Ivo Georgiev: Regulating things prematurely out of fear usually leads to nothing but blocking human progress
Our CEO Ivo Georgiev was recently interviewed by lawless.tech, a channel devoted to covering the ongoing regulatory attempts to oversee and control the newest technologies.
Read an excerpt from the interview below.
lawless.tech: Different countries choose different approaches to blockchain regulation. However there is a trend of imposing restrictions and control measures. What do you think about the necessity of regulations in this new industry and the possible consequences of excessive/insufficient regulation?
In general, I believe that regulation should be limited to stopping fraud and scams, which is currently rampant. Luckily, we’ve seen US regulators, namely SEC, showing that stopping fraud is their main priority and they intend to do so without harming innovation or technological progress.
lawless.tech: Along with the popularization of ICO’s as a way to attract funding for product development, several types of token, such as app token or security token, were formed and “established” within the niche. Which type do you consider optimal in legal terms, in what conditions, why? Which type is favorable for a potential holder?
lawless.tech: What countries would have been a good example of regulation of blockchain, artificial intelligence, and other innovative technologies.
lawless.tech: Some blockchain projects store users’ personal information, such as medical records, documents, etc. What solution do you see for the conflict between immutability of the information stored in a blockchain ledger and the “right to be forgotten” — the right of a person to have their personal data deleted from public access? How will the blockchain technologies legislation develop with such a contradiction?
The truth is, considering this technology is available and will be available, no one can stop that. I hardly see a way a legislation can enforce anything over technology in this particular case.