A new partnership between Cardano and blockchain-based firm Coinfirm has drawn criticism from its community. The Cardano-Coinfirm partnership will enable authorities to track ADA transactions on the blockchain from as far back as when it was first created. This, according to the press release, will enable the apprehension of bad actors and prevent illegal transactions from being carried out on the platform. Complying with anti-money laundering (AML) regulations within regulations.
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Even though this move was made as a way to further the adoption of ADA by institutions, it has been seen as a form of betrayal by some in the community. The most prominent of these criticisms have been levied by Weiss Crypto, A subsidiary of Weiss Ratings, a leading financial rating firm.
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Cardano Faces Criticism From Community
In a series of tweets, Weiss Crypto laid out its criticism of this move. It pointed out that excessive regulation is what killed the banking system. This is why people are so distrustful of the current banking systems and are turning to crypto. Now, Cardano is allowing the same regulations that crippled the banking system onto its ecosystem.
Weiss Crypto pointed out that this move would make the blockchain political. Also opening it up to censorship…