Singapore’s Recently Drawn-Up Crypto Regulations Might Fail – Vitalik Buterin
Vitalik Buterin, the Founder and CEO of Ethereum, has stated that Singapore’s plan to separate blockchain technology from cryptocurrency will fail. He did, however, commend Singapore’s effort to accept cryptocurrency, but he believes that the segregation will be impractical.
Can Crypto Be Separated From Blockchain?
Singapore has recently passed crypto regulations, which aim to separate blockchain technology from cryptocurrency in general. Buterin stated that he appreciates Singapore’s effort to accept and test new applications, but if their goal is to separate crypto from its technology, this could be problematic.
Regulatory bodies from all over the world have tried to be supportive, but they are still confused by the term “crypto,” which appears to them to be strange, risky, and frightening. Buterin stated that regulators believe they can separate cryptocurrency from its underlying blockchain technology due to a lack of knowledge about both.
In the case of Singapore, it is attempting to separate the two, with India following suit. Some Chinese regulators have already begun to build blockchains that do not use cryptocurrencies.
Buterin disagrees with this notion, claiming that there are close ties between blockchain and crypto and that one cannot function without the other.
According to Buterin, Singapore’s attempt is an indirect approach to discouraging cryptocurrency use without directly prohibiting it.
Singapore, A Former Crypto Haven
Singapore was previously one of the most welcoming crypto ecosystems until recently when they began tightening their cryptocurrency laws.
After China banned cryptocurrency, many exchanges and crypto firms fled to other crypto-friendly countries such as Singapore. It was home to the famous Terra ecosystem which went down in May this year leading up to the current crypto winter.
Terra’s founder, Do Kwon stayed undercover in Singapore for a while, which Buterin attributed to the consequences of being a crypto-friendly country.
Buterin also made reference to the Bitcoin community and the philosophy that underpins the types of organisations or people the community admires, which he referred to as “The rich and Powerful.” He began by mentioning El Salvador and saying that despite the negative traits they possess, they are still praised because they are wealthy and powerful.
Buterin claimed that the Ethereum community has improved on all of these shortcomings because it has consistently pushed for shunning evil and supporting good, regardless of who you are.
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