Business
Jonathan Price, BmyBit, cryptocurrency, cryptocurrency, blockchain, smart contracts. Stephen Turner, the host of Lawyers of Tomorrow interviews Jonathan Price, a barrister, former venture capitalist and current business and law lecturer, and the chairman of a Fin-Tech start-up, BmyBit, about the white-hot topic of cryptocurrency.What is cryptocurrency? How is cryptocurrency created and traded? What different types of cryptocurrency are there and why are there so many of them? Why do they call it cryptocurrency: how is cryptographic technology involved in cryptocurrency? How does one go about making a trade in cryptocurrency, what are the dangers involved and what steps can you take to mitigate the risk? Jonathan also explains how companies can issue cryptocurrency and then use it to raise money in the same way as a companies issue shares. However, beware the regulators...!Stephen and Jonathan take a look at the regulatory backlash that has swung against cryptocurrencies in 2017. China appears to have had enough of cryptocurrency trading and has banned completely. The United States indicated earlier in 2017 that cryptocurrencies should be treated as securities and as such will be subject to extensive regulation designed to protect investors. Hong Kong has voiced a similar view. It remains to be seen, however, if the United Kingdom and/or the EU will follow suit - although, Jonathan's view is that they will.Jonathan introduces his new fin tech start-up, BmyBit, which is developing a platform of tools to allow investors to trade in cryptocurrency and other commodities. BmyBit has been designed to make arbitrage – the process of exploiting differences in the price of cryptocurrencies on various exchanges - a lot easier for investors than it is currently.Finally, Stephen and Jonathan discuss blockchain technology and smart contracts technology and assess what effect the crackdown by regulators on cryptocurrencies will have on the development of these new technologies.