The founder of the cryptocurrency Cardano urged users to completely abandon banks

Charles Hoskinson urged cryptocurrency holders to abandon banks in the current economic crisis. The entrepreneur emphasized that digital assets need to minimize the risks associated with unstable financial institutions.

Crypto needs to de-risk itself from those unstable and volatile banks

— Charles Hoskinson (@IOHK_Charles) March 15, 2023

Hoskinson’s tweet came a few days after the closure of another cryptocurrency-focused bank, Signature Bank. The collapse of Silicon Valley Bank and Signature Bank has deprived cryptocurrency firms of one of their last options for communicating with the traditional financial system.

Analysts saw the statement of Cardano’s father as a sign of faith in the potential of cryptocurrencies. Crypto enthusiasts see Hoskinson’s remark as a call to destroy classical financial systems and create new decentralized alternatives. The entrepreneur noted that the closure of banks that serviced cryptocurrencies was a clear sign of increased control by regulators. He also noted the ongoing tension between traditional finance and the virtual asset industry.

Hoskinson expressed confidence that the crypto industry will continue to evolve. However, the Cardano founder is still unclear how the regulatory environment around the digital asset market will be created. Hoskinson also expressed a lack of understanding of how decentralized financial systems will work in the future.

While the father of Cardano is trying to cause a new wave of crypto discourse, a new language for NFT programming is being developed on the blockchain of the same name. Earlier, Hoskinson announced that Cardano blockchain programmers are working on the implementation of the Marlowe programming language. This solution, according to the developers, will make the creation of digital tokens more convenient and easier.