Topic: Will stablecoins replace Fiat currencies in the future? - page 4. (Read 875 times)
I actually hope they do. I believe it's better to run fiat on public, transparent, decentralized system/network than on private, opaque and centralized one. Most of the countries can have their own stablecoins. The governments will still have the legal power over the stablecoins, but there will be more effective checks/balances or accountability due to increased transparency offered by truely decentralized and public system/network.
There will always be a possibility considering the innovation and revolution of the technology all over the world. The only struggle that may be faced by the stablecoins is the regulation of the government being granted to them. We all know that crypto is a decentralized currency, they cannot be controlled by government sectors and associations making it much better compared to fiat. If in the near future, things will get settled and agreed upon, maybe there's a chance that stablecoins will slowly dominate over fiat all over the globe and by that time, it could either be the economy will get better or would end up worse. We still have no idea where it may lead us.
stablecoins replace fiat of course can happen in the future, but in my opinion it will not happen in the near term, because the wider community still needs longer adaptation and there are still very many people who do not know what crypto is.
Well to most citizens stable coin might replace fiat especially for crypto lovers, but it will be very difficult for stable coin to replace fiat worldwide because not all countries accepts crypto and currently speaking all most 100% of most countries government won't want to replace thier fiat currency with a cryptocurrencies! It sounds very much impossible, government likes being in charge, knowing fully well no one controls crypto it will look as a threat to them and also all countries currency represents its country by bearing the country's name e.g USD which is United state dollars, this is another reason why government will not allow crypto to replace their fiat currency.
The government will prefer to issue their own stable coin called CBDC, I should remind you that there are some news that said if some countries were feeling worrying of stable coin will be dominating the world and that's why UK wants to clear the stable coin regulation as fast as possible. Stable coin has possibility to replace fiat as it has the same value caused by stable coin pegged with fiat.
I recommend you try to read some news about stable coin regulation. So many countries are paying their attention on this.
I recommend you try to read some news about stable coin regulation. So many countries are paying their attention on this.
Governments have two options to bring Fiat into the digital realm. Either they create their own CBDC from scratch or adopt an existing stablecoin as their own. If they decide to take the latter route, the issuer of the stablecoin is going to have to give the government full access to it. Mass surveillance can be achieved easily this way. Of course, starting a new currency from scratch gives better control and flexibility to both governments and central banks. We're going to have to see how everything unfolds in the future as crypto/Blockchain tech continues to grow in popularity worldwide.
Believe me, stablecoins won't be able to last for long once governments launch digital Fiat currencies of their own. These entities will prevent companies from launching stablecoins to the public with heavy-handed regulations. After all, governments don't want to lose control over people's money. The only exception would be traditional cryptocurrencies like Bitcoin and Ethereum, as they're decentralized by design. Which is why, I believe the stablecoin trend will be one that will last for a very short period of time. Just my thoughts
Despite the existence of Internet, it does not totally replace the Newspaper and U believe that will also be same for Bitcoin and the bank
Internet doesn't replace the newspaper instantly but this time i rarely seen that people are still using the newspaper to get the latest news and people keep up to date with their gadget. Stable coin will not replace the fiat currency as fiat already used to backed the stable coin and this will not be possible.
it's not the same like internet that was making newspaper disappear
It won't happen, because fiat currency is what we use from the start until now, while stable coin can be use only to those who embrace digital currency which is more on the private sector. There are many things need in digital currency which cannot be totally use by many people because it needs internet connection, gadgets and other thing. We cannot deny the fact how useful and hassle-free using it.
The government won't replace fiat by any other form of money. The only thing they are going to replace by launching CBDCs is cash.
Stablecoins are crypto assets pegged to the value of Fiat, bringing people the "best of both worlds". The most popular stablecoins are often pegged to the US Dollar, since it's the world's reserve currency. Some of them comply with regulations, further legitimizing the industry as we speak. With all of the benefits stablecoins provide, Fiat's prominence could be threatened in the long run. After all, it's much faster and cheaper to use a stablecoin than a credit/debit card. People could stop using Fiat currencies like the US Dollar or the Euro in exchange for a stablecoin of their choice.
This makes me wonder, will stablecoins replace Fiat currencies in the future? If not, why? Is there a possibility governments will adopt stablecoins as their own instead of launching digital currencies from scratch? Your input will be greatly appreciated. Thanks in advance.
