Nooor Talks with Artur Kuczmowski
As we continue our Nooor Talks series, we are excited to talk to Artur Kuczmowski, the Senior Partner at Thompson&Stein, regarding how Poland is getting over the issues resulting from the pandemic, his thoughts on stablecoins, and the biggest challenge of blockchain technology.
Nooor Talks, Artur Kuczmowski, five questions, five answers. Here we go!
1. We are all facing the challenges that the pandemic has exposed. How is the economy of Poland tackling the situation, what actions can be helpful to keep the economy on track?
Well… Polish government has allocated 1.5 billion zlotys to help entrepreneurs during the current economic slowdown. That’s a great assistance to entrepreneurs. The government focused primarily on protecting job and maintaining liquidity. Entrepreneurs have been exempted from social security tax and can receive a subsidy (of 5 thousand zloty), fully redeemable. What’s more, Polish Development Fund in cooperation with banks created a revolutionary program. Its aim is to help companies maintain liquidity during the coronavirus pandemic. By using data from tax authorities, all data processing has been automated and the application process takes only 48 hours.
2. As you are working with blockchain related projects, please share some insights on the state of the industry in Poland and perhaps Estonia: focus, growth trends, risks.
Many cryptocurrency exchanges and blockchain companies originate from Poland, which may give the illusion that we are leading in this industry. Well… we are not. However, Polish government is working to introduce a simple joint stock company, which will definitely facilitate the tokenization of companies. The law in Estonia, which I also specialize in, is changing as well. The policy of granting the license to trade cryptocurrency has been tightened. In the future, they want to make sure that companies, which operate in virtual space, are more involved in the Estonian society. This will lead to the disappearance of many blockchain companies from Estonia, but the ones which are the most credible will stay.
3. What can be your personal feedback regarding stablecoins? Can they possibly fix the broken economy of today?
Personally, I’m a big fan of stablecoins. Last year, we even participated in its emission. But there is always the question of its reliability. We, as a law firm, offer stablecoin audit services to make sure that the number of tokens in circulation actually correspond to their amount expressed in fiat currencies.
4. The blockchain space is growing, we see the rise of new use cases every day. What is the most exciting thing about the technology you can consider and what are the biggest challenges we still face today?
From my perspective, the biggest challenge is still the turbulent relationship between traditional banking and entrepreneurs operating in the cryptocurrency industry. Rearrangement of these relations would lead to ensuring credibility of blockchain enterprises by providing them an access to reliable bank accounts.
From my point of view, credibility is the most exciting thing about the technology. The impossibility of falsifying the information opens up the certainty of economic turnover.
5. We are happy to see you as a part of our ChainPoint family, thank you very much for sharing your expertise last year at ChainPoint 19 in Armenia. As we are planning for the next conference, it will be great to get feedback on what you liked most about ChainPoint and where it can be improved. Also what are your expectations for the next event?
I primarily hope that ChainPoint 2020 will take place and we have a chance to meet again. It is a great project which hosts many specialists from all over the world. It is an honor for me to be part of it. In fact, what makes your conference stand out is the participation of government representatives. I have a fondness for the ChainPoint 19, because our cooperation began there. I hope that our law firm Thompson&Stein and Nooor will undertake many new projects together.
Hope you found interesting insights from the interview with Artur Kuczmowski! In addition, stay tuned for the next interviews with the industry leaders, that will raise your awareness on the state of the blockchain and crypto space.