Charles Hoskinson, the founder of Cardano (CRYPTO:ADA) blockchain, emphasises the importance of cryptocurrency in establishing new social contracts that hold governments and corporations accountable to the people.

In a recent social media post, he warned against the potential dangers of Central Bank Digital Currencies (CBDCs), expressing concerns about increased financial surveillance and citizen control.

Hoskinson's stance aligns with privacy advocates who fear CBDCs could infringe upon individual privacy rights, while proponents argue that CBDCs could enhance transactional efficiency and combat fraud in digital transactions.

Presently, numerous countries are actively exploring CBDC implementation, with 19 of the G20 countries in advanced stages of development.