I don't think crypto needs to be a substitute for physical money but it can provide an alternative to users that when they can't use physical money, they can use crypto to make payments. Fiat will remain as we know it. Maybe it will only change physically from paper to digital because it has been transformed into a digital form. And fiat will still be used but it would be better if the government could start legalizing crypto as an alternative means of payment when banking cannot work optimally. The public will be happy to see something like that because they can use fiat and crypto together.
No, they won't. They will not legalize crypto because it will beat the value of fiat in the market. You have to be sure of that.
All over the world almost all countries want fiat currencies to have a high value in the market and we can see how the USD competes with the euro.
Although not and/or not necessarily true, their efforts in pursuing CBDC is as an alternative to not wanting to legalize crypto.
For me it doesn't matter because we can still use crypto amid the difficult economic conditions of the banking world or vice versa.
That's why I hope to see crypto go hand in hand with fiat to help people have a better life and the government supports this. So if each country legalizes crypto for its people, the government can apply its taxes to crypto users. As long as the government can be a good link between fiat and crypto, the government will also benefit because these crypto users will pay their taxes as long as it's reasonable.
We are lucky to still survive amid this difficult banking world economy because we have known crypto for a long time. But imagine how people out there haven't had the opportunity to get to know crypto. It will be difficult for them to survive this situation. the hard one. But I'm sure they can survive even though their government still doesn't want to legalize crypto.
