The Vexl Foundation was announced during the Bitcoin Prague conference this week.
The foundation will be backed by the peer-to-peer BTC exchange platform, Vexl.
SatoshiLabs, the company behind the Trezor wallet hardware, announced the launch of the Vexl Foundation, which seeks to defend the financial and personal freedoms of users, taking inspiration from bitcoin (BTC).
He advertisement members of Vexl, a peer-to-peer (P2P) bitcoin exchange platform, did so during the BTC Prague conference, held later this week in the capital of the Czech Republic.
As they pointed out, the Vexl Foundation has the objective of restore people’s financial power, as well as promote personal freedom and privacy. For this, he openly opposes the know-your-customer (KYC) protocol, widely implemented in centralized exchanges and which has been pointed out before as affecting user privacy.
The Vexl Foundation, which will be supported by the Vexl mobile app, also wants support and finance projects that contribute to financial freedom and that, in addition, they provide tools to face “the growing threats to privacy and autonomy.”
From the foundation they maintain that technology “should be used to empower people” and 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 state intervention in finance
During the announcement, the Vexl Foundation presented the Financial Tyranny Index, through which it will be possible to measure the scope of state interventions in the financial spectrum of countries.
Through this tool, the foundation will carry out study parameters such as the growth of monetary issue, the imposition of limits for the withdrawal and deposit of cash, the status of the arrival of central bank digital currencies (CBDC) and the fiscal taxes that must 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 are high levels of state financial control.
The Vexl Foundation comes in a context where the United States Securities and Exchange Commission started a crusade against major cryptocurrency exchanges of the world, Coinbase and Binance.
These exchanges, which have implemented the KYC protocol and user identification for a long time, face charges of violation of federal securities laws from United States.
Tales lawsuit against centralized exchanges, has caused a significant outflow of funds to other terminalssuch as decentralized exchanges.
As reported by CriptoNoticias, more than 80 thousand bitcoins were withdrawn from the exchanges after the lawsuit against Coinbase and Binance. This, as a sign of rejection of all centralized exchange rateswhere laws –sometimes– can have a notable and undesired impact on the ecosystem.