Bitcoin Daily: UK Financial Adviser Seeks Ban On Crypto Transactions; Crypto Network Founder Says Developing Countries Will Embrace DeFi
Hoskinson said he thought around 100 million users would join the Decentralized Finance sector within the next three years.
“Who’s actually going to do peer-to-peer loans? Who’s actually going to do peer-to-peer insurance? Who’s actually gonna do peer-to-peer payments? I got news for you, not a guy living in New York,” pointed out Hoskinson in an exclusive interview with CoinTelegraph, the report says.
Cardano is a decentralized cryptocurrency network working to build an African customer base, and Hoskinson thinks the form lacks a significant customer base. He said the field doesn’t have much chance of gaining traction in the West due to the regulatory environment.
In developing countries, though, he thinks he can find a more flexible way to do business, in the absence of “big massive legacy” financial systems or banks.
Liversidge’s reasoning is a common one cited by crypto opponents: the coins, such as bitcoin, have no intrinsic value and could end up being a destabilizing influence on society. He said they’re often used for criminal activity, as well, and said cryptocurrency mining is “harmful to the environment,” the report says.
There’s currently a petition on the U.K. Government and Parliament website, which has collected 108 signatures as of Sunday (Jan. 17).
Liversidge spoke about the idea in a recent interview, saying the blanket ban of crypto transactions would help to reduce criminal activity.
“Law enforcement will never catch them all — it won’t even catch most of them — but destroying their financial base reduces their power,” he said, according to the report.
But bitcoin’s rising prices, up to $42,000 recently, have forced critics to acknowledge its reality.