For quite some time now, the star-crossed Libra stablecoin has been under a heavy bombardment of criticism and questions from the US regulators, who have not only delayed the much-awaited launch but have also put a probable halt on its project.
AMA with Cardano founder takes subtle jabs at the US government
In Hoskinson’s opinion, the over-involvement of the US government officials in cryptocurrency development is rather de trop. The reason behind the politicians’ apprehensions about cryptocurrencies and their mainstream adoption is challenging the US dollar dominance.
According to him, politicians do not want to be the cause of financial precariousness in their countries by inviting the competition. As a result, many of them maintained their stand on the monopoly of the US dollar – claiming it to be the only global reserve currency.
Hoskinson also challenged power exploitation among government officials and lawmakers. He insists that power bestowed upon them is likely to be abused, and the only way to test it is to set cryptocurrencies’ adoption in motion. The Chinese Yuan, Euro, Pound, or the US dollar face a ceaseless threat if cryptocurrencies are accepted globally.
Cryptocurrencies are the way forward, claims Hoskinson
So far, virtual currencies have proved their mettle as the gateway to several opportunities in institutional improvements. Along those lines, the cryptocurrency wizard expressed his belief that smart payments solutions, super-fast and secure transactions and supplementing the existing programming languages will only be made possible by cryptocurrencies.
The former Ethereum co-founder also went on to analogize governments’ unjustified interference in cryptocurrency development with the Soviet Union’s Chernobyl catastrophe. One of the worst nuclear disasters in history blew the lid off the Soviet Union’s receptivity to corruption. Thus, the public is fully conscious of the questionable deeds of the government, he asserts.
Although the Q&A began with the government officials put in the line of fire, Hoskinson did end the session on a positive note, stating the cryptocurrencies can make the world a much better place.