Cardano founder says cryptocurrency is inherently “political”

The Cardano (ADA) creator, Charles Hoskinson, said that taking part in crypto-related activities is a political act. In a recent YouTube video, he said that the events driven by crypto in economic relations would not be easy to overcome. This places the crypto phenomenon within the political space. Hoskinson further asked crypto community members to take a stance against growing regulatory moves intended to crack down on encryption. 

In the video, Hoskinson said: 

Crypto is as political as it gets. We’re going to reinvent the concept of money and take it out of the government’s hands and control it ourselves.

He highlighted that cryptocurrency is political by nature because of the creative destruction it looks to bring upon monetary policies and commodities. He added that “money is the biggest influence of all of politics.” Pointing out the consequences of the wholesale adoption of distributed ledger technologies (DLT), he said that crypto’s impact will reach way beyond the domain of money. 

Everything has to change: trade changes, property rights change, business change, the business structure changes, laws change.

According to Hoskinson, crypto assets will face more hostility from regulators.

There are people in the Senate and the Congress today in the United States and all around the world who want to ban crypto.

The Cardano creator urged the members of the crypto community to fight against regulatory efforts to constrain crypto. 

If you’re in this industry, what do you do? Do you just roll over like a dead dog and say, “It was a lot of fun okay, alright, whatever.” No, I’m sorry, You have to have an opinion. You have to fight for the right things.

Right now, there’s a strong movement to ban encryption so that when you have encryption, you need to have a backdoor in the system. 

Will you guys use Cardano if it has backdoors in it and we designed the system that way and some small group of people have control over your money and at any time can freeze it? How many of you would use that?