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Speculations within the Cardano community claim the government of Switzerland has adopted ADA as national currency, but there’s a catch.
In the fast-paced and often self-deprecating world of crypto, it can sometimes be hard to separate fact from fiction.
In the latest instance highlighting this, some members of the Cardano (ADA) have been thrown into confusion by a post suggesting that the Swiss government has chosen ADA “as its first-ever national cryptocurrency.”
A HOSKY Post
“Is this real?” That was the reaction of several Cardano community members after seeing a recent post from the official X account dedicated to leading Cardano meme coin HOSKY.
The account declares in the Thursday, December 19 post that ADA has been chosen as Switzerland’s official national cryptocurrency.
Further deepening the confusion, Cardano founder Charles Hoskinson shared the post stating that the community will get chocolates and nice watches.
So, what’s really going on?
The Latest Jab in an Internal Struggle
The recent HOSKY post appears to be the latest jab in the Cardano community’s push for greater oversight over the Cardano Foundation’s operations amid claims of undue Swiss government influence.
The operating model of the non-profit tasked with advancing Cardano’s adoption has recently come under fire even from Cardano founder Charles Hoskinson.
In an X post on Wednesday, December 18, Hoskinson questioned the organization’s board appointment process. He asserted that Cardano Foundation board members were appointed by the Swiss government instead of by a community vote, leaving the community with little oversight over its activities.
Here's a question before they will lie about how the current board got appointed. If Switzerland doesn't allow you to democratically elect the board members, then why can't you move the Foundation to a new jurisdiction that will? The assets can be granted to another body.
Ask… https://t.co/asriHlEjjB
— Charles Hoskinson (@IOHK_Charles) December 18, 2024
The challenges posed by this lack of oversight have come to the fore amid claims of internal conflict and marginalization. Hoskinson has urged the foundation to relocate as a solution, suggesting jurisdictions like Abu Dhabi and Wyoming as alternatives.
The Cardano Foundation’s operating model is based on Swiss laws around the establishment of foundations. Under Swiss law, foundations are not recognized as membership-based organizations, eliminating the possibility of community votes.