Recent reports reveal that Charles Hoskinson, the creator of Cardano (ADA), is determined to onboard five million users to the Cardano Lace Wallet.

Huge project in Ethiopia

Hoskinson, who is also the CEO of Input Output Global (IOG), updated his 318,000 YouTube subscribers on the identity-focused project in Ethiopia that aims to archive students’ academic records.

In a new video, he shared that his primary objective is to help five million people join Lace, which is Cardano’s web3-enabled cryptocurrency wallet.

“We’re just watching student after student get enrolled. The long-term goal is to get five million, that would cover the entire K through 12. It’d be very exciting to get everybody who’s young in the country, 25 or younger, and that would probably be over 20 million or 30 million, but you just have to kind of take it one day at a time.”

The project is hindered by massive bureaucracy

According to Hoskinson, progress in the project is being hindered by a lot of bureaucracy. However, IOG, the developers of Cardano, and the Ethiopian government are now collaborating to move things forward.

The delay is not caused by our team, but rather the government needs to organize everything.

He also explained the fact that they are working closely with them, though some days are more challenging than others.

When implementing large-scale government programs in developing digital economies, patience is required, and it takes time.

What excites him is the fact that once we reach a certain level of progress, we can start discussing how to connect users who will eventually turn 18 or 25.

Massive CBDC warning

According to the co-founder of Cardano (ADA), concerns about central bank digital currencies (CBDCs) are valid since there is a possibility of governments confiscating them in the future.

Charles Hoskinson’s latest video update highlights a concerning issue.

He cautions that CBDCs may pave the way for governments to manipulate people’s speech and thoughts by linking them to their financial autonomy.

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