Cardano CEO Charles Hoskinson shared his opinion on the situation around the Chinese banking system. He expressed regret that the world still does not have a single digital monetary ecosystem that does not require backup storage and will be available anywhere in the world.
Hoskinson referred to the fact that cryptocurrencies can become a worthy alternative to classic fiat assets. It is worth noting that in April 2022, four banks in Henan province (central China) froze deposits of depositors worth millions of dollars. This is a serious blow to the credit system, especially given the fact that the Chinese economy has not fully recovered from the effects of covid restrictions.