Saturday, February 27, 2021
Home > Analysis > Coinbase and Circle stablecoin; to monitor and censor transactions

Coinbase and Circle stablecoin; to monitor and censor transactions

Early this week, Coinbase announced that it would begin offering Circle’s USD Coin (USDC) on its platform. The move is part of the grand plan to launch the Coinbase and Circle stablecoin which would still be USDC.

The latest reports indicate that with the new stablecoin has the ability to restrict transactions with certain entities. CaptainAltcoin reveals that part of USDC’s user agreement prohibits using the cryptocurrency for various items.

Coinbase and Circle stablecoin to censor transactions

In particular, the cryptocurrency will not allow transactions with individuals in restricted territories. In part, the user agreement terms read:

” Without limiting the foregoing, you may not use the USDC Services if (i) you are a resident, national or agent of Cuba, North Korea, Sudan, Syria or any other country to which the United States embargoes goods (“Restricted Territories”), (ii) you are on the Table of Denial Orders, the Entity List, or the List of Specially Designated Nationals (“Restricted Persons”), or (iii) you intend to transact with any Restricted Territories or Restricted Persons.”

In addition, the Coinbase and Circle stablecoin does not allow purchase of black market items. One cannot even buy a knife or any other weapon using USDC. This is a surprising turn of events for the cryptocurrencies as their popularity surrounds their immunity to censorship.

Normally, cryptocurrencies like Bitcoin operate in self-sovereignty where they enjoy individual freedom. However, the new censored cryptocurrencies present a completely opposite narrative. According to CaptainAltacoin, Circle “completely controls the asset, monitors every transaction and can stop and ban you any time.”

CENTRE Consortium

In addition to the stablecoin, Coinbase and Circle formed a joint venture called CENTRE Consortium to police the stablecoin sector. According a joint statement seen by CNBC, the consortium will speed up adoption of stablecoins by setting protocol standards.

According to Circle co-founders Jeremy Allaire and Sean Neville, “Coinbase and Circle share a common vision of an open global financial system built on crypto rails and blockchain infrastructure, and realizing this vision requires industry leaders to collaborate to build interoperable protocols and standards.”

An ad to help with our costs

Source link

71 thoughts on “Coinbase and Circle stablecoin; to monitor and censor transactions

  1. [url=http://zestoretic24.com/]zestoretic 20 mg[/url] [url=http://viagract.com/]cost of viagra australia[/url]

  2. [url=https://bupropionb.com/]bupropion for sale[/url] [url=https://benicar911.com/]can i buy benicar online[/url] [url=https://propranololtab.com/]propranolol prescription[/url] [url=https://celexamed.com/]citalopram 20mg coupon[/url] [url=https://sildenafil240.com/]sildenafil tablets 100mg australia[/url] [url=https://nexium911.com/]nexium 10 mg tablet[/url] [url=https://levitra200.com/]levitra daily[/url]

  3. [url=https://cialis.us.org/]cialis on line[/url] [url=https://istrattera.com/]strattera 25 mg capsule[/url] [url=https://hydroxychloroquinemd.com/]prices for plaquenil[/url] [url=https://tadalafilstore.com/]canada pharmacy daily tadalafil[/url] [url=https://ataraxbuy.com/]atarax tablet[/url] [url=https://diclofenacvlt.com/]voltaren tablets[/url] [url=https://baclophen.com/]generic baclofen[/url] [url=https://ibenicar.com/]benicar 150[/url] [url=https://sildenafilok.com/]sildenafil prescription[/url] [url=https://suhagratab.com/]suhagra online[/url]

  4. [url=http://robaxin365.com/]robaxin where to buy[/url] [url=http://hydroxychloroquineus.com/]hydroxychloroquine 200 mg price[/url] [url=http://kamagramd.com/]kamagra jelly india[/url] [url=http://vardenafil911.com/]cheapest levitra online uk[/url] [url=http://prozaconline.com/]prozac 20 mg price in india[/url]

  5. is 20mg professional

    cdb6 best man speech writing services

    cdb6 achat is en ligne franc

    cdb6 is en la lactancia

    cdb6

Leave a Reply

Your email address will not be published.