Tag:, ,
0 at the Baku E-Trade Forum 2018 The Peer-To-Peer Electronic Money System > Blog > at the Baku E-Trade Forum 2018

The BEF 2018 is an event seeking to discuss and promote E-Trade and E-Commerce, the event was organised by the United Nations Conference on Trade And Development (UNCTAD), the Ministry of Transport, Communications and High Technologies of the Republic of Azerbaijan. Among the participants were representatives of the World Trade Organisation (WTO), The World Bank and many others… (more info at:

You can watch a short clip highlighting Session 7 on “Access to Financing” by Thierry ARYS RUIZ

Thierry ARYS RUIZ, Founder of TARCO International | — Panelist on Access to Financing

One of the highlights of the presentation was the unveiling of “The Taxonomy of Money” revised by TARCO International and its team.

TARCO International will soon publish a report called : The New Taxonomy of Money, going more in depth about the subject… Subscribe is keeping the spirit of Satoshi Nakamoto in the sense that it aims to become a peer-to-peer electronic cash system, a true alternative to fiat.

“We are positioned as a convertible, peer-to-peer electronic payment system outside Government control. We aim to be as decentralised as possible and follow our principles.” said

TARCO’s Founder mentioned later Ray Dalio’s book: Principles. He concludes quoting his company’s motto:

“Once we have defined our principles: We shall stand on principle or we shall not stand at all”

During the event, there was a coincidental “technical difficulty” right at the moment Thierry A.Ruiz mentioned “Fractional Reserve Banking” in front of a panel of Banks including the Central Bank. As soon as the depicting image was displayed, the microphone and presentation came to a sudden Alt due to technical difficulties.

As soon as an image explaining what Fractional Reserve Banking was displayed on the screen, the power, microphone and presentation shuts down, later explained as a “technical difficulty”.

Thierry Arys Ruiz Founder of TARCO International | (Launching two cryptocurrencies backed by gold and silver) mentioned during his presentation:

“The banking system is obsolete”

and later:

“Fractional reserve banking and the leverage in the system is so big that a cyclical shock will have ripple effects and can become a systemic risk”

Talking about vs. Cryptocurrencies:

“In a thousand years time there will be better technology than bitcoin but gold- gold is the only practical chemical element immutable through time before being immutable was cool.”

The panel discussion was comprised of :
* Ramil Mahmudov, Head of national payment systems development department, Central Bank of Azerbaijan
* Zurab Zakariadze, Associate Director, Senior Banker, European Bank for Reconstruction and Development (EBRD)
* Iqbal Rustamov, Director of Banks product department, KapitalBank
* Teymur Heybatov, Financial Sector Specialist, International Finance Cooperation
* Thierry Arys Ruiz, Founder and Managing Director, TARCO International
* Tural Hajiyev, Risk Advisory Director at Deloitte Azerbaijan

Knowing that the conference was in Baku, Azerbaijan with a history of communism, perhaps the most controversial part was when he explained what a centralised system is and how it compares to different forms of governance:

“Centralised information is when you have one trusted party who provides its truth to the world, that sounds a bit like communism and that’s why most of the time it doesn’t work!”

An other projects under the umbrella of TARCO International are (comming soon…) and TARCO.NGO which are non-for-profit projects aiming at promoting a meritocratic society. TARCO International has pledged 10% of its profits to the cause.



Facebook Page:




Telegram Group:


Related Posts

Leave a Reply