Gab to Use Square Cash App After Coinbase Ban

John Vibes

Earlier this week, CryptoGlobe reported that the controversial, censorship-free social media platform Gab was cut off from Coinbase without explanation.

Gab has had a series of challenging months, as a result of hateful content that they refuse to moderate on their website. Gab has become somewhat of a safe haven for people with extreme views who have been banned from more mainstream social media sites, but supporters say that that there must be some places on the internet that have zero moderation in order to preserve free expression and freedom of speech.

In October, Gab was dropped by Stripe and multiple web hosts after a mass shooter posted on the site before his attack. He posted on Facebook and Twitter also, but those sites did not receive any penalties.

Next, Gab turned to cryptocurrency for its censorship-resistant properties, but the company soon learned that these features are only guaranteed to users who hold the private keys to their wallets, and that these features are often forfeited when crypto is held on custodial services.

Without giving a reason, Coinbase closed the official account for the site, as well as the account of Gab’s co-founder Andrew Torba. In a post on Twitter after receiving news of the ban, Gab made a post on Twitter saying that "decentralized exchanges are the future," because crypto on/off ramps are very easily compromised.

Possible Alternatves

Gab seems to have moved onto Square's Cash App, according to a post made on Twitter this week.

However, Square is also a centralized company, which means that Gab could encounter the same problems again, especially if Square comes under enough pressure from the public and the rest of the industry.

New platforms are in development to serve users who might experience censorship, specifically activists and journalists. As CryptoGlobe reported, newscaster Ben Swann announced a new blockchain-based journalism project called Isegoria, which hopes to give a voice to some of the reporters who have been disenfranchised by the dominant social media websites.

Rwanda’s Central Bank Reportedly Considering Launcing Its Own Cryptocurrency

Michael LaVere
  • The National Bank of Rwanda is considering developing a digital currency. 
  • Planning to use Canada, Singapore and the Netherlands as model countries. 

The National Bank of Rwanda (NBR) is reportedly considering the development and launch of a state-backed cryptocurrency. 

Rwandan Digital Currency

According to a report by Bloomberg published on Aug. 22, the central bank is looking into the feasibility of launching a cryptocurrency that would make processing transactions more efficient in addition to boosting economic growth. 

The report claims that the NBR intends to learn from the experience of Canada, Singapore and the Netherlands--other countries that have tested the use of blockchain technology backing a central bank digital currency. 

Financial Stability Director-General Peace Masozera Uwase told Bloomberg in an interview, 

There are still concerns about how exactly you convert the entire currency into digital form, how to distribute that and how fast can you process those transactions. Challenges come in, if technology is down how do you deal with such issues? “We will join in once we are ready.

Rwanda’s consideration of a digital currency comes just weeks after it was reported that China’s central bank digital currency is set for launch, despite the country’s negative stance towards bitcoin and cryptoassets. 

However, the global attitude of central banks is gradually shifting towards the issuance of a digital currency, as existing financial systems seek to find ways to keep up with the fintech revolution being generated through crypto and blockchain.