Ethereum Vitalik Buterin, co-founder of the blockchain platform, said that Singapore’s desire to become a hub for digital assets, cryptocurrency He said it might not work because of his skeptical approach to his units.
Ethereum Founder Vitalik Buterin: “You Can’t Adopt Blockchain Technology Without Cryptocurrencies”
In a video interview published in The Straits Times on Sunday, Buterin said that this city-state’s “willingness to make a distinction between the use of blockchain and cryptocurrencies is like one of the weirdest things.”
“The truth is that if you don’t have cryptocurrency, the blockchains you will have are just fake and no one will care about them.”
Singapore is trying to restrict individual investors’ access to crypto trading to mitigate consumers’ risk from market fluctuations.
Last month, he announced proposals to restrict consumers’ participation in digital assets, including banning small investors from borrowing to finance their coin purchases.
These moves come from Coinbase Global Inc., which said earlier this month that Singapore’s proposed limitations for retail crypto trading are “incompatible” with its desire to become a hub for the web3 industry. It has raised concerns from others, including Chief Executive Officer Brian Armstrong.
Binance CEO Changpeng Zhao has re-emphasized the importance of transparency in the cryptocurrency industry following the collapse of FTX. CZ has confirmed that Vitalik Buterin will initially create a “proof of reserve” protocol that will be tested by Binance.
Zhao explained that Binance operates differently from FTX, but acknowledged that crypto exchanges are “highly risky businesses by nature.”
*Not investment advice.
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