Global Blockchain Finance Committee (GBFC), an organization established during the conference in Geneva U.N., said HRH Sejong Henry Keonho Kim, the Chairperson of GBFC will announce important decisions after meeting with representatives from member states that have been approved to participate in the special conference at the 74th U.N. General Assembly.
According to GBFC, when it is voted at the Geneva U.N. conference, it was resolved not to be restricted or belonged to any country or region and was required to guide the agency's activities through domain address.
GBFC also decided to issue a letter of approval from the Chairperson of GBFC after receiving applications from international organizations that will act as GBFC's World Civic Center in order to effectively operate in each country and city.
Regarding financial support for promoting Smart City, GBFC said it supports MobiDollar project and its sub-projects with cooperation from ISEA Foundation and organizes Smart City contracts..
GBFC also revealed a plan “to approve global blockchain exchanges that agree to its intent and to apply to the market the blockchain token HRO to replace Euro”, announcing its policy “to provide a system that can be used as a means of payment and settlement on the spot”.
In addition, it plans to carry out public services and its project guide related to Survival Human Rights through GBFC WCC.
“The support of Smart City construction fund in each city should be built on a clear recognition by cities for the equivalent system of assets to global productivity and the global civil society that guarantees Survival Human Rights.” said GBFC, noting that "there should be guarantee consultations in advance by the relevant city's central bank."
In addition, before the creation of an environment in which MobiDollar can be applied, GBFC will execute construction funds with either HaEuro (HRO) or HaMeBi (HMB) to replace Euro.
However, the research team that led the HMB listing has found considerable difficulty with the content on 'Can Start-up Enterprises achieve their business objectives through token issuance?' In order for the currently listed HMB to be used as a payment method, it seems to be needed the stabilization in price variations of Exchanges, or adjustments that are in line with the policies of the ISEA foundation.
"We decided to discontinue the current exchange rate connection with the existing relevant Exchanges, and to develop APIs that reflect the policy-oriented system and provide them to the newly-desired Exchanges," said HRH Henry Keonho KIM, chairman of GBFC. "Exchanges that do not reflect them in a timely manner due to the lack of capabilities of the development team will be excluded from the membership list of GBFC."
"Since the ISEA Foundation's initial policy of establishing P2P transactions, which should be activated through the Wallet-type platform Mobicoins, was proved right, it should eventually be reflected as P2P through Wallet," said GBFC Chairman KIM. In order to realize it, He pointed out four important issues to be met.
"We need to have a certain number of users, a good product to trade with, a direct payment by tokens exchanged for legal tender in Wallet, and a linkage with the existing offline infrastructure," he said.
With this view, GBFC are forming a new policy team and are currently completing a system to apply HRO as a payment method to credit cards that have global infrastructure. And they are developing portable terminals that are applied with payment modules and are ready for completion with MobiDollar installation."