Former CTO of Coinbase exchange Balaji Srinivasan advised cryptocurrency developers not to fight the hostility of regulators, but to move to more friendly jurisdictions.
Balaji Srinivasan spoke at the Solana Breakpoint conference in Lisbon, Decrypt reported. He touched on the topic of cryptocurrency regulation, saying that regulators, legislators, traditional financial institutions are biased towards digital assets. Therefore, for the cryptocurrency industry to continue to develop, developers need to learn how to code new solutions faster before regulators have time to “outlaw them”.
According to Srinivasan, cryptocurrency enthusiasts should already think about protecting the industry not at the state, but at the international level, instead of wasting time communicating with departments that are already pre-configured against cryptocurrencies. For example, it is useless to seek a common language with the Chinese government, since it has taken too harsh measures to suppress the industry by banning the mining of cryptocurrencies.
“Cryptocurrency developers must learn to code laws. Zero-level solutions are the fundamental level of cryptocurrency innovation, they are ideas in the minds of people, and they are the ones that lay the foundation for creating solutions of the first and second levels. Traditional finance laws are heavily influenced by banks or academics who are hostile to cryptocurrencies, ”Srinivasan said.
Srinivasan believes that cryptocurrency developers should be as mobile as possible. If necessary, they can move to cities and jurisdictions that welcome the development of blockchain technology and cryptoassets: Miami, New York, as well as the states of Wyoming, Colorado and Texas. Srinivasan also mentioned El Salvador – the first country to legalize bitcoin as a means of payment. Therefore, El Salvador can be safely called a “cryptocurrency haven”.
“Literally all we need is a favorable regulatory environment in which cryptocurrency projects can develop steadily. And also, so that there is a Starbucks coffee shop nearby that accepts bitcoin, ”joked Srinivasan.
Earlier, he said that due to the ban of cryptocurrencies in India, losses to the state could amount to trillions of dollars, which would push the country into even greater poverty.
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