For May 01, 2018.
Prepared by Peter Kudera
Introduction – about us
We are truly global operating in several jurisdictions, not limited to UK, Austria, Germany Singapore, Japan and America.
Our company is listed on the London Stock Exchange. We are one of the leading, fastest growing companies in cryptocurrency, we cover the field of:
Developing new fields
Research and Development into new technology.
We use only green technology to generate electricity and energy, in Austria we use Hydro plants, in the UK we are using biomass and shortly in France with wind energy. No carbon.
We are in the process of advising three governments and on digital currency, cryptocurrency and blockchain financial systems.
Digital Currencies inquiry
Scope of the inquiry
The inquiry will cover the role of digital currencies in the UK, including the opportunities and risks that digital currencies may bring to consumers, businesses, and the Government
It will examine the potential impact of distributed ledger technology—such as blockchain—on financial institutions, including the central bank, and financial infrastructure.
It will also scrutinize the regulatory response to digital currencies from the Government, the Financial Conduct Authority, and the Bank of England, and how regulation could be balanced to provide adequate protection for consumers and businesses without stifling innovation.
This business cannot be regulated like a “normal bank”, it is worldwide in the cloud, I do not see any way that the Crypto can be controlled by only one government…there will a lot of new innovations that will happening, we are actually working on great ideas.
Terms of Reference
This inquiry will examine the use of digital currencies and distributed ledger technology in the UK. The inquiry will cover:
The role of digital currencies in the UK, including the opportunities and risks digital currencies may bring to consumers, businesses and the Government (and associated bodies).
What are the risks?
What was the risk, when you got you first credit card, plastic money. The UK is the most advanced country, next to Sweden and Canada with cashless payments. With such a history there is a possibility of the UK taking full advantage of moving onto the next types of economies of scale within cryptocurrency, blockchain ledger opportunities
The potential impact of distributed ledger technology on financial institutions, including the central bank, and financial infrastructure.
There will be no banks anymore, no reason for them. Everybody will have his money on his ledger wallet, phone or it could be based on the cloud system. It goes in seconds, not in hours or days, worldwide.
The regulatory response to digital currencies from the Government, the FCA and the Bank of England in relation to Anti-Money Laundering legislation and how regulation could be balanced to provide adequate protection for consumers and businesses without stifling innovation.
This matter has to be dealt in a very sensitive manner otherwise you will lose business to other economies which are more user friendly and this will inevitably mean less revenues and benefits will be derived for the UK economy
For example: employment taxes
Some of the key questions the Committee will consider in this inquiry include:
– Are digital currencies ultimately capable of replacing traditional means of payment?
Most surely it has the potential to transform every aspect of a transaction.
– To what extent could digital currencies disrupt the economy and the workings of the public sector?
In every sector…up to now we make 80 % of our payments in crypto , even salaries
– What risks and benefits could digital currencies generate for consumers, businesses and governments?
The Blockchain ledger mechanism this will make it much easier for people to see what they have. Due to the fact that there is transparency in everything pertaining to digital currency.
Risk will be managed very effectively. But in the current situation there is risk in the way we do business because there is not total transparency so the benefits of having transparency in the way we do business will make it much easier and more fruitful for companies and corporations.
Just take a look at what has developed the last 3 years?
– How is distributed ledger technology being applied in the financial services sector, and how might it be applied in future?
It will revolutionize the way we do things just like when MasterCard and visa started operating, the Dynamics changed completely, it is the same with digital currency the same phenomenon will happen and there will be greater ways of engaging with customers and business (in the financial services sector )for instant digital wallets mobile payments through your phone and the list goes on.
– What work has the Government (and its associated bodies) done to understand, prepare for and, where relevant, encourage changes that may be brought about by increased adoption of digital currencies?
They would have to acquire an in-depth knowledge just like understanding Visa, MasterCard and online banking. I can advise and give guidance upon this matter as I have the level of expertise and experience in this area.
– How might the Government’s processes adapt should digital currencies be adopted more widely (e.g. tax implications, anti-money laundering measures)… ?
Actually these are already in place.
– Is the government striking the right balance between regulating digital currencies to provide adequate protection for consumers and businesses whilst not stifling innovation?
No, not at all, there could be a way of striking a balance by having some type of insurance policy against any disruption, levied upon every transaction so if there are major problems then the transaction delivery would be paid to businesses and consumers who might be inadvertently affected
– Could regulation benefit digital currency start-ups by improving consumer trust?
This is not a good idea, mainly due to the fact that they are startups.
They will find another jurisdiction which is more favorable and does not stifle innovation and productivity versus a highly regulated one.
– How are governments and regulators in other countries approaching digital currencies and what lessons can the UK learn from overseas?
There are number of government’s around the world who are more friendly towards the cryptocurrency and blockchain sectors and they have actually put things into the legislation to open the doors to attract the high end opportunities which creates highly paid jobs and can help the economy to grow.
Mobil Germany: +49 174 3611 350
Office England: +44 330 027 1064
Mobile UK: +44 77888 22710
Mobile UAE: + 971 50 971 1655
Land line UK: +44 (0) 2080892166
Whats Up: +49 162403417
Skype: Peter Kudera
Chaintech Technologies PLC
3rd Floor | 86-90 Paul Street| London EC2A 4NE
Company registration in England and Wales no. 11120334
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