Charles Hoskinson, the co-founder of Cardano, dreams of a world where crypto promotes financial inclusion for all. For him, they are likely to stimulate remarkable changes in the global financial system. This is one of the reasons why Cardano is supporting a microfinance project in Kenya. But the desired revolution will not take place with little or no favorable regulations.
Unfavorable regulation would affect digital assets
Cryptos have the ability to spur a revolution in the global financial system. They can even become the main gateway for economic and financial exchanges. But this will only be possible if the authorities, in this case the American government, adopt favorable regulations. This is essentially what emerges from a live from the Cardano co-founder on YouTube, Thursday, October 13.
“As many of you know, we want Cardano and cryptos in general to be the global financial operating system. My great passion in life has always been to bank the unbanked and give them an economic identity that they control. This identity must be self-sovereign and ultimately global in nature. This system which will guarantee human rights, freedom of association, trade and expression. Achieving this requires a regulatory regime that acknowledges the existence of cryptos, views them as positive things, and appreciates the freedom they provide people.”he explained.
Hoskinson says he hopes regulations in the United States and around the world won’t block the progress made so far.
Charles Hoskinson attacks CBDCs in general
Charles Hoskinson took advantage of his live to discuss the dangers and concerns associated with unfavorable regulatory frameworks. He also touched on government plans to provide crypto wallets. Thus, he dwelt at length on the example of China, whose digital yuan he believes will compromise the freedom of billions of users to use real crypto.
“If this phenomenon is allowed to spread, there will be a monetary system where a very small group of people will have total and absolute control over the economic freedom of billions of people. This is not an assumption. It’s an active project, with great technology behind it, as well as brilliant minds”, he was alarmed. And to add: “The antidote to this will be a freedom-focused digital currency, rather than a CBDC”.
The yuan already has 40 million beta users. It is estimated that it will spread like wildfire, first in China, then in all countries that adopt the yuan as a reserve currency. For Hoskinson, CBDCs in general are a danger to the freedom users.
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