119 Interactions, 4 Today
According to Charles Hoskinson, co-founder of Cardano and Cardano, crypto is ready to “play a larger role in Afghanistan.”
Today, Ethereum co-founder Charles Hoskinson stated that cryptocurrency will save lives in Afghanistan.
Hoskinson, who is also the founder of interview yesterday that crypto could be used as a tool to fight against the Taliban., the third-largest digital asset by market cap, told CNBC in an
He didn’t explain exactly how crypto would do this—but hinted that privacy could be something that is useful for the country’s citizens.
“It is my belief that cryptocurrencies are going to play a larger role in Afghanistan this time around, in the war for and against the Taliban forces,” he said. “There is going to continue to be civil war and conflict and they are going to need resources,” he added, noting that crypto was already in Afghanistan. Cryptocurrency use—especially Bitcoin use—has spiked in Afghanistan since the U.S. and its allies chaotically exited the country after a 20-year. Afghanistan has one of the fastest rates of cryptocurrency adoption, according to blockchain
analytics firm Chainalysis.
The Taliban has used the US withdrawal to regain power, resulting in countless deaths, including a suicide attack last week that killed 13 American military personnel and 169 Afghans.
Last week, a number of prominent Bitcoin supporters made crude jokes about the situation in Afghanistan, while others made wide-eyed predictions about how cryptocurrency may be used to escape the economic grip of repressive regimes.
Likewise for Hoskinson, cryptocurrency is an opportunity for the war-torn country. He said that it would be “interesting” to see how cryptocurrency “gets integrated into statecraft” and how it could be used as “resistance against a regime” that “doesn’t care for the rights” of its people.
Hoskinson was a co-founder of Ethereum, the second-largest cryptocurrency by market capitalisation. He went on to found Cardano, which is just one step below Ethereum in terms of market capitalisation.
After Hoskinson indicated that the network would soon feature smart contracts, the cryptocurrency surged to this position, with its price rising and reaching all-time highs.
: computer code that executes predefined instructions Cardano, Hoskinson and his team think, will compete with Ethereum as the go-to network for running DeFi apps, which aim to replace banks and brokers by automating lending and borrowing.