From 18 to 21 April, the Standing Committee on Economics and Sustainable Development of the Asian Parliamentary Assembly (APA) organized an ordinary meeting. During this meeting, TKEY, a famous group of IT companies, presented a report about the importance and the prospects for integrated digitalization of the basic governmental institutions and different economic and social spheres.
Among discussions of recently adopted resolutions, proposing amendments and ratifications of agreements, Maxim Yakimov, a TKEY CEO, had the only speech about a business presentation in the APA agenda. Without a doubt, this fact mirrors the significance of the issue for the improvement of society, business, and the state in general. This event enjoyed a large presence, being attended by many representatives from the national parliaments of the APA member states (today the assembly includes 58 states, with 42 permanent member states and 16 observer states, and 9 major international organizations). A member of the State Duma Committee on the Financial Market, Alexey Lyashchenko, was the inter-parliamentary meeting speaker.
Amid this meeting, several discussions revolved around the prospects of creating and developing a digital environment for several important areas of domestic and international markets and eliminating restrictions for breakthrough technology solutions that can increase the efficiency of interactions between the players of different industries and decision makers on domestic and international levels.
The representatives of the senior management of TKEY group of companies — Pavel Yakimov (the Director of Information Technologies) and Maxim Yakimov attended these discussions. Both of them recommended several approaches to develop a digital framework that can combat money laundering, and also illustrated open investments platforms, security and data exchange systems that are based on TKEY distributed solutions.
The parliamentarians acknowledged that blockchain technologies extremely important for satisfying the immediate needs of society and they can improve the social and financial status of citizens. These provisions will be contained within a resolution as a series of amendments, that will be discussed during the next APA meeting.
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TKEY has informed the APA states about the importance of a block-chain based digital environment and how it can make the economic and financial relations in the market more reliable and transparent. A block-chain based digital environment will open new doors for investors, that will allow countries to attract sufficient investments to eradicate poverty and also to reconfigure the economy and structure, improve the competitivity of several industries, and in the end to improve the quality of life of any individual. Today, the creation and upkeep of property rights registry is a governmental prerogative. It is a known fact that the government controls the finances of business and individuals, and it supports a huge bureaucratic system for inspecting it. Also, the fact that the government can unilaterally change the laws is not encouraging for investors and can reduce the money flow from their side. To improve the current situations, governments can relax the laws by removing several unnecessary restrictions, ensure the due protection of information about the individuals' assets, and allow them an easy access to market institutions, tools for economic disputes settlement and several basic elements of financial infrastructure like banking products, insurance, and so on. Under this circumstance, small and medium businesses will flourish, and the assets of each individual will work to improve the economy. Blockchain is the ideal tool that can guarantee the reliability of this type of infrastructure, by eliminating useless intermediaries and diminish the costs of money transfers that workers send home from another country. It is known, that the economy of many developing countries is reliant on those transfers.
Most of the APA participants were very interested and paid attention to the information that was presented in the report, but also to the arguments that were exchanged during the discussions. During an informal meeting, the leaders of TKEY group and several representatives of countries that showed interest in developing a digital economy talked about the problems regarding the implementation of blockchain systems at the state level, and made preliminary deals about pilot projects, setting the stage for further cooperation.
Nowadays, Tkeycoin digital financial ecosystem (DFE) is in the final stages of testing by TKEY. This product will help to lower the costs of domestic and international money transfers. In the near future, this product will help individuals and business to make money transactions without interactions from banking institutions or government institutions. Read news here.
The Tkeycoin ecosystem aims to be seen as a model for future financial systems, which at the appropriate time can turn into a strong foundation for new market relations between representatives of civil society, business, and government. More importantly, this system can be adapted for global use.
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