Cardano Founder: "We Will Beat Facebook in Emerging Markets"
Cardano (ADA) founder Charles Hoskinson claimed during a discussion on June 26 that emerging markets are the focus for cryptocurrencies and that Facebook's stablecoin project will not succeed in this area.
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Hoskinson believes that emerging markets are the future, stating:
I don't care about the developed market because it's highly regulated. If I decide to compete with a tech company, they can easily limit Cardano's development through regulation.
Developing countries are crucial markets for cryptocurrencies. Cardano can rebuild parts of the educational infrastructure, create new payment systems, or establish medical record systems. These are the key markets, and they will become very high-value users in a decade or two.
According to a report, Hoskinson predicts that Facebook will struggle in promoting Libra in emerging markets. He believes the project needs to be built based on the actual interests of emerging markets, where Facebook must involve itself in developing countries and persuade them to monopolize their economic systems, with the only return being a reduction in some transfer fees. He stated:
For developing countries, I will help them rebuild all systems, establish land registries to eliminate fraud, provide a better voting system, and improve supply chains. These are the constructions we are working on, but it will take several years. These are markets based on real needs, and Facebook does not have this layer of connection.
Hoskinson strongly criticizes the Libra payment system, but stablecoins may only be the initial plan for the Libra project. According to a previous ABM report, Facebook officially stated its goal as:
Our ultimate goal is to help and serve billions of people, perhaps in healthcare, fair financial services, or new ways of sharing information.
Further Reading
- Russia Passes Digital Assets and ICO Regulations But Still Bans Facebook's "Libra"
- Visa, Mastercard Join Forces: 26 Partners Revealed for Facebook's GlobalCoin Payment Platform
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