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- Cardano founder does not like Central Bank Digital Currencies (CBDC).
- Vasil Hard Fork went live on Cardano ecosystem recently.
- He got involved in a war of words on Twitter with ETH developers.
CBDCs Can Feel The Fury of Charles Hoskinson
Charles Hoskinson, the founder of Cardano, is always in the news regarding the crypto sector. But this time he made the headlines after cracking down on Central Bank Digital Currencies in an interview. He thinks that CBDCs are the “single-most dangerous innovation concerning monetary policy.” Many nations around the globe are exploring this concept.
He says that CBDCs are not crypto assets, they might pose like one but are not. He is never going to support them in his entire life. He explains that it is a system creating a monopoly and overshadowing the financial autonomy of the people. The entities in command can empty people’s wallets in a blink of an eye.
He presented an example while putting ethnic groups in the center. Charles said that “If a government is in control of a CBDC and an ethnic group oppresses them. Then they have the power to stop the supply in their digital wallets. In simple words, they can empty their wallets within a matter of seconds.
Hoskinson thinks that permanent records of CBDCs can compromise people’s privacy. Cardano founder recently got involved in a war of words with the Ethereum devs. He responded to Vitalik Buterin’s Tweet, saying that they should have implemented Snow White protocol on the network.
Charles Hoskinson’s Cardano saw Vasil Hard Fork going live on 22nd September, 2022. The upgrade pledged to make Cardano more scalable and cheaper for the users. Despite that, the coin’s price is struggling in the market. Currently, ADA, the ecosystem’s native token, was trading at the market value of $0.4335.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
