The founder and chief executive officer of Coinbase, Brian Armstrong, has taken to Twitter to make a demand for better usability and scalability in the cryptocurrency space. The well-known crypto figure went on to say that NFTs are an excellent illustration of a possible use case for cryptocurrencies since they are provably unique digital things that are comparable to a ticket for a concert or a trip.
The remarks made by Armstrong were in response to a tweet that said those who are against cryptocurrencies aren’t in the least bit curious about the potential of the digital assets to disrupt monopoly rent-seeking in a variety of different sectors.
As for Brian Armstrong, his company Coinbase was recently fined $3.6 million by Dutch Central Bank for failing to comply with local regulations that apply to providers of financial services.
The bank said that between November 15, 2020, and August 24, 2022, Coinbase carried on business while not being registered to do so. In the end, Coinbase was successful in obtaining the appropriate registration on September 22, 2022; but, in the meanwhile, the bank said that the company had gained a competitive advantage since it did not pay supervisory costs.
In a related development, when Brazil and Argentina began preliminary work for a prospective single currency, the CEO of Coinbase, Brian Armstrong, proposed the concept of the two nations migrating to Bitcoin. This proposal sparked several arguments regarding the practicality of BTC as a national currency.
Armstrong speculated that BTC would be the perfect long-term investment and wondered whether the two South American nations would consider it after they revealed they were beginning preparations to establish a shared currency that would operate parallel with the Argentine peso and Brazilian real.