The latest Coinbase news bring the head of the United Kingdom brach named Zeeshan Feroz, arguing that the world needs centralized entities that support cryptocurrency. The Coinbase UK CEO noted that entities like central banks and Facebook are more than needed for overall support of the entire crypto ecosystem.
In an interview that Feroz had with CNBC published on October 24, he said that there are two ways for cryptocurrency to go mainstream. One of them is the central bank digital currency (CBDC) issuance and the other is Facebook’s Libra stablecoin which is expected to launch in 2020.
As distinct from cryptocurrencies as possible, a CBDC is a digital currency that is issued by a central bank. The point of the Coinbase UK CEO with a currency like this is to exploit its legal tender status that depends on government regulation or law. CBDCs such as the digital US dollar or British pound, according to Feroz, could “catalyze adoption in a way that us geeks in Silicon Valley might not be able to.”
Aside from this, Feroz did not mention the only CBDC that has been announced by a major global economy to date: the People’s Bank of China and its digital renminbi. As he continued, another route to mass adoption would be through Facebook and “with the billions of users that they have.”
The Coinbase UK CEO was in the Libra coin news for stating the following:
“Libra as a currency has the potential to be a form of payment that is really universal in its nature. It’s not going to be easy, you’re really challenging the status quo. We’re at step one of a thousand step journey.”
Coinbase is one of the 21 remaining companies that are part of the Libra Association, which is an organization known for being under scrutiny by lawmakers across the world and consequently losing seven high-profile participants such as Visa, eBay and Mastercard.
The Coinbase UK CEO also argued that at the end of the long journey with Libra, we could be poised to establish “a financial system that is more open, where people can send funds globally as easily as you send an email.”
When talking about central entities, Feroz pointed out to a place for centralized businesses where they would support the cryptosystem.
“To transition from the world we’re in today to that utopia, perhaps you need centralized entities, you need an on and off-ramp. You can’t buy crypto if you don’t have a centralized business that can maintain those relationships with banks,” the Coinbase UK CEO concluded.
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“An investigator may be able to determine whether an account is being used for illicit activities by doing research on the parties of the transaction who receive or send payment and determining whether such parties are regularly involved in illicit activities. It may for example be relatively easy to determine that a party sending or receiving payment is in the business of conducting online services that may be illegal,” the filing shows.As Coinbase secures a new patent, we can see that exchanges are making bigger and bigger moves towards adoption of systems that work against illicit activities.Speaking of, CipherTrace reports for the third quarter of 2019 show that the total volume of cryptocurrency related fraud and theft resulted in losses which are worth $4.4 billion in 2019. CipherTrace also showed the 120 most popular exchanges and their Know Your Customer (KYC) and Anti-Money Laundering requirements and analyzed patterns in these crypto-related crimes.In contrast to this, we can see that earlier in November this year, the lawyer and general counsel at the decentralized startup Compound Finance, Jake Chervinsky, asked whether exposing the public to data risks that KYC requirements carry with them is actually worth it. He argued and said that KYC helps law enforcement to track illegal transactions but also exposes the public to hacking, identity theft and phishing.
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