Charles Hoskinson, the head of Cardano, recently revealed why his company didn’t partner with El Salvador on a cryptocurrency project. It all boils down to some serious legal and political concerns.
A Risky Airdrop
The El Salvador government wanted to do a massive cryptocurrency airdrop to everyone in the country. This included people on international sanctions lists, like members of the MS-13 gang. Hoskinson explained that giving cryptocurrency to these individuals could be a major legal problem, potentially violating US law and leading to serious consequences for Cardano. They couldn’t get the necessary legal clearance, so they walked away from the deal after just a week.
Hoskinson’s Claims and Keiser’s Counter-Claims
A clip of Hoskinson discussing this was shared online, prompting a reaction from Max Keiser, a prominent Bitcoin advocate and advisor to El Salvador. Keiser has a history of publicly criticizing Hoskinson and Cardano, even claiming El Salvador banned Hoskinson from the country. These claims haven’t been proven, and Hoskinson hadn’t publicly responded until now.
A Controversial Twist
This new information adds a fascinating twist to El Salvador’s Bitcoin strategy. El Salvador has largely partnered with Bitcoin maximalists, and Cardano wasn’t really considered a player in their plans. This rejected deal shows a different side to the story.
Cardano’s Current Price
At the time of writing, Cardano (ADA) was trading at $0.573.