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WBCSummit in Moscow: PRIZM team took part in the World Summit of Blockchain and Cryptocurrencies

In recent months, conferences, forums, meetings or events, organized by the blockchain community and dedicated to the crypto-currency industry, are more and more often being held on the territory of the Russian Federation. The other day it demonstrated a clear example - this time in Moscow the World Summit of Blockchain and Cryptocurrencies (WBC) was held, which gathered more than 400 delegates from all countries.

In the opinion of the participants and guests of the event, the WBC summit this year was significantly different from last year's events by its scale, approach to the organization and a variety of top speakers, including the presidential adviser on issues of regional economic integration, Mr. Sergei Glazyev. Despite the fact that the price of the ticket for the conference starts from 36 000 rubles and is up to 1 bitcoin (VIP), the World Trade Center gathered full rooms - some participants did not even have seats to sit.

The team of the advanced cryptocurrency PRIZM also visited the expected in the blockchain community WBC summit, where the representatives of the project in a dialogue with other guests of the event presented their vision of the crypto-currency market and publicly asked the speakers their sharp questions about the current shortcomings of the industry.

A special place among the topics of discussion, of course, was the question of the PRIZM team about the illusiveness of the current "decentralization" of crypto-currencies and problematic processes within the industry. However, despite the fact that this issue was undoubtedly of interest to most of the guests at the WBC summit, the question of centering of cryptocurrencies was smoothly omitted by the speakers and obscured by general phrases and wordings.

Whether this acute topic is being deliberately avoided or speakers who are answering - by virtue of their personal competence - did not find it appropriate to disassemble this exciting topic – we don’t know.

Crypto enthusiasts from Belarus: Decree "On the development of the digital economy"

Also, in the opinion of the PRIZM team, an interesting block of the WBC summit was the speech of speakers from Belarus, Mr. Nikolay Artemyev and Mr. Ilya Salei told about the decree on "On the development of the digital economy", signed on December 22th by the President of Belarus Mr. Alexander Lukashenko. The decree is aimed at stimulating the development of the IT sector in Belarus and includes the issue of regulating the crypto-currencies - which attracted great attention of the guests of the WBC summit.

First of all, the decree at a legal level settled and defined such concepts as: "blockchain", "token", "crypto-currencies", and “mining", "smart contracts" and so on. Also, ownership rights are defined - they affect possession, sale and other interaction with tokens. Undoubtedly, a special stir was caused by the news about the inclusion in the decree of the topic on legalization of ICO mechanisms on the territory of the country and the opening of exchangers / exchanges of crypto-currencies.

The decree also fixes that the turnover of tokens in Belarus is not taxed until 2023. In addition, speakers from Belarus told about the tax privileges of the participants of the crypto-currency market - it is planned that they will operate until 2049.

 

Economic and legal features of the Techno Park for crypto-currencies in Belarus

We should focus on a few key points that are of the great importance in the decree "On the development of the digital economy" and are related to the high-tech park on the territory of Belarus.

  • A company planning to work in the market of crypto-currencies (for example, to launch a stock exchange or crypto-exchanger) must be legally opened directly within Belarus - usually in the format of a limited liability company.

    The project should provide a detailed business plan demonstrating its idea and the projected path of its development. In the future, the plan is coordinated with the administration of the Techno Park and regulators.

    The period of consideration of the project is 1 month (sometimes more). If the project is not yet ready for launch in the techno park, then already available technologies and developments should be offered for such projects.

    A number of companies may own tokens without obtaining the status of a technopark resident, but if the company plans to engage in mining, the status is necessary. The same requirement is present at the start of the ICO - the project can also conduct ICO with the help of another resident company.

    To open a crypto-exchange company must have a sum of $ 500 000. Accordingly, to start the crypto-exchanger you need $ 100 000. Funds must be placed directly in the Belarusian bank.

    The list of activities of the blockchain companies is not limited. If the company offers something that goes beyond the concepts of "crypto platform", "ICO" or "crypto-exchanger", it will be interesting for the administration of the technopark - this project will be considered. That is, the company has the right to engage in the type of activity that is prescribed in its business plan.

