Vitalik Buterin slams Singapore’s approach to crypto

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Vitalik Buterin (Ethernet co-founder) recently commented on Singapore’s ambitions to become a digital asset center. He said that it might not be possible due to the country’s skeptical attitude to cryptocurrencies. Buterin stated that the city-state’s inability to distinguish between blockchain usage and cryptocurrency was like “one of those strange things” during a video interview with The Strait Times. Adding,
The truth is that if you don’t have cryptocurrency, the blockchains you do have are fake and nobody will care about them.
In an effort to reduce volatility risks for consumers, Singapore is trying to restrict retail-investor access cryptocurrency trading. The country presented proposals in October to limit customers’ access to cryptocurrency trading. This was in an effort to reduce market volatility risks to consumers. Buterin warned investors not to trust “individual hotshots.” Buterin also stated that his investment strategy does not include speculation on cryptos, but rather to “buy and keep things.” He said that he doesn’t even closely monitor the price of Ethereum. He commented on the issues in the crypto community, saying that one of his biggest issues is that the Bitcoin community “automatically” loves everyone who supports it. He also stated that crypto doesn’t “support safe storage options such as multisig”, and that crypto has more adoption than gold. Disclaimer: This article is for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.