Charles Hoskinson has just responded to criticism leveled by Weiss Crypto.
Just to refresh your memory, the Cardano Foundation announced on Tuesday that the company would comply with anti-money laundering (AML) measures by teaming up with blockchain analytics provider Confirm.
This partnership will enable exchanges, custodians, and other third parties to track the history of Cardano’s native crypto ADA from their wallets.
They also noted that strong compliance would boost the adoption of the Cardano blockchain.
Weiss Crypto, the subsidiary of Weiss Ratings, blasted the move on Twitter.
“Excessive regulation is how the banking system was choked to death. … [This partnership with Coinfirm] brings Cardano closer to becoming a censorship-prone, politicized, and manipulated network. … The whole point [of blockchain/crypto] is to build a new financial and economic layer, free from the control and repression of those who have brought our world economy to the brink of total failure.”
Check out the complete thread in order to learn what more they had to say.
Charles Hoskinson replies
“The point and the purpose has always been building in layers, building modules, building ecosystems.
“So while the base layer of the system doesn’t care if you’re from the United States or China, Japan, wherever, what you can do is add identity and metadata, and all kinds of other things, and those other things give you the ability to be in compliance with your business domain, regulated or otherwise.”
He also said that this is the reason for which such partnerships are important.
“They provide clarity. They provide a lot of business and technical requirements, and they allow us to make the software better for everyone everywhere, and Cardano to get more adoption in all industries, regulated and unregulated.”
Head over to Twitter to find out more about what he had to say.