- Cardano’s rejection leaves El Salvador focused solely on Bitcoin.
- No Cardano funds or tech were involved.
- Cardano’s ongoing DeFi initiatives remain unaffected.
Charles Hoskinson, founder of Cardano, rejected El Salvador’s cryptocurrency proposal in 2021 due to legal concerns involving gang associations.
El Salvador’s Invitation and Cardano’s Rejection
El Salvador invited Cardano in 2021 to aid in nationwide crypto adoption. Charles Hoskinson, founder of Cardano, declined, citing legal concerns related to potential gang links. According to Mikhail Bernard’s Profile on X, these legal concerns were significant factors in his decision.
El Salvador’s campaign centered on Bitcoin, excluding Cardano. No Cardano-related assets were adopted or integrated into El Salvador’s crypto policy. El Salvador’s focus remained on Bitcoin, supported by President Nayib Bukele’s pro-BTC stance. Cardano’s decision saw no direct financial impact, with its DeFi initiatives expanding independently. President Bukele issued no formal acknowledgment of Cardano’s withdrawal. The situation underlines the complexities of national cryptocurrency adoption amid compliance issues.
Charles Hoskinson, Founder, Cardano, “When asked about business requirements and legal safeguards, Salvadoran officials reportedly responded by pointing to President Bukele’s Facebook speeches.”
Past parallels indicate single-chain solutions, often excluding broader crypto partnerships. Furthermore, Signisant discussions can also be followed through platforms like TradingView’s Official Page on X.
