Litecoin director: "You can’t regulate something without controlling it"

Litecoin director: "You can’t regulate something without controlling it"

While everyone remembers Charlie Lee for his work of Litecoin (LTC), the known secondary director, and more active developer of Litecoin, Franklyn Richards, recently spoke to CCN on the future of LTC and the broader cryptocurrency industry.

Richards says that its necessary that cryptocurrency will likely be adopted centralized investments, and that this is an excellent thing for the industry:

“We have to be practical, I think centralized systems have a great benefit to receive from it, and they will pass that extra onto their users. It’s a race. It’s business. If I can offer my users something better and affordable, more users will come to me. We’re currently seeing an institutional race to allow this.”, He stated, continuing to add “If businesses provide a reliable service using a decentralized currency like Litecoin or Bitcoin, then it’s just enough for them [the customers], and I guess that’s how it’s performing to work…” 

While Richards alludes to an unusual slant, his ideas on any such crypto change differ from the more fundamentalist ideas within the space, favoring to take the route of calm protest:

Most of the content will be derived from people secretly using it without understanding. There’s only a particular section of us that are hardcore into it, like “I’m operating to hold my private keys,” “it’s the future,” “forward with the government!” …I like to distance personally from those people. I think we should be going together, instead of striking down these things, we should be telling them there is a real way.”.

But, in contrast, Richards doesn’t think the law is needed, asserting that command would inhibit growth:

“You can’t control something without controlling it … If states are very friendly and greeting to it (which they should be) that would be better, but even if they banned bitcoin, people would still use bitcoin … There’s a saying which I don’t think it moved around enough anymore, and that’s “You can take your country out of bitcoin, but you can’t take bitcoin out of your people.” And it’s very true.”



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