Yesterday was on Crypto Insiders to read thats it Cardano (ADA) Network will use confirmation, the so-called compliance solution. The solution is intended to comply with the so-called Anti money laundering (AML) en Countering the financing of terrorism (CTF) along Cryptocurrency network.
“The tools and services offered by Coinfirm allow any exchange, custodian and all other third parties to clearly track the history of ADA in their portfolio.”
However, the Cardano Foundation’s decision was met with a lot of criticism. Weiss Crypto, part of Weiss Ratings, describes it as “very disappointing and an overall bad move:”
5/ This step is exactly the opposite, as it is known that the so-called anti-money laundering laws are put in place by the high priests of finance to ensure that nothing is neglected from their point of view. Like we said in the introduction, bad traffic all around, disappointing.
WeissCrypto August 25, 2021
Excessive regulation is how the banking system has been strangled to death. With this announcement, it appears that the ADA is proud to announce that it wants to follow suit. While it is still a free and decentralized network, this brings Cardano closer to a network vulnerable to censorship, politicization and manipulation.
The bottom line is to build a new financial and economic class free from the control and oppression of those who have pushed our global economy to the brink of total failure.”
Weiss isn’t saying that all projects should eschew regulation, he says that the so-called base layer from blockchain network It must remain neutral and apolitical. According to the company, the financial elite will never accept cryptocurrencies if you play by their rules. “You only guarantee your death.”
Cardano’s founder and CEO Charles Hoskinson responded to criticism yesterday with the following:
– Charles Hoskinson (@IOHK_Charles) August 26, 2021
“While the base layer of the system doesn’t matter if you’re from the US, China, Japan or anywhere else, what you can do is add identity, metadata and all sorts of other things. These other things give you the ability to be consistent with your industry, organized or otherwise.
This is why these partnerships are so important. They provide clarity. They provide many of the commercial and technical requirements, and allow us to make the software better for everyone, everywhere. And to bring Cardano more adoption across all industries, regulated and unregulated.”
Weiss Ratings thanks Hoskinson for his response and asks if he’d be interested in making a video call to continue the discussion. Hoskinson has not commented on this yet.
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