- According to CTO Tether, these two solutions should not be banned
- And the current problems with queues are a “puncture” of large CEX
The Blockchain Week Rome 2023 conference ended last week. Tether CTO Paolo Ardoino was among the speakers at this event. In a press interview, he commented on the adoption of MiCA and also expressed his opinion on the current situation in the Bitcoin ecosystem.
About tokens based on BRC-20, Ordinals and problems in the Bitcoin network
Recall that at the beginning of last week, the average transaction fee in BTC exceeded $19. The reason for this jump is the popularization of tokens based on the BRC-20 standard and Ordinals, as well as the subsequent increase in unconfirmed transactions.
The situation escalated so much that some members of the Bitcoin Core team advocated blocking these two solutions. When asked by a journalist about whether Ardoino supports such a decision, CTO Tether answered the following:
“We cannot control how Bitcoin is used. We also do not have the right to determine what should be available to the audience and what should not. If the feature exists, users can use it.”
When asked what is the real cause of network problems, Ardoino said the following:
“What happened these days just demonstrates the fact that some of the major exchanges have been sleeping for four years without implementing additional scaling tools. It was because of this that they had to put a hold on the withdrawal of BTC when the fees went up.”
Here Ardoino seems to be hinting at Binance. Recall that the exchange suspended the withdrawal of BTC twice due to high load.
About Bitcoin and MiCA
“We have a perfect system. Decentralized, secure and with huge potential for development” — Ardoino about the Bitcoin ecosystem.
CTO Tether believes that bitcoin has the potential to be not only a means of payment, but also of communication. He compared the asset to WhatsApp and Telegram, highlighting the decentralized nature of the token. Also, according to Ardoino, the USDT issuer is actively investing in P2P solutions to emphasize the desire to develop Bitcoin in this direction.
Regarding MiCA, Ardoino stated the following:
“It’s a pretty promising framework, but there’s still a lot of ambiguity about it. Everything related to specific restrictions on cryptocurrencies and stablecoins is still blurry.”