Charles Hoskinson, the founder of Cardano, a smart contract platform, is endorsing Argentina’s newly elected president, Javier Milei, describing the leader as “perfect” for navigating the Latin American country towards a crypto and blockchain future.
Charles Hoskinson Backing Argentina’s New President
In a podcast shared on X by Lucas Macchiavelli, the co-founder of Latam Cardano Community, Hoskinson believes that Milei’s “commitment” to freedom and preference for alternative financial systems away from centralization align with blockchain and crypto principles. To clarify, Bitcoin, Cardano, and all public ledgers depend on the community to function as intended.
Milei, a staunch libertarian, has long advocated for Bitcoin, a decentralized currency, to escape the clutches of fiat and its inherent vulnerabilities to inflation and manipulation. Accordingly, when Milei was elected last week, pro-crypto supporters were ecstatic, expecting the technology to permeate even deeper in Argentina.
It is along this view that Hoskinson, in the podcast, said Argentina now has a chance to be the center of a revamped financial system after putting in power a leader who “understands that the government is the problem.”
As it is, the prospect of Argentina embracing Bitcoin, following the path of El Salvador, as an alternative to the struggling Argentine peso explains the general excitement following Milei’s win. The peso has been plagued by hyperinflation and devaluation for years, if not decades.
Subsequently, Argentina’s purchasing power has been shrinking while stifling economic growth. Top crypto coins, including Bitcoin, are legal in Argentina and remain in high demand.
When campaigning for office, Milei promised to shut down the central, saying the matter was “non-negotiable.” Ahead of what could be a seismic development for Argentina, the president is putting up a team to execute this promise once they take over office on December 10.
Will Cardano Be The Choice If Argentina Goes All-Crypto?
How the president will dollarize the economy and even replace the peso is unclear. However, the prospects of crypto being embraced in the country would be boosted for open ledgers like Cardano.
Cardano is actively developing and has previously worked with enterprises and governments. In 2021, IOG, the team developing Cardano, said they would create an on-chain solution to see Ethiopia’s secondary school students safely archive their academic records.
For now, it remains unclear whether IOG and Hoskinson will convince the Milei’s government to deploy solutions on Cardano if Argentina goes the crypto and blockchain way.
Feature image from Canva, chart from TradingView
