The IDACB is setting up provisions to regulate laws and initiatives on cyrptocurrency and blockchain technology.
Moscow, 6 March 2018: Russia is moving towards complete and total financial disruption through the immediate and structured adoption of blockchain technology. The International Decentralized Association for Cryptocurrency and Blockchain (IDACB) is pushing for the requisite legislature of the technology by generating awareness at selected world summits. The latest summit the IDACB has partnered with, is the World Blockchain Summit Moscow to he held on 26 – 27 April 2018 in the nation’s capital. The event is being conducted by Trescon.
The IDACB is on a global mission, and has set its initial target on its home ground. Russia is on the way to financial elevation with the cryptocurrency market cap set to touch 1.6 billion USD in the country. Apart from a market standpoint, the country’s largest banks have started an asset based cryptocurrency network with withdrawal platforms and have begun trading on the market. Blockchain technology is the hottest topic in the IT sector within Russia with the Centre’s announcement to launch a centrally regulated cryptocurrency called the ‘CryptoRuble’ by mid-2019.
The purpose of this partnership with the World Blockchain Summit is to generate more awareness and understanding amongst its own people, before venturing into international waters.
International Secretary for the IDACB, Maxim Chereshnev, had said that “Cryptocurrency has already solved a problem, which is the popularization of blockchain technology all over the world. But whether blockchain will remain a common payment method for corporations or in the internal exchange system, the ledger based technology received the upper hand, which was the influx of brilliant minds aimed at the development of new technologies”. Maxim Chereshnev will be present at World Blockchain Summit in Moscow.
Another factor which has deterred investors from venturing near cryptocurrency and blockchain technology is the absence of a regulatory system for ICO launches, which the IDACB is also pushing to get instated within the country. The World Blockchain Summit, which is being conducted by Trescon, is set to become an elite event as key industry decision makers and innovators are attending the summit to discuss and come up with solutions to these exact problems.
Co-Founder of the Russian based company United Traders, Anatoly Radchenko, has repeatedly mentioned that “The technology is relatively new and is a global behemoth in terms of market cap and value. The worldwide cryptocurrency market is evaluated at 560 billion as of 2018 and is expected to touch 9 trillion USD by 2025. When we discuss concepts with high volumetric financial values in currency, traders and investors look towards a regulatory body to protect their rights and investments. The IDACB, and top Russian banks, are looking for the creation and installation of such a body”.
The event will also deliver insights into the different applications of blockchain technology in various sectors. The possibility of blockchain in industries such as Power, Healthcare and Agriculture are being explored by various startups and companies. Governmental organizations are also looking towards the application of this technology into different sectors such as Transportation and Policy derivation.
Some of the other notable speakers who are attending the World Blockchain Summit are German Klimenko, Vladimir Putin’s Personal Internet Development Advisor and Trustee on the Board for IDACB; Yuri Igorevich Pripachkin, President for the Russian Association for Cryptocurrency and Blockchain (RACIB); Sergey Solonin, CEO of the Russian FinTech Association as well as other prominent thought leaders and experts.
The ICO Pitch competition at the summit will be governed by an elite panel, including members of the IDACB. Also, the summit will have a dedicated exhibitor venue for startups and innovators to display their latest innovations and inventions to the public and potential investors, to garner the traction they require for their business.
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