Cardano (ADA) creator Charles Hoskinson has announced an ambitious goal of onboarding 5 million people to the ecosystem’s Lace wallet.
In a new video, Hoskinson said that the long-term goal is to help onboard five million people onto Lace, Cardano’s web3-enabled crypto wallet. He said that this would cover the entire K-12 population in Ethiopia and that it would be “very exciting” to get everyone who is 25 or younger in the country on board.
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Hoskinson explained that the Lace wallet would allow users to store their digital identities, academic records, and other important documents. He said that this would make it easier for people to access education, employment, and other opportunities.
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Hoskinson acknowledged that there are challenges to onboarding 5 million people to a crypto wallet. He said that the Ethiopian government is still working to get everything “all into one bucket,” and that this has caused some delays.
Cardano creator also noted that there are still capital controls in Ethiopia and that the central bank has yet to fully embrace crypto. This means that there are legal and ethical challenges to connecting these users to a digital wallet.
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Despite the challenges, Hoskinson remains optimistic about the project. He said that once the government bureaucracy is sorted out, IOG and the Ethiopian government will be able to start having “realistic conversations” about how to connect these users to a digital wallet.
Hoskinson also said that the Lace wallet could have a broader impact on Ethiopia. He said that it could “transform the lives of millions of people” in the country and that it could “set a precedent for other countries around the world.”
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