Charles Hoskinson, the co-founder of Ethereum (ETH) and founder of Cardano (ADA), believes that the digital currency launched by Facebook is not going to be a match for Cardano in emerging economies. Facebook has recently launched a new crypto project and virtual currency called Libra that is expected to be released to the market as soon as in 2020.
Could Libra Take Cardano’s Market?
Analysts are trying to understand which is the effect that Libra is going to have in the crypto market and in the economy. One thing is clear, it is going to be a competitor to banks and other financial institutions that are difficult to use, expensive, and slow.
Libra is also trying to help individuals around the world process transactions, pay for good at different stores and provide financial services to individuals that do not have. Charles Hoskinson has been travelling all around the world talking with companies and governments that want to have their services improved. He knows what Libra is preparing and how it can play an important role in the market.
During a conversation with FInance Magnates, Charles Hoskinson explained that they are currently working a payments network for six million people in the capital of Ethiopia, Addis Ababa. The company has also been teaching women to code and work on their own products in the country.
About the possibility of Facebook making Cardano aside in the market, he commented:
“I live this market. And I can tell you, the US government, by definition the most powerful entity in the world, finds it difficult to make payments into Ethiopia. If they’re struggling, how is a private company going to do it.”
According to him, Cardano is not entering the market to extract value from people. However, Facebook is trying to convince a large number of individuals, even when the firm does not know anything about that culture, to use a system that would enslave them to an economic monopoly.
He went on saying that they are also working on different projects related to land registration, fraud-free land registration, better voting systems and improved supply chains, among other things.
Welcome to the jungle Zuck pic.twitter.com/RIRBLi73SW
— Charles Hoskinson (@IOHK_Charles) June 19, 2019
It seems that it would be difficult to deal with Cardano and compete against in countries that already trust Cardano rather than a large multinational company. Indeed, there are several countries and regulatory agencies from countries such as Singapore, France, the United Kingdom and the United States that are already working on regulations specifically for Libra.
Try Out Binance Today
For over two years, UseTheBitcoin has done the research, covered the news, and helped readers find the best blockchain projects. The one thing we keep coming back to is Binance.
Binance has set itself apart as the best trading platform for beginners and experienced traders, and gives you hundreds of coins to invest in. Start trading today on Binance!