Too corrupt, too slow: Cardano founder sees central banks disappear
Charles Hoskinson, inventor of the Cardano network, sees cryptocurrencies and a decentralized financial system as the “antidote” for “this broken financial network”.
In a video released on Saturday, Cardano founder Hoskinson announced his view of the future of the global financial system. He did not mince words:
“There is no going back. You can’t change that, you can’t put the spirit back in the bottle. The central banks will go away. It’ll just happen. The conventional old banks will disappear. These payment methods, which are so nepotistic, corrupt and slow. “
Hoskinson does not want to recognize risks in the crypto industry. Rather, criticism is always driven purely by interests:
“Never let them say our industry is the risk. Ours is an industry that is the antidote to the corruption and nepotism we have found. Yours is an industry of frustration that is now being replaced by an industry of creativity and innovation. “
Hoskinson: Traditional finance penalizes large parts of the world
The Cardano founder also had a few examples of the failure of the traditional financial system to offer. In large parts of the world, for example, it is still not possible, at least very difficult, to get access to credit. Even if it is successful, it is disproportionately expensive.
Hoskinson also considers the costs of financial transactions to be unacceptable once they cross the border of a country or continent. That would look very different with a decentralized financial network. Not that much patience is required:
“In the next 10 years there will be more advances in monetary policy in our industry than in the last 100 years of central banks.”
Of course, the “corrupt financial system” has no interest in change. But that could no longer be prevented. Because too many people were already dealing with crypto technologies. The markets are too big, the pace of innovation too high. Nobody can stop that.
