POLYGON as a national currency. - page 6.

X-ray

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Quote from: Sidra101 on May 02, 2023, 08:48:45 AM

What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education.

You are thinking too far like you can easily make it happen while you shall aware of the reality if you have no power to do that, right? I don't even wanna give answer about what steps that can be taken by leader of counter. I just wanna try to tell you if first of all, you shall go to the narendra modi's office and then told him about replacing rupee with polygon. Since, polygon was also one of indian based project. Told indian prime minister to at least try to use polygon once.
That thing will never happen. The regulators saw altcoins were just security asset.

Quote from: Sidra101 on May 02, 2023, 08:48:45 AM

As it's known to be one of the best user friendly platform for easy transactions.

So what's next? VISA, Mastercard even paypall was also offering the same thing like what polygon did but the only thing makes it difference if polygon was a blockchain based project. The price of polygon was also coming from the speculation unlike rupee which is coming from the economic condition of the country itself. Matic is not suitable being used as national currency as it's not a stable currency. People can lose their money anytime, even when they do nothing.

avikz

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Adopting crypto is easier said than done. Countries usually do not like to depend on something that they can't control. That's the most important reason why countries are not adopting cryptocurrency at all. El-Salvador is an exception to be honest.

So no matter how user friendly a cryptocurrency is, it doesn't have any impact on its adoption. Common people may adopt a simpler crypto but that usually isn't the case for countries.

Victorik

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Matic is cheap for doing transactions, although experiences network issues as do other coins. But adopting it as a national currency might really not be practical. There are a lot of legislation that needs to be done and I am sure not everyone in that country will support the idea, especially the law makers.
Best that can be done in my opinion is to accept it as a means of payment.

Yogee

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1. Have a study group to conduct a research on the viability of adopting a new payment system
2. Create a small group to test whatever steps they created in the first step
3. Evaluate the result and make necessary adjustments
4. Present the findings to a larger group of stakeholders and have long discussions
5. Create rules and regulations for the implementation

That's just from the top of my head but there are probably more steps needed in between.

Xal0lex

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Yes, Matic is very good for transactions and very good for NFT, but I don't think it's the right asset to implement at the national level as a means of payment just because it has low fees. Matic has too short history on the market, it's an altcoin and it's not reliable enough. It is unlikely that any country will choose any altcoin, ignoring bitcoin.

vv181

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Any governments are reluctant and unlikely to implement a payment system that is beyond their own control. Moreover, there is also no urgency or major benefit specifically for the country that has a subpar education system for the implementation and integration of such a system.

Saying Polygon has the best user-friendliness does not get to the point it is worth implementing, besides, a similar coin also have similar characteristic compared with Polygon itself. Worth noting to take an example from the country that has made bitcoins legal tenders, they do have massive challenges to increase its usage and utility.

ryzaadit

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Nope, I don't think is happening.

One, they still need to support the banker. If they want do a blockchain, what they do are partnership with a bank for these scheme. They need to maintain the value of their currency, that's why most country prohibited other payment currency.

Like my country, you cannot use crypto as payment but can use them as investment.

jossiel

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Quote from: Sidra101 on May 02, 2023, 08:48:45 AM

What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education.

Either they don't care and let their citizens transact with it or declare it that it's good to use it as a payment transaction.

There's no need for any complicated declaration by a country if they want to use such altcoins for payment. But if it's critical for them then they may do just as what El Salvador did.

And that's about making a law about bitcoin as a legal tender.

Quote from: Sidra101 on May 02, 2023, 08:48:45 AM

As it's known to be one of the best user friendly platform for easy transactions.

Currently, fees are too low for it but what if it becomes congested just as the other chains that have said the same thing for being user friendly and cheap in fees.

Sidra101

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What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.

Topic: POLYGON as a national currency. - page 6. (Read 750 times)