- Hoskinson believes it is only a matter of time before crypto assets take over the global financial system.
- The Cardano founder raises concern over China’s launch of its national digital currency.
Cardano founder and CEO, Charles Hoskinson, has shared his opinion on the long-term future of digital assets. In his latest YouTube video release, Hoskinson revealed that ADA and other crypto assets would eventually rule the world’s finance system. However, he added that this goal wouldn’t become a reality unless the US authorities adopt a favorable disposition towards crypto.
This disposition involves the creation of suitable crypto regulations for the industry’s players. “We need to reach the next level. As you already know, our ultimate goal is for Cardano and other digital currencies to become the world’s financial operating system.” Hoskinson revealed that one of his life’s missions is to help the unbanked to become banked.
Thus, the unbanked can have an economic identity they control without any border restrictions. Hoskinson claims that crypto is the only financial system that can offer the unbanked the freedom of expression, association, and commerce. The Cardano CEO further said certain factors need to be in place before this goal can become a reality.
One such factor is that the regulatory authorities must recognize the existence of crypto assets. Also, they must consider them an advantage to the financial system and acknowledge the freedom they offer everyone.
Digital Yuan: A compromise to people’s financial freedom
Hoskinson also shared his opinions regarding the progress China is making regarding its digital Yuan project. The Cardano founder believes that China’s central bank digital currency (CBDC) will restrict people’s financial freedoms.
Recently, I listened to a presentation about the digital Yuan by a People’s Bank of China representative. I was particularly impressed by the scale and sophistication of the system. It has 40 million users already and processes 10,000 transactions every second. It runs on a quasi-account model and is integrated with current payment systems such as AliPay and WeChat. However, they were clumping social credit, the nation’s Belt and Road program, into this CBDC.
Hoskinson claims that China’s quasi-account model would only enable a few persons to determine the economic conditions of billions of people. He suggested that creating a crypto asset focused on freedom and not just a competition for private digital currencies is best.
If this model continues this way, it will create a money system where few people are in absolute control of billions of people’s economic freedom. This is not a hypothesis but an active project with brilliant minds and great technology.
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Hoskinson added that the system would spread quickly after launch within and outside China, given that it already has 40 million beta testers. However, having a CBDC (whether the digital Dollar, digital Yuan, or any other one) isn’t as important as having crypto that offers freedom in every way. “So, we’ll keep fighting till we achieve our goal.” If cryptos take over as the world’s financial system, Cardano’s native token (ADA) and other crypto assets will spike in value suddenly.