Ripple CTO believes onus is on government in Barclays-Binance issue

David Schwartz, the CTO of Ripple and one of the original architects of the XRP Ledger, has said that the responsibility is on the governments to ensure that policies do not dictate what people should do with their money.

The decision of Barclays to not allow any credit or debit card payments to Binance has been one of the hot topics in the crypto world over the last 24 hours. This follows the announcement by the FCA that Binance does not have any license to perform crypto operations within the UK. This is the latest blow for Binance which has been hounded in many countries as it looks to expand its operations globally as the regulators in many countries are still in the process of deciding on how to classify crypto and in what ways they would are going to regulate it.

On Twitter, David said that banks do not allow people to send their funds to where they want to send it in the name of ‘safety’ and protection of funds implying that it isn’t their decision to decide whether the place that the user wants the funds to be sent to is safe or not as, at the end of the day, the funds belong to the user after all.

At the same time, the policies of the government ensure that the user has no choice but to go through financial intermediaries like the banks who then decide how you have to spend your money, he added.

This has been one of the major drivers of the crypto ecosystem as it seeks to give more control to users over their own funds and they can decide what they want to do with their funds without the fear of being either not being able to do what they want to do with it or being tracked by the government and other agencies under the guise of ‘safety’ and ‘regulations’.

This is the issue that the crypto community seeks to address by the use of different cryptos which can be freely transferred between differents wallets without too much tracking so that people, who want to make payments and do transactions that are allowed legally, can continue to do so without being harassed or tracked by the financial intermediaries.

It is this battle between the opposite ends of the spectrum that we have been seeing in the crypto world over the last 2 years and the regulators in the different countries are also not very keen on losing this control and tracking which is why we are seeing them trying to restrict crypto as much as they possibly can.