Bring your challenge to blockchain: Day 2 Q&A at the London Blockchain Conference 2023
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Blockchain can be overwhelming to most, but at the London Blockchain Conference, industry experts have attempted to demystify the technology in a daily Q&A session. On Day 2, questions ranged from the need for interoperability and loss of freedom through central bank digital currencies (CBDCs) to the storage and misuse of private keys.
CBDCs have become a key area of study and development for central banks globally, with a study revealing that over 100 countries are working on digital currencies. But will we lose our financial freedoms to CBDCs, and will governments use them to enforce policies and restrictions?
According to Patrick Prinz, there is a chance of CBDC abuse, especially by totalitarian governments. This makes the need for peer-to-peer payments through Bitcoin increasingly critical, said Prinz, who works with the Swiss-based Fairway Family Office.
We have seen governments spend money to force their way, and there is reason to believe that CBDC will exacerbate this,” noted Ray Sharma, founder of Extreme Venture Partners. In his native Canada, the government cut off funding channels for truckers protesting vaccination mandates. However, Ray believes that regulations (sometimes through precedent-setting lawsuits) will catch up in time.
Prinz dismissed the widespread notion of “not your keys, not your coins” in response to what happens if your keys are stolen and used in a crime.
“This mantra is a complete illusion … it was created by false labeling and prevents adoptions,” stated Prinz, noting that institutions cannot dive into an asset that does not come with a method of recovery. Just as the authorities can freeze illegal funds in a bank account, they will do the same for illegal digital assets, in cooperation with miners.
“Existing laws and infrastructure are sufficiently robust to support [digital currency] activities,” added Osmin Callis, CEO of Block Venture Studio.
Developing countries have traditionally lagged behind in technology adoption, but the panelists believe that the blockchain adoption curve may be different. Ray noted that he has invested in Nigerian blockchain startups, and from experience, the country – and the wider African region – is making great strides in using blockchain to solve real-world challenges.
“Focus on solving the challenges,” not the technology, Osmin advised.
Other questions focused on the interoperability of blockchain networks, global regulations, artificial intelligence and conflicts of interest in the BTC cartel.
London Blockchain Conference Day 1 Highlights: Monetization with blockchain technology
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