Cardano Ceo Charles Hoskinson On China’s Banking Crisis

Cardano CEO Charles Hoskinson shared his opinion on the situation around the Chinese banking system. He expressed regret that the world still does not have a single digital monetary ecosystem that does not require backup storage and will be available anywhere in the world.

Hoskinson mentioned that cryptocurrencies could become a worthy alternative to classic fiat assets. It is worth noting that in April 2022, four banks in Henan province (central China) froze deposits of depositors worth millions of dollars. This is a severe blow to the credit system, especially given the fact that the Chinese economy has not fully recovered from the effects of covid restrictions.

Worried investors staged mass demonstrations in the provincial capital. When the situation escalated, the Chinese leadership forcedly dispersed the demonstrators. Many experts agreed that this is an unpleasant situation and, perhaps, will become a harbinger of a protracted banking crisis. As you know, China is an ardent opponent of cryptocurrencies and blockchain technologies, so the country’s citizens do not have the opportunity to invest in digital assets.

Returning to the words of Hoskinson, if we evaluate the picture globally, then the world states are not yet particularly interested in transferring financial markets to the blockchain and the massive introduction of cryptocurrency payments.

Many governments choose to promote their national digital assets and do not seek to interact with private crypto projects.

Earlier, the Crypto editors reported: that the Italian government plans to support companies operating in the blockchain segment. Promising startups can count on government subsidies of up to $46 million.