Brian Armstrong, the CEO of Coinbase, a digital currency exchange expressed concerns about the alleged plans by the U.S. Treasury Department to rush out some new regulation regarding self-hosted crypto wallets which would force corporations to know every information of users’ crypto transactions before the end of Donald Trump’s tenure.
“it is a bad idea in practice because it is often impractical to collect identifying information on a recipient in the cryptoeconomy”, he said.
In the last 24 hours, bitcoin has dropped by 11.93% losing over $2000 in price value, with a current price of $16,844.07 and net change of $-2,295.15. Within 24 hours, bitcoin dropped to $16,327.88 low and $19,321.62 high. The trading volume of bitcoin in the last 24 hours is $44.97B. The current market capitalization of bitcoin is $44.97B. Currently, 18,553,143.75 bitcoins are in circulation.
Image SourceCoin Desk
He went further to explained that the regulation may mean that customers who want to buy products online will have to verify the identity of a business before they can buy a product there.
Also, he believes many crypto users living in emerging markets mostly characterized by abject poverty may not have any permanent address or form of government ID, thereby making it impossible for them to receive digital currency.
The Coinbase CEO said these issues “would kill many of the emerging use cases for crypto”, and “cut U.S off from innovation happening in the rest of the world”, as U.S consumers may be forced to use other foreign unregulated crypto companies to get access to services.
He advised the U.S government to embrace an open crypto network operation and allow citizens to move their own money freely in the emerging cryptoeconomy like the unregulated internet.