    Residents of the park of high technologies are provided with such "bonuses" as: tax bonuses, zero corporate tax, zero VAT, zero offshore tax. Income tax from individuals (that is, employees) is reduced to 9%, and the tax on dividends - to 5%. To use the above-mentioned preferences, the resident pays 1% of the revenue to the administration of the techno park.

    If the company attracts foreign workers to its project, they do not need to obtain a work permit in the territory of Belarus. The temporary residence permit is issued for the term of the employment contract + 2 months. For workers and founders of the project there is a 180-day visa-free entry into the country.

The question of the details of the regulation of the crypto currency market in Belarus was also asked by PRIZM representatives:

Alexei Muratov (leader of the CWT movement and founder of the PRIZM crypto currency): "Is there anything known about the possibilities of creating an infrastructure in Belarus for usage of crypto-currencies? For crypto currencies to be used as a full-fledged payment facility, at least on the territory of Belarus? ".

Speakers from Belarus: "There were some discussions at the stage of decree adoption. But it was decided to assign to cryptocurrencies the status of a universal exchange facility. Until the tokens got into the legal field, there were cases when there was something sold via cryptocurrency - just one part of the price was paid in Belarusian rubles, and the other was a discount and paid, say, in Bitcoin. It was like that. "

Also, following the discussion of the prospects for the development of the crypto industry, crypto-enthusiasts from Belarus and representatives of the team of advanced crypto-currencies PRIZM agreed on further cooperation.

Meanwhile, in the industry. Bitcoin fell below $ 10,000 and the interest of US regulators to Bitfinex and Tether

At the moment, such a sharp decline in the rate of the first crypto currency is attributed to the fact that the Commission on Trade of Commodity Futures of the USA (CTFC) began to closely monitor the activities of the top-level crypto exchanges Bitfinex and Tether. Against the backdrop of this news, the Bitcoin rate, which had already fallen regularly in the last few months, was even more descending, breaking through the next psychological mark of $ 10,000. At another well-known Bitstamp exchange platform, the Bitcoin exchange rate also fell to $ 9731.

As you know, Tether for a long period is being accused by many analysts of the market experts in the release of large quantities of unsupported USDT tokens traded on a number of exchanges, including Bitfinex and Poloniex. Also, many times there were versions that it was the uncontrolled issue of USDT that caused a sharp increase in the Bitcoin exchange rate in 2017, which in early 2018 was replaced by the same sharp drop.

This situation was also commented by the leader of the public movement "Change the World Together" and the founder of the crypto-currency PRIZM Mr. Alexei Muratov: "As long as Bitcoin, like all crypto-currencies, will remain not a means of payment, but a speculative instrument and people will be able to buy crypto-currencies via fiat money - exchanges and crypto-exchangers will be a vulnerable place - the “Achilles' heel” of the whole undoubtedly promising blockchain industry.

Bitcoin has not become a full-fledged payment tool, because it is technically imperfect - among its shortcomings: transaction speed, transaction costs, bandwidth, high volatility. And probably, Bitcoin is unlikely to become a full-fledged means of payment. This vulnerability will continue with most crypto-currencies.

But PRIZM has all chances to become a full-fledged payment means. With the growth of its popularity and infrastructure, the beginning of reception of PRIZM as a unit of account for goods and services will solve problems with exchanges and exchangers. In the crypto industry there will not be this vulnerability - after all, today, users, withdrawing crypto-currencies in fiat money, are forced to turn to the existing banking system and fall under the jurisdiction of regulators. "

Alexei Muratov at the Astana Moneymaking Summit

Also on February 22th, the leader of CWT and the founder of the advanced crypto currency PRIZM Mr. Aleksey Muratov will address Astana at the “Astana Moneymaking Summit “with a report on "Existing Problems of Crypto-Currencies, Prospects for Solutions and Possible Alternatives".

The current issues of the crypto-currency market will be raised and answers to the most uncomfortable questions from which absolutely all world experts of the block-industry leave.

  • February 16, 2018 10:27 AM MSK
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