Banks and other participants in the financial sector are very difficult to change, they are heavily regulated. Some countries have the Asian model: until the regulator gives the green light, the bank will not do anything at all. It is hard to imagine that, for example, a  bank will start acquiring bitcoin tomorrow, although technologically it is very simple and comparable in complexity to interacting with a bonus programme. It is essentially a new-age registrar. To draw an analogy, the notary is an outdated, not very efficient blockchain counterpart. It’s expensive, poorly scalable, requires premises, and, most importantly, you can never rule out the human factor

The blockchain law should not only talk about finance, we need to amend the law on investment activities so that bitcoin is recognised as an investment resource for the country. This will make it possible to raise money directly without banks and investment funds.” “A blockchain-based voting system will help increase trust in the electoral process, fundamentally changing the attitudes of society.” “It may make sense to promote through cluster initiatives – pilot ‘races’ in individual territories. But it is quite difficult to regulate these processes on a territorial basis. There are very serious external constraints. The Internet, Bitcoin and blockchain enable raising funds in totally different ways.

Bitcoin is the first example of a new life form. It lives, breathes and exists on the internet. It is alive because it can pay people to keep it alive. It is alive because it is able to provide useful services to people, for which people pay it. It is alive because anyone, anywhere can run a copy of its code. It is alive because these copies are constantly communicating with each other. It is alive because as soon as one of the copies is damaged or wrong, it is immediately ignored without any delay. It is alive because it is radically transparent: anyone can see the code and the exact course of its execution. It cannot be changed. It cannot be challenged. It cannot be corrupted or tampered with. It cannot be stopped. It cannot even be interrupted. The only way to shut it down is to destroy every computer it runs on.

There are two big problems with money today – the issue of trust and the issue of security. Modern technology has fallen behind the needs. Banks and governments are trying to build something clear, reliable and simple on the old system. But the current system has little room for manoeuvre. Imagine if cash disappears tomorrow. All of it. And all financial transactions would be transparent and secure. No one would be able to steal your money, you would not depend on the autocratic government, you would not think about the reliability of your bank. No need for banks at all! Now it seems like science fiction.

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