The subsidiary bank of the state corporation VEB Globex together with the Russian Association of Crypto and Blockchain (RACIB) and the CrowdHub Internet project are creating a system for protecting investments in Russian ICOs. The system will start working this year.
Read more here:
https://steemit.com/crypto/@cryptohumster/new-platform-to-offer-protection-of-crypto-investments-in-russiaTo tell the strory short the platform will control funds collected on ICO. ICO team will receive funds in portions when they meet milestones. If a project fails all unspent funds are distributed back to investors. Groups of investors will decide if the team fullfils promises.
I personally think that introducing some regulation is a good idea. I also like that the project is driven by both comunity and state bank. But any idea has its cons and pros.
pros:
- Protection from scam projects. As the team doesn't get all the money at once they will need to have a good progress to get funds.
- Protection from fishing. Investment is done on the platform, scenarios with fishing mails like bee token story can't happen (or at least less likely)
- Investors get some control over the project
- Overall process becomes more transparent
cons:
- Crypto is about decentralisation, this platform looks centralised
- Funds will be controlled by platfrom so it can be hacked like an exchange
- It is not clearly explained how projevt reviewer will be elected and rotated. Corruption is a big problem in Russia
- The platform will give too much control for the state over ICO
So what do you guys think? Is it a good idea that can possibly be adopted all over the world or it will fail eventualy?
Hey, there is a special section of this forum,where you can discuss news.
Speaking about legislation, there is a good step forward against scam projests. On the other hand, even Russian ICO can choose another country to run project on other jurisdiction and that is not so difficult.