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Brian Armstrong, the chief executive officer at the largest U.S.-based cryptocurrency exchange, Coinbase, has published an official comment on a Coinbase TV commercial being banned on British TV.
Armstrong spoke not only about local TV networks but also about the reactionary attitude of the British financial system to crypto.
Armstrong lambasts British financial system and TV networks
In his tweet, Brian Armstrong mentioned that the Coinbase commercial, which was banned in the U.K. by local TV networks, “has sparked quite a reaction.” The crypto exchange’s CEO pointed out that perhaps this advertisement has hit a painful spot since it has been banned: “If you can’t say it, then there must be a kernel of truth in it.”
Armstrong opined that, although he is not making any particular political statements about the U.K.’s system in his tweet, he still believes the system needs to be updated to “improve society.” What's more, he said that they also run similar ads in the U.S.; therefore he is not criticizing the British and their attitude toward crypto.
His statement is more about how crypto can help improve the traditional financial system in various countries: “The traditional financial system is not working for many people and crypto represents a way to improve that.”
British missing potential of crypto: Coinbase CEO
Armstrong also admitted that many people living in the U.K. still have a rather outdated view of crypto, considering it to be used only in gambling: “There are people in the UK who still think of crypto as some kind of gambling product (a very outdated view).”
Therefore, they have totally missed “the potential of crypto.” This potential, according to Armstrong, is “to update and improve the financial system for the benefit of everyone.”
In conclusion, the CEO stated that Coinbase “welcomes the attacks and any other attempts to censor this message, as it just helps it spread.”
Dan Burgin
Vladislav Sopov
U.Today Editorial Team