Prince Michael von und zu Liechtenstein is Chairman of the industrial and financial Kontor Ets., a leading Liechtenstein trust companies in the field of long-term and cross-generational wealth preservation (Wealth Preservation). In Addition, Prince Michael of Liechtenstein, founder and Chairman of geopolitical information and advice service Geopolitical Intelligence Services AG, and Board of Trustees President of the liberal think – tank European Center of Austrian Economics Foundation ECAEF.
Liechtenstein is fast becoming one of the global centres for Blockchain projects. Especially in the Liechtenstein FMA and some other European financial market could take supervisions in relation to the regulation of the Blockchain and crypto currency projects is an example. A conversation with Prince Michael of Lichtenstein.
“The Blockchain technology that interests me since the beginning”
When you came the first Time with the Blockchain technology?
The Blockchain technology interested me since the beginning. She has very large potential to increase productivity and efficiency, in particular in the areas of logistics and production. The Blockchain property rights hold interest to me. Blockchain may, in particular, to make the public administration, but also the banking system much more efficient.
How do you assess the current development of Liechtenstein to the “crypto-Country”?
Liechtenstein is facing new technologies is generally very open, but also with a sense of proportion. The Liechtenstein government is working on a Blockchain-law and is taking on a pioneering role. Crypto-currencies based on the Blockchain technology and Liechtenstein discussed the possibilities already in a very early stage.
Little differences from Switzerland
What they see as the main difference of Liechtenstein in terms of the Blockchain and crypto Liechtenstein currencies to Switzerland?
There is currently little differences. However, by the early legislation (Blockchain-law) can withdraw Liechtenstein is positive in that it creates legal certainty. Liechtenstein already offers today the possibility of Crypto-Banking.
How is currencies of your opinion of the regulation of Crypto?
I’m supporter of a healthy system of regulation that is lean and proportionate. The regulation of crypto-currencies will come, but you should be done with a sense of proportion. In particular, I am of the view that competition in markets is generally the best payer.
“Innovations always bring a lot of positive aspects,”
In front of you with your think tank to conduct research on the socio-political and economic aspects of the Blockchain and crypto-currencies?
We are thinking about the application of the Blockchain in the economy and public administration. Of course, this means that we have to deal with the positive and negative consequences of new technologies. Innovations always bring a lot of positive aspects, but the negatives should not be ignored.
Before you have to invest in crypto-currencies or Blockchain?
I’m not currencies, entrepreneurs, and handle with money, not with the Crypto. At Blockchain interested me, especially how this technology can be applied to the areas of industry, production and logistics. But also, like using the Blockchain technology, the establishment of property rights and incorruptible can be simplified. In addition, the vehicle register, land registers, etc. can be switched to Blockchain technology.
Prince Michael of Liechtenstein on the Austrian school
You are a self-confessed followers of the Austrian school. You can see in Krpytowährungen a way to achieve these economy to theory, which is known to the state of a minor regulatory role?
I think competition is the best regulator. Because competition forces the actors to be innovative, to act in a productive and entrepreneurial. Crypto-currencies move in a very immobile become monetary system. With “motionless” I mean that there is little Innovation. In such a System, extreme fluctuations, and risks may arise, as we can observe, for example, in the foreign exchange markets.