The Ethereum co-founder shared his views on Singapore’s approach to cryptocurrencies.
Singapore is trying to restrict retail investors’ access to crypto trading to mitigate consumers’ risk from market fluctuations. Last month, it announced proposals to restrict consumers’ participation in digital assets, including banning small investors from borrowing to finance their crypto purchases. Ethereum Co-Founder Vitalik Buterin says this pressure will not work.
Ethereum Co-Founder Disapproves of Singapore Regulations
Ethereum Co-Founder Vitalik Buterin said that Singapore’s desire to become a hub for digital assets may not work out due to its skeptical approach to cryptocurrencies.
In a video interview published in The Straits Times on Sunday, Buterin continued his view on Singapore’s regulations:
“The desire of the city-state to make a distinction between the use of blockchain and cryptocurrency seems to be one of the strangest things. The truth is, if you don’t have cryptocurrency, the blockchain you will have is just fake and no one will care about them.”
Singapore’s restrictive actions, which Buterin criticizes, have caused concern to others, including Brian Armstrong, CEO of Coinbase Global Inc. Armstrong said earlier this month that Singapore’s proposed limitations for retail crypto trading were “incompatible” with its desire to become a hub for the web3 industry.
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