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March 29, 2023

Petrescu: Romania can pioneer blockchain area but it needs relevant legislation

Romania can pioneer the blockchain area, but for this we need legislation to help both local entrepreneurs but also to attract entrepreneurs from other European states, Minister of Communications and Information Society Alexandru Petrescu said on Friday at the Palace Parliament at the “Romania Blockchain Summit”, organized  between 20 and 21 June by the Communications and Information Society Ministry (MCSI), in partnership with representatives of the blockchain industry in Romania and with the participation of the EU Blockchain Observatory and Forum.

“At the ministry level, there are discussions on advanced technologies – supercomputing, blockchain, in the last four to five months in various committees with market specialists. We plan to develop a policy on artificial intelligence, blockchain, to become a law and to be adopted by the Government so that Romania is able to be among the pioneering countries in this area. Although it is an area in which Romania can pioneer, but for this we need legislation that will help not only the local entrepreneurs in the area blockchain, but also to attract entrepreneurs from other European countries, where legislation is not encouraging for the adoption of new technologies,” the minister of communications said.

Romania Blockchain Summit aims at the following objectives: debating and identifying the most successful case studies for the implementation of blockchain technology; preparing a space to connect demand with the offer, for projects developed on the basis of blockchain technology; creating an environment to facilitate discussion that will lead to new partnerships that can generate new successful projects in the blockchain industry; developing dialogue between government officials, regulators and the private sector; promoting labor force and local expertise; the exchange of information and experience between investors and fresh entrepreneurs.


Oracol Xor Romanian Cryptocurrency with transaction via phone, presented at Romania Blockchain Summit


Two Romanian entrepreneurs launched Friday within the “Romania Blockchain Summit” event, held at the Palace of Parliament, the Oracol Xor Cryptocurrency, which allows an innovative trading model only by using the mobile phone without Internet connections.

“This project, started two years ago, together with another Romanian partner, it was launched at a level of initial offer on June 1 and we already have applications from four continents. The main advantage for future investors, along with the value of this Cryptocurrency, is that they will be able to trade Oracle Xor only through GSM networks without Internet,” founder of the project Adrian Florea stated.

He mentioned that the potential investors would benefit from a 40 percent discount on their purchase by 30 June, 30 percent by the end of July and a 20 percent discount by September 1, 2019.

Within the event in Bucharest, Oracol Xor is presented at the Daicore stand, an intermediation platform that allows access to funding, as well as to diminishing the investors’ risks who are interested in Crypto projects.

The Daicore platform, set up in January this year, managed to attract, in just five months, more Cryptocurrency clients, including Oracle Xor, Coreto, Kassy, Migrant Coin, Core Token or Versatelis.


Blockchain Romania Association: Banks are interested in blockchain benefits, we discussed regulations with BNR, BVB


Banks in Romania are interested in the benefits of blockchain technology, but we must also see the relevant regulatory framework and we had discussions in this regard with the National Bank of Romania (BNR) and the Bucharest Stock Exchange (BVB), president of the Blockchain Romania Association Armand Domuta stated on Friday on the sidelines of the Romania Blockchain Summit taking place at the Palace of Parliament.

“The major use of blockchain is in finance. The bitcoin has proven that an autonomous financial system can exist without the need for a central bank or central authority to instil trust in the system. The blockchain per se can be applied in many industries, such as energy – for decentralized electricity trading. Then in logistics, in the medical field, so blockchain can find its place in almost all human activities. Most of the banks are looking at it. Some, like JP Morgan, have created their own currency, Santander is testing blockchain technologies. In Romania too, banks are interested in the benefits of this technology which can bring added value to customers, but we must see the regulatory framework. It needs to be updated to match the possibilities of state-of-the-art technology. We also had discussions with the National Bank of Romania and the Bucharest Stock Exchange on blockchain technology. I believe that once certain companies adopt the technology, the others will catch up,” Domuta said.

According to him, blockchain technology can generate trust among people without the need for central authorities to certify transactions.

At the beginning of 2018, Ruxandra Avram, head of BNR’s Payment and Settlement Systems Regulatory and Monitoring Department, said that the central bank doesn’t believe in bitcoin very much and that “there has been no initiative to adopt Blockchain technology, because it doesn’t sit very well with us.”

“The bitcoin technology virtually overlaps with the virtual currency. We, as a central bank, do not believe in bitcoin very much, because it’s not something palpable. Personally, I see an overlap of the Blockchain technology and the virtual currency itself. Others say it’s good to get the technology and use it, but for what? The European Central Bank also has reservations that translate to ‘OK, but push it a little towards the anti-money laundering authorities that fight the financing of terrorism.’ So, the message is, ‘Let the central banks carry on with the models they know and which they can permanently control.’ There is currently no initiative in the central bank to adopt these technologies because they don’t sit very well with us. We’ll wait and see. There are ongoing discussions on this subject,” Avram said.



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