TL;DR Breakdown
- Charles Hoskinson says cryptos would oust Central bank
- Loan inaccessibility, corruption and other of banks deficiencies
Cardano developer Charles Hoskinson has expressed confidence that soon enough, cryptocurrencies would replace Central Banks. He said cryptos are the antidote for the corrupt traditional financial system.
He said this in a recent YouTube video where he shared his thoughts on the financial ecosystem and the significant role of cryptocurrencies.
According to Charles, Central Banks are no longer efficient like they used to be as he said, many of them are now bedeviled by corruption.
”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, he said.
He said further that the traditional finance system is defective, sighting an example of a farmer who can not easily access credit facilities from banks. If they do, it’s usually expensive.
He said cryptos are the way out of this broken financial network, as he put it.
Cryptos primed to change the world – Hoskinson
The Cardano developer said that eventually, cryptos 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 an industry of creativity and innovation has now replaced.”
He said ultimately, cryptos are the only thing that could manage the population as the market can only continue to grow with limitless innovations.
The debate around cryptos vs. Banks, why cryptos would oust commercial banks, and why banks have been afraid of cryptocurrencies have been a long one that doesn’t look set to be concluded anytime soon.
While one claims the other is used mostly by criminals to launder money and engage in shady businesses, the other claims it has simply brought freedom, security, decentralization, and innovation to how the financial system works.
