Former CFTC Chairman: Satoshi Nakamoto's white paper does not include concepts aimed at breaking away from government or regulatory networks

Over the years, Bitcoin has indeed established a rebellious or unruly image, but the famous "crypto dad", former Chairman of the US Commodity Futures Trading Commission (CFTC) Christopher Giancarlo, has something else to say Say. Christopher Giancarlo, who previously served as the thirteenth chairman of the US Commodity Futures Trading Commission (CFTC), believes that Satoshi Nakamoto's white paper does not include the concept that Bitcoin is intended to break away from government or regulatory networks.

Former CFTC Chairman: Satoshi Nakamoto's white paper does not contain concepts aimed at breaking away from government or regulatory networks

Source: Pixabay

Giancarlo said in a recent podcast:

"Actually, the Satoshi Nakamoto white paper said that Bitcoin is a means to avoid commercial entities through intermediaries such as banks and other institutions. But nothing shows that Bitcoin is going to be separated from regulators or government departments."

Speaking of global regulations, he said that central banks in island economies view Bitcoin differently from continent economies. The former CFTC chairman stated,

"Take the central banks of island economies such as Bermuda, Cayman Islands, Malta, Singapore or Switzerland as examples. They are basically offshore banking centers for continental economies. They have a long tradition of protecting assets. For them, Bit Coin is just another asset that needs to be protected and protected. "

However, when it comes to Bitcoin, the central bank's views are very conservative. According to Giancarlo, this is because they "maintain not only the use of their own currency, but also the status of the reserve currency."

Island nations are actually more friendly to this asset class. For example, Malta has historically been regarded as a safe haven for various crypto platforms, and new exchanges or entities have fled from their home country due to strict regulations or full bans.

The Malta Parliament passed three bills that established the regulatory framework for blockchain technology, including the Malta Digital Innovation Authority Act, the Innovation Technology Arrangement and Services Act, and the Virtual Financial Assets Act.

In addition, the Cayman Islands provides a fairly flexible regulatory environment for cryptocurrencies and blockchain technology. Although there are no specific laws and regulations regarding ICOs and STOs, exchanges, or investment vehicles that invest in cryptocurrencies, at the same time, "there are no restrictions or licensing requirements specifically governing the holding, management, or trading of digital assets, whether in their personal capacity or As someone else's manager, trustee or consultant. "

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