- According to Tether’s CTO, the two solutions should not be banned
- And the current queue problems are a “puncture” of the big CEX
The Blockchain Week Rome 2023 conference concluded last week.. Tether CTO Paolo Ardoino was among the speakers at the event.
In a press interview, he commented on the adoption of MiCA, as well as gave his opinion on the current situation in the Bitcoin ecosystem.
BRC-20-based tokens, Ordinals and problems in the Bitcoin network
When the average transaction fee in BTC exceeded $19 early last week.
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 has become so acute that some members of the Bitcoin Core team have advocated blocking these two decisions.
When asked by a reporter if Ardoino supports such a solution, Tether’s CTO responded as follows:
“We have no control over how Bitcoin is used. Nor do we have the right to determine what should be available to the audience and what should not. If it exists, users can use it.”
When asked what the true cause of the problems on the network is, Ardoino said this:
“What happened these days simply demonstrates the fact that some major exchanges slept through four years without implementing additional scaling tools.
That’s why they had to suspend BTC withdrawals when the commission jumped.”
Where Ardoino seems to be alluding to Binance. Recall, the exchange twice suspended the withdrawal of BTC due to high load.
“We have a perfect system.. Decentralized, secure, and with great potential for development” – Ardoino about the Bitcoin ecosystem.
CTO Tether believes that bitcoin has the potential as a means not only 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 that direction.
As for MiCA, Ardoino said the following:
“It is quite a promising framework, but there is a lot of ambiguity about it. Everything about the specific restrictions on cryptocurrencies and stablenecoins is still fuzzy.”