Cardano’s new crypto partnership with Confirm faces significant criticism

Cardano Foundation’s announcement of its partnership with Confirm, an analytics provider, has generated a lot of scrutiny of late. Through the partnership, custodians, exchanges, and other third parties can track the history of Cardano’s native ADA crypto saved in their wallets.

Following the reveal, there have been huge concerns about the Weiss Crypto partnership.

What Weiss’s criticism brought

Charles Hoskinson, the founder of Cardano, believes that partnering with Confirm will bring more adoption to the Cardano blockchain. After all, it was designed to help peer-to-peer transactions and smart contracts using ADA.

But, Weiss Crypto believes that the banking system has been starved from excessive regulation. For this reason, Cardano is closer to becoming a censored, politicized and manipulated network.

whole point of crypto was to build a new financial and economic layer free from the control of any form of governmental authority. IOHK measure goes precisely against this, and the “AML” laws will ensure that nothing escapes the regulator’s sight. According to Weiss, these same people are the reason the world’s economy, in general, is suffering.

It should be an individual project decided to adopt these rules and not those of decentralized networks. Financial elites will never accept the crypto industry and therefore obeying the established rules will only cause the project to fail.

Charles justifies the IOHK move

Hoskin responded to criticism through. He mentioned, first of all, that the goal is, and has always been, to create layers, modules and ecosystems.

So even if you are from the USA or China, Japan, where it is not the main layer of the system, you can add identity and information. All kinds of other things, and these things allow you to fulfill, regulate or not, your business.

Those collaborations are vital for this reason. y ensure clarity, provide many business and technical requirements to Cardano. In addition, they allow the team to improve the software experience for all users. All these indicators see that the company achieves greater adoption. It can cover both regulated and unregulated industries.

Regulation is still important

Digital currencies provide legislators and consumers with both challenges and opportunities. Regulators have to work alongside technology professionals to tackle these crimes. It will ensure that your legislation keeps up with the advancement. Regulators must also have appropriate future legislation for specific purposes.

Furthermore, cooperation is essential because digital asset legislation will track these rapid developments. This can be achieved through international cooperation, local authorities and technologically equipped organizations.

inevitable future is digital currencies. refore, international and national collaboration is necessary to address the issues related to cryptocurrency-related crime.

Read also Solana blames “denial of service attack” for last week’s downtime more

Related Posts

© 2024 Cryptocoin