She commented the position of the Russian authorities on the matter: "All hiding and waiting, looking at the experience" of other countries. The main barriers to the creation of legislation, according to her, are the following questions: What is Bitcoin - means of payment (not subject to VAT) or digital good (subject to VAT).
Managing Director at Waves, Sasha Ivanov states that regulation is necessary for cryptocurrencies as a complete ban of this technology is unlikely to succeed due to their decentralized nature and especially since they carry the potential for a large-scale improvement of business processes. Sasha said: "Technology is often ahead of legislation".
According to Sasha Ivanov, the general consensus of the speakers was that Russian regulators are close to some form of legal framework for cryptocurrency in the country. Most probable scenario is a separate law concerning the legal status of crypto, analogous NY bitlicense. He also noted the importance of events like this one, stating:
“Events like the Cryptocurrency Regulation in Russia are important for the growth of Blockchain technology and extremely useful for the community as they help spread awareness on the regulations imposed on cryptocurrencies, allowing users and companies to operate within the legal boundaries of the country.”
The event featured, not only talks, but also an interactive round table where questions from attendees were be answered in a Q&A type format. The discussion was moderated by Artem Tolkachev, Director, Head of Legal for Tech Group in by Deloitte CIS. The topic featured at the round table was: "The intermediate results of the control and application prospects for cryptocurrency blockchain technology in 2017".
The Labor-Hour Token is minted by the Chronobank Entity after Labour-Offering Company (LOC) chooses to enter into a legally binding agreement with said entity. In this contract, the LOC will agree on providing a certain amount of labor hours. After running a strict check on the company and agreeing on certain terms, the Chronobank entity issues an amount of LHT that is equal to the hours agreed on by the LOC. These Labor-Hour Tokens can be given directly to the Company or exchanged on a market for fiat if the company does not want to deal with cryptocurrencies.
LHT holders that want to get a certain job done can send their tokens to a smart contract address along with the specifications of the job. The Chronobank entity will match the best Labor-Offering Companies for the job with the holder. Once the LOC is accepted and the job is done, the LHT will be destroyed, thus maintaining the 1 to 1 rate of LHT to labor-hours on each region.
The Chronobank system is designed with the intent of being deployed with different specifications in different regions, according to the average value of one labor-hour in that region. Despite this, TIME token holders are global and will receive fees from all the implementations across the globe.
The Chronobank Initial Coin Offering period will start on the 15th of December with a 30% bonus that will gradually decrease until the campaign ends.
11
news