Cardano (ADA) co-creator Charles Hoskinson is laying out a far-reaching vision of the future for crypto assets.
In a new video update, Hoskinson tells his 315,000 YouTube subscribers that crypto projects like ADA could one day become the world’s system of finance, but notes that the US government needs to adopt favorable crypto regulations for this to ever become a reality.
“It’s necessary for us to get [to] the next level. As many of you know, we want Cardano and cryptocurrencies in general to become the financial operating systems of the world.
And my big passion in life has always been banking the unbanked and giving the unbanked economic identity that they control, that’s self-sovereign and ultimately global in nature, and ensuring human rights, the freedom of association, commerce and expression.
To accomplish that there needs to be a regulatory regime that acknowledges the existence of cryptocurrencies, views them as positive things and appreciates the liberty that they provide people.”
Hoskinson goes on to raise concerns about the direction of China’s digital Yuan project, saying that the project will compromise people’s financial freedoms.
“The representative from the People’s Bank of China happened to do a presentation on the digital Yuan, and it was very striking how sophisticated and already scaled the system is: 40 million users, 10,000 transactions per second, a quasi account model, and a very, very tight coupling with some of the existing payment systems they have like WeChat, Alipay, these types of things.
And it’s very clear that they are bundling social credit and their Belt and Road program with this digital currency.”
According to Hoskinson, China’s current model would eventually allow a few individuals to control the lives of billions of people economically. He says the antidote to this would be a digital asset that focuses on liberty rather than a central bank digital currency (CBDC).
“If this is allowed to spread, a money system will exist where a very small group of people have total and absolute control over billions of people’s economic liberty. It is not a hypothetical. It’s an active project, with great technology behind it, brilliant minds behind it.
And already 40 million users as a beta and that will spread like wildfire, first throughout China and then any country that is adopting the Yuan, the renminbi, as its reserve currency. It’s [a] reality that we all have to face. The antidote for this is cryptocurrency with properties that have liberty, not another CBDC, like a digital dollar or something like that. So we’ll fight that fight.”
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