A step toward financial exclusion By Cointelegraph

December 20, 2020 0 By boss

Rumored US crypto wallet restrictions: A step toward financial exclusion

The crypto community has a saying: “Not your keys, not your coins,” which means that if you hold your crypto on a third-party custodial wallet, you don’t truly have ownership of the coins. The entity controlling the private key of the wallet ultimately has power over it. Self-hosted wallets, or non-custodial wallets, allow individuals to receive, send and store their own cryptocurrency without the need of a custodial entity.

As life has become increasingly more digitized, the use of cash for transactions and as a store of value has declined considerably. For those in our economy with access to digital resources, online transactions and money services have taken over. However, many individuals stuck in the cash economy do not have the luxury of shopping online or making use of the efficiency of digital transactions.

Ben Weiss is the chief operating officer of CoinFlip. Ben leads a team of 40 employees and has overcome the logistical challenges of building out CoinFlip’s ATM network infrastructure from the ground up. He graduated from Vanderbilt University with a degree in economics and is a trustee of the New Jersey Blockchain Coalition and a board member of the Blockchain Advocacy Coalition. He’s looking forward to watching the crypto space evolve from a niche industry to a global force.