This Is How Adopting Cryptocurrencies Will Save The World

On the issue of cryptocurrencies on Twitter, Cardano Foundation founder and CEO of Input-Output Global Charles Hoskinson has commented fiercely on the warning issued by the IMF a while back against the adoption of cryptocurrencies by the new fast-rising markets. According to Charles, the adoption of crypto will save emerging countries from hyperinflation; more than it would sink them.

In a report by Reuters news agency on the first of October, the IMF has warned that the crypto nation of emerging countries can cause problems in the future by throwing a wrench into the financial stability in those regions and compromising capital controls.

This warning followed the adoption of Bitcoin by El Salvador, with other Latin American countries working towards following suit. Another contributing factor to this warning is the rising momentum of crypto adoption in countries like Pakistan, Vietnam, and India (even after the crypto ban). This is according to data provided by Chainlink.

IMF has also stated that the steam behind the adoption of cryptocurrency in third world countries is inefficient payment systems and unhealthy macroeconomic policies. The regulator holds that the following are some of the factors contributing to the crypto nation ‘problem’:

  • High Inflation
  • Lack of stable local currencies
  • Low credibility of the population

One more area the IMF predicts will receive a blow is local fiscal policy and taxes. The IMF believes that the crypto nation will encourage tax evasion. They have urged the governments of developing countries to contemplate doling out CBDCs in response to the fast-rising adoption of crypto.

In a sound clap back to the IMF’s tweets, the brains behind the most well-known Proof-of-Stake community and third-largest blockchain; Cardano’s Charles Hoskinson that compared to decentralized cryptocurrencies, crypto will bring countries from the trenches of super centralized rails and hyperinflation that local central banks and the IMF can manipulate.

Famous US whistleblower, Edward Snowden based in Russia, has joined the IMF bashing, calling CBCD a “perversion of cryptocurrency”. He has gone on to call the digital dollar the Federal Reserve is planning to launch ” crypto-fascist currency”.

Snowden’s passionate opposition is based on the fact that the yet-to-be-launched FedCoin will bring down the savings of the average American to a big zero. This would in turn force Americans to spend their CBDC in a rush.

Another strong point of Snowden’s arguments is that through the digital dollar, the Federal Reserve will not only have access to the money of Americans, it would also get to decide whether or not they spend their money and how they do it.

In the general scheme of things, this practically means that no American with money in the bank is truly the owner of their funds due to the position of regulators in the matter

Generally, if the crypto industry can break the opposition from financial institutions, this could be one huge towards transforming the face of finance in the years to come.

Crypto gems possessing hard limits in supply are fast changing into a prototype with enough potential to fuse the best of both worlds. Bitcoin particularly has over 21 million in limited supply while losing 34% permanently from private key loss by users.

When you combine this scarcity with a record stream of cash into peer-to-peer payment systems for cash, the result is its price increase outgoing that of inflationary pressure on fiat currencies.

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