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

18 Nov, 2018
by Will Heasman
News
Litecoin director: You can’t regulate something without controlling it

While everyone knows Charlie Lee for his creation of Litecoin (LTC), the lesser known director, and more active developer of Litecoin, Franklyn Richards, recently spoke to CCN on the future of LTC and the wider cryptocurrency industry.

Richards states that its inevitable that cryptocurrency will likely be adopted centralized initiations, and that this is a good thing for the industry:

“We have to be realistic, I think centralized institutions have a great benefit to derive from it, and they will pass that benefit onto their users. It’s a race. It’s capitalism. If I can offer my users something better and cheaper, more users will come to me. We’re currently seeing an institutional race to accept this.”, He said, continuing to add “If businesses provide a better service using a decentralized currency like Litecoin or Bitcoin, then it’s just better for them [the customers], and I think that’s how it’s going to work…” 

While Richards alludes to a revolutionary slant, his ideas on any such crypto revolution differ from the more fundamentalist ideas within the space, preferring to take the route of peaceful protest:

Most of the value will be derived from people invisibly using it without knowing. There’s only a certain section of us that are hardcore into it, like “I’m going to hold my private keys,” “it’s the future,” “down with the government!” …I like to distance myself from those people. I think we should be working together, instead of slapping down these things, we should be showing them there is a better way.”.

However, in contrast, Richards doesn’t believe regulation is needed, asserting that regulation would inhibit growth:

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

Read more about:Litecoin (LTC)

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