Charles Hoskinson Discusses Cardano’s Governance and Cryptocurrency at Argentine Convention

• Charles Hoskinson spoke at the Constitutional Convention 2024 in Buenos Aires about Cardano’s decentralized governance.
• Hoskinson discussed Argentina’s economic policies under President Javier Milei, emphasizing a preference for private currencies.

Charles Hoskinson, founder of the Cardano blockchain, recently spoke at a press conference in Buenos Aires, where he addressed the future of Cardano’s governance and the broader implications for cryptocurrency in Argentina. 

This event was part of the Constitutional Convention 2024, aimed at developing a decentralized governance model for the Cardano network . The convention’s goal is to enable every ADA holder to have a say in the network’s future.

«The current president of Argentina has made it very clear that he is an admirer of private currencies by mentioning Hayek, Rothbard, and the Austrian school of economics. One of the pillars of that school of economics is that the government does not necessarily have to be in the business of printing money. And this may seem like a strange concept, but let’s remember that in the European Union, if you live in Greece, Italy, or France, you don’t print your own money. It actually comes from somewhere else: the euro. So, monetary competition is an important aspect, and Argentina is currently experimenting with that.»

Charles Hoskinson, founder of Cardano.

During the conference, held at the Faculty of Law at the University of Buenos Aires, Hoskinson shared his views on Argentina’s economic policies under President Javier Milei. 

Milei’s administration has shown a preference for private currencies, echoing the principles of economists like Hayek and Rothbard from the Austrian school, who argue against government involvement in currency production. 

This stance is reflected in the European Union’s practice where countries like Greece, Italy, and France do not print their own currencies but use the euro instead.

Hoskinson also commented on the structural reforms being implemented by the Argentine government , noting the reduction in state size, including the elimination of several ministries. He discussed the potential for these reforms to lead to further adjustments and possibly the reintroduction of some ministries. 

“At some point, those reforms will need to lead to a rebuilding of the eliminated ministries, as they served a function. Whether they did it well or poorly is part of the public policy debate. However, there is a need to educate the population, enforce the law, have voting systems, and have a national identification system. Whether this is handled by the government or the private sector, it remains an essential function of society. My hope is that the Milei administration, in rebuilding, will take an approach that incorporates blockchain technology, as it can achieve the goal of privatization while preserving the fundamental purpose of government: ensuring freedom and equality for all people.”

Charles Hoskinson, founder of Cardano.

Hoskinson highlighted the possibility of integrating blockchain technology in rebuilding these governmental functions, suggesting that it could enhance transparency and efficiency.

Furthermore, he proposed that blockchain technology could provide a framework for more accountable governance. Using the U.S. Department of Defense as an example, Hoskinson criticized its lack of transparency and suggested that blockchain could prevent such opacity and mismanagement.

“Every time you downsize, like Elon Musk did on Twitter when he cut 80% of staff, you eventually hire back, but much more deliberately and carefully. Even if you get 90% right, there’s always 10% left to adjust along the way. The interesting thing is that as you rebuild, you can have a clearer discussion about who the right people are to take on these tasks. Should they be government employees? Can they be outside contractors? Is a blockchain-based system viable? Or maybe a foreign agency? Even if it’s a government, is it more appropriate to run it at a federal or provincial level?”

Charles Hoskinson, founder of Cardano.

The discussion at the conference underscored the potential of blockchain technology to not only revolutionize the way digital currencies are governed but also to transform public administration. 

As the Cardano community moves towards the ratification of its new constitution in December 2024, Hoskinson’s insights highlight the significant impact that innovative technologies like blockchain could have on both economic policy and governance models worldwide.