The Vexl Foundation was announced during the Bitcoin Prague conference this week.
The foundation is backed by peer-to-peer BTC exchange platform Vexl.
SatoshiLabs, the company behind the Trezor wallet hardware, announced the creation of the Vexl Foundation, which aims to defend users’ financial and personal freedoms while taking inspiration from Bitcoin (BTC).
He Advertising Members of Vexl, a peer-to-peer (P2P) bitcoin exchange platform, did so during the BTC Prague conference held in the Czech Republic’s capital later this week.
As they pointed out, the Vexl Foundation has the goal Restoring people’s financial power and promoting personal freedom and privacy. For this reason, it openly rejects the know-your-customer (KYC) protocol, which is widely used in centralized exchanges and has previously been pointed out as affecting user privacy.
The Vexl Foundation, powered by the Vexl mobile app, also wants to support and finance projects that contribute to financial freedom and that they also provide tools to address “the growing threats to privacy and autonomy.”
They claim so from the ground up Technology “should be used to empower people” not to control them. In this sense, they seek to collaborate with other organizations and individuals who also defend privacy and share “the vision of a free and open financial world”.
An index to measure government intervention in the financial world
During the announcement, the Vexl Foundation introduced the Financial Tyranny Index, by which The extent of state intervention will be measurable in the financial spectrum of the countries.
Using this tool, the Foundation will conduct study parameters such as the growth of cash issuance, setting limits on cash withdrawals and deposits, the status of central bank digital currencies (CBDC) adoption and the required tax taxes to be paid in each country.
According to the first results of this index, there are democratic countries like France, Belgium, Canada and the Netherlands where there is a high degree of government financial control.
The Vexl Foundation is in a context in which the US Securities and Exchange Commission operates launched a crusade against major cryptocurrency exchanges the world, Coinbase and Binance.
These exchanges, which have been implementing the KYC protocol and user identification for a long time, are charged with violating federal securities laws from the United States.
A lawsuit was filed against centralized exchanges a significant outflow of funds to other terminalssuch as decentralized exchanges.
As CriptoNoticias reports, more than 80,000 bitcoins were withdrawn from exchanges after the lawsuit against Coinbase and Binance. The, as a sign of rejection of all centralized exchange rateswhere laws can – sometimes – have significant and undesirable effects on the ecosystem.