Cardano’s Charles Hoskinson: Central Banks Will Vanish and Crypto Will Replace Them
Charles Hoskinson – the creator of Cardano – opined that central banks would fade away as they are slow and corrupt. Furthermore, he claimed that crypto is the cure to the current financial system.
Crypto Is The Antidote
In a recent video, Hoskinson shared his thoughts on the financial ecosystem and the significant role of cryptocurrencies. He opined that central banks are no longer the efficient institutions they used to be, describing them as slow and corrupt. Hoskinson went even further, predicting that they will soon disappear:
”You can’t go back. You can’t change that, you can’t put that genie back in the bottle. Central banks will fade away. It’s just going to happen. Your conventional legacy banks are going to fade away. The payment rails that are so nepotistic, and corrupt, and slow.”
Cardano’s founder argued that the current financial system is utterly defective. For example, farmers in a developing country find it extremely difficult to access credit from a banking institution, and even if they do – it would be unreasonably expensive. Additionally, people who work abroad send money to their families have to pay very high fees.
After giving those examples, Hoskinson said that cryptocurrencies are the ”antidote” to ‘this broken financial network.’ Cardano’s founder went even further, stating that the digital assets are ”going to change the world.”
”Never allow them to say that ours is the industry that’s the risk. Ours is an industry that’s the antidote to the corruption and nepotism that we found. Theirs is an industry of frustration that has now been replaced by an industry of creativity and innovation.”
In conclusion, Hoskinson opined that only cryptocurrencies could handle the too big human population nowadays, making the markets too large to be managed and the innovations too difficult to be set.
In another video last week, Charles Hoskinson argued that his blockchain project is better than Ethereum. According to him, Cardano would not only process smart contracts but do that with governance and compliance. Moreover, he concluded that the proof-of-stake platform’s mission is to bring identity to the blockchain system.
Hoskinson also highlighted the recently provided support for developing countries in Africa. As CryptoPotato reported, Cardano partnered up with the Ministry of Education in Ethiopia to work on a blockchain-based national ID system. As a result, the network would benefit 3,500 schools, 5 million students, and 750,000 teachers.
In addition, they announced a second major partnership in Africa. Working together with IOHK and World Mobile, Cardano would create digital identities, mobile internet connection, and financial acceptance to communities in Tanzania.