Cardano creator Charles Hoskinson reveals ‘Next Level’ plans for ADA and other cryptoassets
Cardano (ADA) co-creator Charles Hoskinson lays out a far-reaching vision for the future of cryptoassets.
In a new video update, Hoskinson tells his 315,000 YouTube subscribers that crypto projects like ADA could one day become the world’s financial system, but notes that the US government will need to pass favorable crypto regulations for this to ever become a reality.
“It is necessary for us to get [to] next level. As many of you know, we want Cardano and cryptocurrencies in general to become the world’s financial operating systems.
And my great passion in life has always been banking the unbanked and providing the unbanked financial identity that they control, which is self-sovereign and ultimately global in nature, and to ensure human rights, freedom of association, freedom of trade and freedom of expression.
To achieve this, there needs to be a regulatory regime that recognizes the existence of cryptocurrencies, sees them as positive things and values the freedom they bring to people.”
Hoskinson goes on to raise concerns about the direction of China’s digital Yuan project, saying the project will compromise people’s economic freedoms.
“The representative from the People’s Bank of China happened to give a presentation about 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 kinds of things.
And it is very clear that they are combining social credit and the Belt and Road program with this digital currency.”
According to Hoskinson, China’s current model will ultimately allow a few individuals to financially control the lives of billions of people. He says the antidote to this would be a digital asset that focuses on freedom rather than a central bank digital currency (CBDC).
“If this is allowed to spread, there will be a money system where a very small group of people have total and absolute control over the financial freedom of billions of people. It is not a hypothetical. It is an active project, with good technology behind it, brilliant minds behind it.
And already 40 million users as a beta, and which will spread like wildfire, first all over China and then any country that uses the Yuan, renminbi, as its reserve currency. It is [a] reality that we all have to face. The antidote to this is cryptocurrency with characteristics that have freedom, not another CBDC, like a digital dollar or something like that. So we will fight that battle.”
I
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/s_maria/Mingirov Yuriy
