With all eyes of the financial world on Bitcoin and Blockchain this year, what should be the legal framework of the new technology entering the official fintech zone? Who will be responsible for any financial losses?
CoinTelegraph spoke to key speakers John Jegutanis and George Papageorgiou at the 2nd Athens Summit – The Evolution of Commerce and the Digital Finance Forum 2016 about Blockchain and its contribution to the evolution of commerce. Adoption of Blockchain and Bitcoin in Cyprus and Greece
John Jegutanis, Founder of Coinomi , caused a sensation with his speech at the 2nd Athens Summit – The Evolution of Commerce conference.
He gave a presentation about digital wallets and their principal codification (BIP32/BIP39/BIP44), since it is compatible with Coinomi and other wallets, after their analysis technology of transaction sequence where the chain created “blockchain”.
John Jegutanis: There was the risk of the public to lose interest if more delve into technical details, such as proof-of-work of Bitcoin. Although the Bitcoin and his blockchain has pulled the attention because of his continuity from 2009 and significant price increase against the traditional currencies.The questions I received focused on the important issue of the legal framework and what might happen if there will be a problem in the cryptocurrency software. In the end who will be responsible of any financial loss.
CT: The Greek government will inevitably attempt to pass parliamentary bills concerning the incorporation of digital payments systems. Can we expect similar bills for cryptocurrences?
JJ: Mostly the economic model of cryptocurrency works backwards from the traditional way. The user controls the private keys of the his wallet. This is a headache for the credibility of the banking system, because it is easy for the user to lose money through carelessness or malicious programs, so we conclude that we […]
