Cardano’s founder, Charles Hoskinson, responded to criticism of the Cardano Foundation’s partnership with Confirm, stating that this was necessary for the introduction of ADA.
On August 24, the Cardano Foundation announced its partnership with the provider of blockchain analyzes, in which the analyzes by Confirm are used to ensure compliance with framework conditions such as the 6th Anti-Money Laundering Directive and the guidelines of the Financial Action Task Force to ensure.
“The tools and services provided by Coinfirm enable any exchange, custodian and all other third parties to clearly track the history of ADA in their wallet,” the announcement said.
However, not everyone welcomed the move. Yesterday Weiss Crypto, the subsidiary of the financial rating company Weiss Ratings, loudly criticized it via a thread on Twitter, calling it an “all-round bad move”:
“The banking system has been stifled by over-regulation. With this announcement, ADA seems proud to announce that they want to follow in their footsteps. “
Weiss Crypto seemed quite irritated by Cardano’s move towards regulatory compliance, claiming that it is now “becoming more of a censorship-prone, politicized and manipulated network”.
“If you go down this path, there will be far better tools for the job – Facebook’s Diem, CBDCs and the networks that will emerge from them,” the post said.
4 / The whole point is to build a new financial and economic stratum, free from the control and oppression of those who have brought our world economy to the brink of total failure and which can only be sustained through excessive and aggressive centrally planned interventions.
– Weiss Crypto (@WeissCrypto) August 25, 2021
Weiss Crypto went on to say that if some crypto projects or decentralized networks worked towards regulatory compliance, it would “only guarantee your doom”.
The Ethereum co-founder and Cardano inventor responded with a video message in the thread, emphasizing that “the whole point has always been to build in layers, build modules, build ecosystems” that enable compliance with local regulations.
“Although the base layer of the system doesn’t matter if you’re from the United States or China, Japan, wherever you come from, you can add identity and metadata and all sorts of other things and those other things give you the ability to do your business regulated or otherwise, to conform, ”he said.
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“And that’s why these partnerships are important. They provide clarity. They provide many business and technical requirements and enable us to make the software better for everyone everywhere and for Cardano to gain greater acceptance in all regulated and unregulated industries, ”concluded Hoskinson.
So @WeissCrypto thinks #Cardano developers and ALL of their users should just go underground and escape from law enforcement. Yes, AML laws are out of date for solving tomorrow’s problems, but funny how some in crypto think they’re inviolable and above the law.
– Dave Dionisio (@ Dave_USA01) August 26, 2021
Amid anticipation of Cardano smart contracts due to hit the market on September 12th, ADA’s price has risen 99% in the past 30 days, from $ 1.27 on July 27th to around $ 2.53 as of July Time of writing.