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Cardano Founder Charles Hoskinson Defends Social Contract for Cryptocurrencies

Cardano blockchain founder Charles Hoskinson has spoken out against central bank digital currencies (CBDCs) while explaining the basic concept behind cryptocurrencies. Hoskinson made the statement in a social media post on May 11, while expressing his views on the upcoming US presidential election.

Hoskinson explains why cryptocurrencies are important

According to Hoskinson, the basic concept of cryptocurrency is to create new social contracts. He explained that these contracts will hold governments, businesses and other authorities accountable to the population. He also urged the industry to focus on promoting this goal rather than engaging in arbitrary discussions about taxes and regulations.

Hoskinson warned that those who oppose the expansion of... Cryptocurrencies They may unwittingly support the concentration of power among a few. At the same time, he warned that if the cryptocurrency industry fails to seize this opportunity, central bank digital currencies (CBDs) could become...CBDC) is the only viable alternative.

Therefore, these central bank digital currencies are likely to intensify financial surveillance and citizen control, exposing... User Privacy And its independence is in danger. Next, Hoskinson added, governments could leverage central bank digital currencies (CBDCs) to manipulate the flow of information and hinder social mobility.

“Cryptocurrencies give us our votes, our financial freedom and our common humanity. Any politician who wants to take that away from us is dangerous.”

👈Read more: Central bank digital currencies (CBDC). Who is it? How will you change the future?

CBDC Tracker
CBDC tracker. Source: Atlantic Council

The Cardano founder's views on central bank digital currencies reflect concerns shared by privacy advocates who see them as potential tools for government surveillance and large-scale economic manipulation.

19 of the Group of Twenty (G20) countries are at an advanced stage of developing a central bank digital currency

Also, warn Renowned author Robert Kiyosaki, best known for his book Rich Dad Poor Dad, recently denounced central banks' exploitation of central bank digital currencies to violate individual privacy. When he says :

"Please be careful. The banking crisis is getting worse. The risk of war is increasing. Central banks will push CBDC to spy on us. I'm buying more Bitcoin and silver coins."

Despite these concerns, proponents argue that central bank digital currencies could improve transaction efficiency and strengthen defenses against...For fraud In digital transactions. And the power Joachim Nagel, President of the Bundesbank, highlights the urgent need for central banks to reassess their business models and quickly adopt CBDCs.

A CBDC is a blockchain-based iteration of a government-issued currency. Compared to traditional banking infrastructure, it facilitates the rapid settlement of fiat currency transactions for central banks, retail banks and consumers.

It is worth noting that the vast majority of countries and monetary unions – 134 in total, representing 98% of global GDP – are considering implementing a central bank digital currency. This is a significant increase from the 35 countries exploring it in May 2020. Additionally, at present, 68 countries are actively participating in the advanced stages of CBDC exploration. Including development, pilot programs or launch preparations.

👈Read more: Russia proposes testing CBDC payments with BRICS+ members

“19 of the Group of 20 (G20) countries are now at an advanced stage of developing a central bank digital currency, eleven of these countries are already in the pilot phase, including Brazil, Japan, India, Australia, South Korea and South Korea. Africa, Russia and Türkiye.

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