STEPHEN PALLEY: “CRYPTOCURRENCIES CAN BE EFFECTIVE FOR MICROPAYMENTS”

Partner of law firm Anderson Kill Stephen Palley believes that cryptocurrencies can be effective for the implementation of micropayments.

As Pally noted, PayPal’s Mass Pay API used to be implemented for mass micropayments, but now there are new technologies that allow micropayments to be made more efficiently. He stressed that the processing of such payments in the blockchain is much faster.

“One of the problems that cryptocurrencies solve is micropayments,” said Pally.

He also expressed his opinion on the boom of ICO-projects in 2017, when companies collected millions of dollars without having a finished product, and sometimes even without confirming their concept.

“You made a white paper, opened a channel on Slack or Discord and raised $ 5 million over a period of six months to a year. These times are over. I do not understand the use of experimental technology to raise money, ”said Pally.

The lawyer also believes that the authorities need to regulate the cryptocurrency industry more transparently. To do this, you need to develop new bills and discuss them with industry experts.