We have seen news about some countries like the USA trying to ban non-custodial wallets and make them illegal. Well now we saw a move from France trying to do the same. It appears that this is a thing now and if not cut off on it's root it will become a big problem in the blockchain community.
First things first, for the ones that don't know a non-custodial wallet is a wallet where you put your cryptocurrencies and you hold the seed and the private key of your wallet, which means that nobody but you can do what you want with that crypto, making crypto your own.
If this ban goes through this will be illegal and you will have to put your crypto in a custodial wallet, that means that your crypto is in the hands of a company and the company like a bank can do whatever they want with your crypto.
I think like me everyone is seeing a problem here, aren't we moving to crypto because we are sick of banks and their governance over everything inclusive our lifes? This is governments trying to keep things the same as it was, with the same elite earning lots of money and we the people earning almost nothing for working for them more than 8 hours a day. We have to stop this, non custodial wallets are one of the big reasons why crypto is so great, you actually own the money you have, banning them is like asking someone else to keep your bag of gold, what do you think that person is going to do? What did banks did to you until now? Imposing increasing taxes over your loans, locking your money for days or months just because they can, taking everything you have if you make a mistake. This is want will happen if non custodial wallets become illegal. This is the same guys trying to do the same things over and over again so they can keep and increase their wealth.
I have crypto staking in non custodial wallets that give me passive income every day, not monthly or yearly, every day and i can move it or trade it whenever i want. This wallets are essencial for a fair world, it's your money, your hard earned money so you own it.
The old question comes always on their part, criminality because of cryptocurrencie, don't let yourself be fooled by these, the biggest criminals and laundrys are banks, you can go and chech articles online. Remember Panama Papers just for example, oh where that go? Was someone convicted? Or they burried it well underground? Crypto does not mean crime it means freedom and power to everyone instead of just a world elite. That's what is in their heads right now, how to fight crypto by desinformation. Don't get fooled or we all will have to pay for it.
What's your opinion on non custodial wallets?
Hope you all are doing fine an best regards.
Cryptopeach
This article came at the right time! I was just talking with someone about wallets and I didn't figure out what "custodial" meant. Now I know. I totally agree that this is a problem!