Cryptocurrencies May Create Open Financial System, Coinbase CEO Says
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April 11, 2020

Coinbase CEO Brian Armstrong believes that privacy-focused cryptocurrencies like monero (XMR) or zcash (ZEC) can help create a more open financial system.

On the Project Syndicate website, Armstong emphasizes in the guest column that US policymakers think privacy for everyone "meant privacy for terrorists, drug dealers, and money launderers."

BitBay Delists Monero

Even though the debate on end-to-end encryption is still on, personal financial information is yet to be improved.

The Coinbase head says cryptos can help to improve the current financial system with worldwide access, instantaneous fund transfers, lower costs, and vastly improved consumer-privacy protections.

"Several more recent developments in cryptocurrency technologies promise to take consumer privacy to even higher levels, and they are sure to be controversial," Armstrong says.

Coinbase CEO claims that privacy-focused assets like zcash and monero can offer new protocols that guarantee the anonymity of transactions.

In fact, other digital currencies, for example, from JPMorgan, also explore the possibility of private transaction integration through its blockchain project called Quorum.

"This shift is a bit like when websites moved from HTTP to HTTPS as the global standard: it lets consumers know that their information is protected by default," Armstrong highlights.

Earlier iHodl reported that the Monetary Authority of Singapore (MAS), the country's financial regulator, announced Ripple, Coinbase and Binance can offer their services in the country for a limited period of time without the need to obtain the corresponding license.

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