{"id":435079,"date":"2022-04-21T13:05:40","date_gmt":"2022-04-21T10:05:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/noncustodial-bitcoin-wallets-unbannable-says-exec-behind-trezor-wallets\/"},"modified":"2022-04-21T13:05:40","modified_gmt":"2022-04-21T10:05:40","slug":"noncustodial-bitcoin-wallets-unbannable-says-exec-behind-trezor-wallets","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/noncustodial-bitcoin-wallets-unbannable-says-exec-behind-trezor-wallets\/","title":{"rendered":"# Noncustodial Bitcoin wallets unbannable, says exec behind Trezor wallets"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2814c2414a9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2814c2414a9\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/noncustodial-bitcoin-wallets-unbannable-says-exec-behind-trezor-wallets\/#%E2%80%9D_Noncustodial_Bitcoin_wallets_unbannable_says_exec_behind_Trezor_wallets_%E2%80%9C\" >&#8221; Noncustodial Bitcoin wallets unbannable, says exec behind Trezor wallets &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Noncustodial_Bitcoin_wallets_unbannable_says_exec_behind_Trezor_wallets_%E2%80%9C\"><\/span>&#8221; Noncustodial Bitcoin wallets unbannable, says exec behind Trezor wallets &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvMTVlMGZiZjctYzQzOC00YWUyLWFhYjItODc1MTVlMzkyYzk2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>As regulators grow increasingly concerned about investors moving their cryptocurrency out of centralized exchanges, one industry exec has assessed the probability of a potential ban of noncustodial wallets.<\/p>\n<p>Stepan Uherik, the chief financial officer of SatoshiLabs, the firm behind the Trezor hardware wallet, is confident that it\u2019s highly unlikely that governments around the world would manage to ban the use of noncustodial wallets one day.<\/p>\n<p>\u201cIt\u2019s very improbable that all the countries would ban noncustodial wallets, or any other aspect of Bitcoin\u2019s peer-to-peer network for that matter,\u201d the CFO told Cointelegraph.<\/p>\n<p>Uherik said that potential efforts to ban noncustodial wallets would likely be similar to certain countries banning things like cryptography or torrents in the past. \u201cThe adoption of these technologies continued unabated. In some sense, governments&#8217; attempts at banning certain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> are good marketing for said technology,\u201d he noted.<\/p>\n<p>Also known as self-custodial wallets, noncustodial cryptocurrency wallets are designed to grant the user full control of the owned crypto. In contrast to custodial wallets, noncustodial ones remove the need to rely on a third party which could recover, freeze or seize the user\u2019s crypto assets. This makes the user solely responsible for storing the private keys.<\/p>\n<p>As noncustodial wallets essentially enable users to \u201cbe their own bank,\u201d many financial regulators and banking institutions became worried about potential risks behind such tools.<\/p>\n<p>Earlier this week, a major bank association in Russia proposed to criminalize certain use cases of noncustodial wallets due to reasons like the complexity of seizing crypto assets from such wallets. Previously, a European Parliament\u2019s committee <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved a regulatory update that could potentially interfere with exchanges\u2019 ability to deal with noncustodial crypto wallets.<\/p>\n<p>There are apparently a few ways for governments to limit the usage of noncustodial wallets but there is no possibility to ban it completely, according to the SatoshiLabs CFO.<\/p>\n<p>Governments could try to ban certain noncustodial wallets through mobile app stores as there are only two dominant mainstream mobile app providers, Google and Apple, Uherik suggested, adding:<\/p>\n<blockquote><p>\u201cSuch a ban would be easy to enact, but it would cover only a portion of noncustodial wallets and would likely motivate users to look beyond the popular app stores. Hardware and desktop wallets would be unaffected.\u201d<\/p><\/blockquote>\n<p>Any efforts to ban noncustodial wallets would also lead to strong backlash from consumer protection non-governmental organizations because such censorship \u201chas no place in civilized countries,\u201d he said.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto industry fires back after EU vote to block \u2018unhosted\u2019 wallets<\/em><\/strong><\/p>\n<p>Uherik also stated that open-sourced hardware wallets are resistant to any ban, while hardware wallet makers are in a better situation than most other Bitcoin firms regulatory-wise, because they don\u2019t offer custodial solutions or financial services. He concluded:<\/p>\n<blockquote><p>\u201cGovernments can slow the adoption of Bitcoin, but Bitcoin will prevail in the end. Bitcoin is an idea whose time has come, and nobody can fight that.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/noncustodial-bitcoin-wallets-unbannable-says-exec-behind-trezor-wallets\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Noncustodial Bitcoin wallets unbannable, says exec behind Trezor wallets &#8220; As regulators grow increasingly concerned about investors moving their cryptocurrency out of centralized exchanges, one industry exec has assessed the probability of a potential ban of noncustodial wallets. Stepan Uherik, the chief financial officer of SatoshiLabs, the firm behind the Trezor hardware wallet, is&#8230;<\/p>\n","protected":false},"author":1,"featured_media":435080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvMTVlMGZiZjctYzQzOC00YWUyLWFhYjItODc1MTVlMzkyYzk2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74863,75190,128283,75820,76308,117,70934],"class_list":["post-435079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-cryptocurrencies","tag-hardware-wallet","tag-satoshilabs","tag-trezor","tag-ban","tag-business","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/435079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=435079"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/435079\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/435080"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=435079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=435079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=435079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}