The First Crypto-Banking Conference in the World: Day Two
The second day of the First Crypto-Banking Conference in the World continued with a dialogue among the traditional world of investments, firms, banks, cryptocurrencies and blockchain. Czech and international speakers took the podium and the conference concluded with networking.
Karel Fillner, a well-known Czech expert on cryptocurrencies and President of the BACCA Crypto-banking Association, was the opening speaker. Karel spoke about the importance of interconnecting banking and the crypto-sphere and the synergy, which arises from this connection. He noted that this synergy needs to be supported by an appropriate legal environment, and new legislative and legal modifications. He mentioned that he accepted the position of BACCA President in order to educate and spread awareness about the new crypto-banking field.
A talk by Fabio Tomaschett, who is the HEAD ICO at Bank Frick of Liechtenstein, the most cryptocurrency-friendly bank, followed. Fabio presented the business model for blockchain banking, which in combination with the lecture of Thomas Nägele from the first day allowed the audience to get a good understanding of how the field crypto-assets functions in a progressive country. Fabio emphasized that a bank working with cryptocurrencies complies with KYC/AML practices, which are often even simpler for cryptocurrencies, due to the public nature of blockchain transactions.
Christoph Mussenbrock, CEO of Etherisc, discussed the potential of insurance products built upon blockchain. Christopher holds the opinion that this is the future of the insurance industry since blockchain insurance of flight delays already exists. One of the obstacles to the development of fully blockchain insurance products is now especially insufficiently dependable data feeds that communicate with smart contracts – so-called oracles.
Michal Vodrážka, Director of Payment Regulation and Financial Innovation at the Czech National Bank (CNB) spoke about innovations and the fact that the private fintech sector is not the only one that is innovating. Central banks are also innovating. For example, they are allowing immediate payments, exploring the potential of blockchain for payment and settlement systems and considering the emission of digital currencies among banks. Michal further discussed that trading of transferable tokens doesn’t require a license from the CNB since transferable tokens are not investment instruments from the standpoint of the CNB.
A talk by Richard Watzke, Director for Strategy at XIXOIO, followed. Richard described the functioning of the crypto-banking ecosystem of XIXOIO and the system of modules, which supports investors, firms, banks and fintechs, all in accordance with applicable regulations. XIXOIO steers capital to firms by means of blockchain technology in collaboration with those who up until now have served firms in this capacity. In conclusion he made a public promise that XIXOIO will tokenize the first firms at the second annual conference at the end of November 2019.
John Winkler and Generoso Cogliano from Accenture represented the blockchain optimists. In their opinion, the most interesting use of blockchain is digital identity. Digital identity is important for the provision of digital financial services and the objective of Accenture and its ID2020 project is provision of digital identity to 1.2 billion people by 2020. John a Generoso also pointed out collaboration within the framework of consortiums in the field like We.trade, which brings together 30 European banks that is exploring the potential of services connected with blockchain within the framework of the consortium.
Joel Camacho, a former banker at Goldman Sachs and now a co-owner of a venture capital (VC) fund focusing on blockchain projects, went deeper into the concept of tokenization and explained that tokens, unlike cryptocurrencies as such, do not have to have only a payment function, but can represent a definite right or ownership share. In conclusion, he stated that in the future venture capitalists will invest in security tokens instead of classic securities. The secondary markets for security tokens, or token exchanges, will offer liquidity transparently and directly.
At the very conclusion of the conference, a panel discussion on the topic of Crypto-Banking: Predicting Trends, broke down how important it is to have a high-quality regulatory environment like for example in Liechtenstein. Letitia Seglah from the European Commission, Dominik Stroukal, Head Economist at Roklen and Fabio Tomaschett, Head ICO at Bank Frick participated in the discussion. The speakers discussed the consensus between crypto-technologies and banking in connection with the interests of the owners of cryptocurrencies, who are expecting support and a bolstering of the field from banks and financial institutions.
The conference was followed by a delicious banquet and pleasant networking. Guests stayed until the evening hours to make new contacts.
You can found all the pictures in photo gallery.