Crypto Like ADA Would Rule Financial System: Charles Hoskinson

Charles Hoskinson, CEO and founder of Cardano blockchain network, often presents his opinions on issues around the crypto space or his plans with the network. In a recent YouTube video, Hoskinson came up with the notion that eventually Cardano (ADA) and other similar cryptocurrencies are likely to dominate the financial system all around the world. 

Although he puts his opinion that his prediction would only be able to show up in reality if the perception of financial regulators within the the United States remains favorable for crypto. Form of crypto regulations could be one crucial factor to decide the fate of crypto. 

Hoskinson said that there is a need to reach the next level. He cited the ultimate goal of cryptocurrencies to become the main financial operating system in the world. In addition to this, he stated facilitating banking systems to the people not into the system as a mission of his life. 

Cardano founder thinks that this could be the way to avail people lacking the banking services with their economic identity. The identity which is not bound by any restrictions imposed by the border laws. Crypto has the potential to become a financial system capable enough to offer the freedom to express, associate and transact to the people without banking identity, he added. There are several factors that needed to be fixed prior turning the goal into a reality. 

One of these factors Hoskinson said is recognition from regulatory authorities for the existence of cryptocurrencies. On top of that, there is also a need to consider the crypto assets as a vital element to the financial system, meanwhile acknowledging the freedom offered by them. 

Along with this, Hoskinson also talked about the progress of the Yuan project—native CBDC project of China—which he believes will hamper the financial freedoms of people. 

He said that recently he saw a representative of People’s Bank of China presenting digital Yuan. It was impressive given the scale and sophistication of the system underlying the project. There are about 40 million active users within the project and it has a speed of 10,000 transactions per second. 

Hoskinson thinks that the project is based on a quasi-account model and it allows a handful of people to decide the economic conditions and fate of billions of people. He considered a private digital currency to be the best when it is created focusing on freedom instead of competing.

Citing the significant 40 million beta users of the system, Hoskinson believes that it would spread rapidly soon after the launch. Although he argues that holding crypto offers more freedom than any central bank’s digital currency and the former would have more importance that the latter.