Crypto Regulation Advances in Thailand Amidst Bitcoin Criticism from Ex-Ripple CTO
Crypto Regulation Advances in Thailand Amidst Bitcoin Criticism from Ex-Ripple CTO
David Schwartz, former CTO of Ripple and an architect of the XRP Ledger, has sparked debate by labeling Bitcoin a 'technological dead end', dismissing the idea of returning to its development. Meanwhile, Thailand has taken a significant step towards integrating cryptocurrencies into its capital markets, with regulatory approval allowing crypto to serve as underlying assets for regulated financial products like futures and options, signaling increased mainstream adoption and regulation.
Ex-Ripple CTO Slams Bitcoin, Thailand Embraces Crypto Regulation
In a controversial statement, David Schwartz, the former Chief Technology Officer of Ripple and a key figure in the development of the XRP Ledger, publicly stated that Bitcoin is 'largely a technological dead end'. This comment has ignited further discussion within the crypto community regarding decentralization and technological progress, as Schwartz poured cold water on any speculation of his return to Bitcoin development.
Concurrently, the regulatory landscape for cryptocurrencies is evolving, with Thailand's Cabinet giving its approval for cryptocurrencies to be used as underlying assets in regulated financial products. This landmark decision paves the way for cryptocurrencies to be integrated into the country's capital markets, enabling mainstream trading of crypto-backed futures and options under a clear legal framework. This move signifies a broader acceptance and formalization of crypto assets within traditional finance.