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Sunday, November 27, 2022

“The crypto world did not fail”

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Vitálik Buterin: I think so far I have seen a lot of progress in community projects. I see proposals this year that did not exist last year, such as virtual wallets. I remember talking about these last year, which were in the early stages, and are much more mature now. I hope these projects continue to advance in this area. The truth is that I am highly impressed with the expansion of community projects in Argentina.

Q.: With countries wanting to intervene in the crypto world, should Central Banks regulate cryptocurrencies?

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VB: The question is what is good regulation and not regulation by itself. I think we’ve seen a lot of cases where regulation was bad and gave room for scams to increase. Looking at other cases where the regulation was good, which really helped to finish a reliable project, without leaders to regulate and complicate. The regulations gave room for calmer and more reasonable projects so as not to lose people’s money. For example, FTX was regulated in the Bahamas because the United States just doesn’t have a good framework, and sometimes, like when they’re inside, when a country’s framework is restrictive, they push people to other places with better frameworks. In those places, it needs to be more centralized so they don’t get more bureaucratic and end up ruining retail a year or two later. It’s a complicated subject and I just hope you know that we can try to have a more collaborative relationship between regulators in the space and have a little more of the good and less of the bad all the time.

Q.: How long do you think it will take before there is a true understanding of the meaning of cryptocurrencies and their many uses?

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VB: I think more people will understand over time. I know this is the biggest challenge, in the midst of the FTX situation that has dominated people’s attention, generating fear. However, there are many amazing projects underway. Those are going to need time to set good examples and make themselves known. I also hope that the media and organizations are part of this experience.


In addition, in the presentation that the Russian-Canadian computer scientist gave to the public present, regarding the events that occurred with FTX, he called for avoiding generalizations. The big message that I want people to take away, and also the non-crypto world, is that we don’t say that ‘crypto’ failed, but that a certain part failed, but that there are others that succeeded.

“FTX is an Exchange headquartered in the Bahamas, a choice motivated by US regulations, which was run by a person with many political ties. That was what ended up breaking it and creating millions of dollars in losses,” said the most popular leader of the crypto ecosystem.

Interview by Adrian Moreno

Source: Ambito

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