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Cardano Foundation’s announcement of its partnership with Confirm, an analytics provider, raised a lot of scrutiny in recent times. Through the partnership, custodians, exchanges, and other third parties can track Cardano’s native ADA crypto held in their wallets.
Following the reveal, there have been major concerns circling the partnership by Weiss Crypto.
What the Weiss Criticism Entailed
Charles Hoskinson, the founder of Cardano, believes that partnering with Confirm will bring more adoption to the Cardano blockchain. After all, its purpose is to assist peer-to-peer transactions and smart contracts using ADA.
But, Weiss Crypto believes that the banking system has starved to death for excessive regulation. Due to this, Cardano is closer to becoming a censored, politicized, and manipulated network.
The whole point of crypto was to build a new financial and economic layer free from the control of a government authority. IOHK’s move goes precisely against this, and the “AML” laws will ensure nothing escapes the regulator’s view. According to Weiss, these same people are why the economy of the world, in general, is suffering.
It should be an individual’s project deciding to adopt these rules and not those of decentralized networks. Financial elites will never accept the crypto industry. Therefore, they will never obey to the set of rules that govern decentralization.
Charles Justifies IOHK’s Move
Hoskin replied to the criticism via Twitter. He mentioned, first of all, that the goal is, and has always been, to create layers, modules, and ecosystems.
So even if you’re from the USA, China, Japan, or wherever, you are not the primary layer of the system. So, you can add identity and information. All these conditions allow you to comply, regulate or not, with your business.
Those collaborations are vital for this reason. They ensure clarity, provide a lot of business and technical requirements to Cardano. Also, they allow the team to improve the software experience for all users. All these pointers see that the company achieves more adoption. It can encompass both regulated and unregulated industries.
Regulation is Still Important
Digital currencies provide the policymakers and consumers with both challenges and opportunities. Regulators have to work together with tech professionals to tackle these crimes. It will ensure that their legislation is at pace with the advancements. Regulators must also have future legislation appropriate for specific purposes.
Besides, cooperation is critical because digital assets legislation will keep track of these rapid advancements. This they can achieve through international cooperation, local authorities, and technologically equipped bodies.
The inevitable future is digital currencies. Hence international and national collaboration is necessary to address issues with cryptocurrency crime.