examination in the near future. ʺWe plan that as a result of professional examination, certificates will be issued to those cryptocurrency, which are truly decentralized and based on blockchain. It will make much easier for regular participants to understand who is who and to take the right decision,ʺ Chairman of the Board of CWT Aleksey Muratov said.

Also, Aleksey Muratov expressed confidence that fiat money and banks would cease to exist in the near future. ʺThere will be as many different cryptocurrencies as banks in the world. They will be all listed among themselves on crypto-exchanges and a currency rate will depend on demand and supply. They will have their own unique mining systems, their risks and their profitability. Each user will have a right to decide which one to use, just as it goes with usual banks and money now. And I repeat once again that there will be no fiat money at all in the near future,ʺ Chairman of the Board of CWT said.

At the same time, Aleksey Muratov said that he did not lobby interests of a particular project. ʺI am not involved in any of these projects and I do not want to single anyone out. There are many ways to use cryptocurrency and they are all very interesting. My task, as the leader of Change the World Together, is to unite and consolidate the participants of all movements and not to lobby for a particular cryptocurrency. So I am ready to come to any place in the world and participate in any conference to promote blockchain and cryptocurrency and to introduce my book "CWT Ideology”, which will certainly help many financial technology users in designing of their projects,ʺ Aleksey Muratov summed up.

Source: CWT News

  • February 7, 2017 2:16 PM MSK