uTalk

Ledger head on the folly of centralising cryptocurrencies
Regulation

Ledger CEO Pascal Gauthier said that anyone who tries to centralise cryptocurrency will fail. He added that the concepts are simply "two magnets that are not going to stick together". According to the entrepreneur, the collapse of US banks also demonstrated society's need for bitcoins.
In an interview with Cointelegraph reporter Joseph Hall at Paris Blockchain Week, Gauthier talked about how recent events have shown: BTC can be a defense against the threat from centralized authorities. The head of the hardware wallet company noted that "Bitcoin was developed in response to the collapse of Lehman Brothers during the 2008 crisis, because you can't trust the authorities. It is now clear that centralised rulers will fail. It's not a question of if, but rather when."
According to Gauthier, whenever incidents like the Celsius crash, the FTX or the banking crisis occur, people look for ways to secure their capital. "When the market is stressed and people fear for their savings they rush into cryptocurrency," he said.
Gauthier assured that people are starting to notice the reality of the banking sector because of the current situation. The entrepreneur explained that many are starting from the idea that the purpose of banks is to protect people's funds, however, this is not the case.
When asked if the traditional brands that make up Web3 could potentially become a threat to decentralised crypto, Gauthier expressed confidence that this would not happen. He said: "if that happens, then cryptocurrency will be dead, and then we move on to the next stage. I mean, either digital currencies will be decentralised or not. Brands need to understand that." He reiterated that those who try to centralise cryptocurrencies will be doomed to fail.

Bill to protect bitcoin owners' rights introduced in US Congress
US House of Representatives member Cody Harris has introduced a bill aimed at protecting the rights of bitcoin owners and miners in the state of Texas.
According to lawmaker Cody Harris' proposal, the interests of first cryptocurrency holders should be protected under Article I, Section 9 of the Texas Constitution. It seeks to protect citizens, their homes, documents and property from unreasonable seizures or searches. The resolution suggests that this right should also extend to digital property, including cryptocurrencies. No local resident should be deprived of the right to possess and store bitcoins, Harris argues.
The initiative also aims to protect Bitcoin miners and miners. Bitcoin miners should be allowed to use any form of energy to keep the Bitcoin network stable in Texas. The miners' activities would not be restricted by any laws and regulations, Harris' proposal stated.
The lawmaker also cited China's strict regulation of mining, which has forced many companies to move to other countries with more lenient cryptocurrency regulation, including Texas. However, last year the Environmental Protection Committee in New York State approved a bill for a two-year ban on Proof-of-Work (PoW) cryptocurrency mining. Harris therefore fears that such action will cause bitcoin miners to leave Texas for more friendly jurisdictions.
Recall that Texas Senator Ted Cruz recently called for a ban on the digital dollar because it could hinder bitcoin adoption locally.

Stablecoins are a bigger threat to privacy than the digital euro
Finance

Central banks have no interest in using consumers' personal data when providing digital money. European Central Bank President Christine Lagarde assures this at the Bank for International Settlements summit.
According to her, large technology companies or firms offering stablcoins are more likely to collect consumer data, and therefore their activities pose a higher privacy risk.
Digital currency will never be as anonymous and privacy-respecting as cash," she said, pointing out that the ECB is working on issuing a digital euro in Cash Plus format, which would mimic as closely as possible the level of privacy offered by cash.
Commercial banks will be the intermediaries making CBDCs such as the digital euro available to consumers. They will process consumer data, counter money laundering and ensure compliance with KYC ("know your customer") requirements. The collection and monetisation of consumer data "is not in the central bank's interest," Lagarde said.
ECB surveys have shown that privacy is one of the most pressing topics for European citizens in the wake of the digital euro. In the past, the central bank governor has tried to allay privacy concerns by assuring Europeans that the digital euro would not be used for commercial purposes.
The digital euro project is currently in the research phase, where financial institutions with which the EU central bank is cooperating are helping to build prototypes. A decision on the implementation of the digital euro is expected in October.