Vitalik Buterin said he appreciates Singapore’s willingness to support the crypto industry, but it may all be for naught. Vitalik Buterin said: “Regulators around the world want to support emerging technologies, but at the same time they also find cryptocurrencies strange and scary. Due to the lack of understanding and fear of cryptocurrencies, regulators try to use blockchain as an independent form of cryptocurrencies. This is the case in Singapore.” Vitalik Buterin said that there is such a close connection between blockchain and cryptocurrency that one cannot be used without the other.
Vitalik Buterin called it stupid that the crypto community generally likes to support powerful people. He reiterated his criticism of El Salvador’s top-down adoption of bitcoin last year, saying it was an example of the crypto community getting it wrong. The bitcoin community, he said, cheered the news but ignored the harsh realities in the country. The community supports El Salvador even though the government of Salvadoran President Nayib Bukele is not very democratic and not good at respecting people’s freedom.
In addition, Vitalik Buterin made it possible for regulators to set up guardrails and for the community to educate users. But there is a limit to how much bad activity can be prevented, because the nature of a blockchain system requires it to be open to all.
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