Existing stablecoins are mostly either privately owned or created by a specific commercial entity. If they go bankrupt or disappear for any other reason, its holders will lose their money. Therefore, they are not suitable for states. States will only issue and use their own central bank stablecoins, that is, their digitized national currencies. They will replace conventional fiat currency, but they will not completely replace it. Neither the state, nor a significant part of the population will be interested in this.This makes me wonder, will stablecoins replace Fiat currencies in the future? If not, why? Is there a possibility governments will adopt stablecoins as their own instead of launching digital currencies from scratch? Your input will be greatly appreciated. Thanks in advance.
Going forward, it is possible that governments will ban private and commercial stablecoins.
Actually i dont care about this idea because governments themselves always avoid talking about the crypto generally and most of them dont even know about the existence of such stable coins especially in the 3rd world countries...bitcoin is all what they know about and they always try to make people think that it suspicious and dangerous
It's not even an idea but it's happening now. Crypto is not so popular among the people from the 3rd world countries caused by these countries' lack of infrastructure. Crypto is not even become a massive trend on the major countries as well.
The governments are feeling worried about the existence of crypto can disrupt fiat money as the main market for the bank to make its domination.
Once decentralized will become a very popular thing and a stable coin has a chance to replace fiat money.
A stable coin hasn't been created by any government. It's just a centralized cryptocurrency claimed backed by USD. But most stable coins don't have transparency if really backed by USD or not. I don't think in such as situation stable coin would be replaced for fiat. Rather than there is the possibility that the government would create a national stable coin. But I don't think it's possible to remove fiat currency totally.
legendary
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Despite the existence of Internet, it does not totally replace the Newspaper and U believe that will also be same for Bitcoin and the bank
But the selling of news paper also has significantly decreased even SMS are now being replaced by messaging app, however stablecoin replacing fiat sounds impossible but actually it could happen if each government creates their own version of stablecoin instead of digitalizing their currency using centralized system and bank transfer could easily be replaced by stablecoin if the government approves. it's just matter of the government decision actually. 
Actually i dont care about this idea because governments themselves always avoid talking about the crypto generally and most of them dont even know about the existence of such stable coins especially in the 3rd world countries...bitcoin is all what they know about and they always try to make people think that it suspicious and dangerous
Despite the existence of Internet, it does not totally replace the Newspaper and U believe that will also be same for Bitcoin and the bank
Internet doesn't replace the newspaper instantly but this time i rarely seen that people are still using the newspaper to get the latest news and people keep up to date with their gadget. Stable coin will not replace the fiat currency as fiat already used to backed the stable coin and this will not be possible.
it's not the same like internet that was making newspaper disappear
Despite the existence of Internet, it does not totally replace the Newspaper and U believe that will also be same for Bitcoin and the bank
In my own honest opinion, I think it will be difficult for stable coins to replace fiat, but it not impossible, it can happen but will take a great amount of time before this happens if it ever will, and another thing am thinking is based on how greedy our government is, they will hardly accept any currency not created by them, this is to say that they will first of all create their own stable coins for the country citizens to adopt, this will give them control over every ones assets, they can only look the way of adopting the current stables coins we have in crypto if the citizens refuse to recognize the government owned stable coins, but like I've earlier, this is possible but very difficult and will take a lot of time before it can come to pass if ever it will happen, this is just my opinion.
This is not even just difficult, but impossible by definition, because stablecoins themselves are tied to fiat currencies in value and appeared in contrast to the very volatile classic cryptocurrencies. The modern model of public administration includes fiat currencies as one of the elements for the functioning of the economy and the influence of government bodies through the issuance of fiat currencies, so states can still allow the parallel circulation of fiat currencies and stablecoins, but the replacement of fiat currencies with stablecoins is out of the question. 
Cost to transfer USDT now: $20 at the very cheapest and slowest speed. Average is $40.
So the world's most popular stablecoin, and many other less stablecoins all using Ethereum will cost you that much.
How can it replace fiat currencies which are mainly free to transfer to each other (except cross border).
I support crypto but it's not yet ready.
So the world's most popular stablecoin, and many other less stablecoins all using Ethereum will cost you that much.
How can it replace fiat currencies which are mainly free to transfer to each other (except cross border).
I support crypto but it's not yet ready.
ROFLMAO.. and people are talking about USDT replacing fiat currency. To replace one asset with other, the latter should be having a lot of advantages and merits compared to the former. If we compare fiat currency with stablecoins, I don't think that this holds true. I would even say that stablecoins such as USDT are inferior to fiat currency. In case of USDT, I can't trust the exchange which creates this token (Bitfinex), as they have been accused of fraud using the reserve funds of USDT.
I think in the future stablecoins will coexist with fiat currency but it cannot replace fiat currency.
While stablecoins have many advantages over conventional currencies, they are often privately owned, and governments will not allow a privately owned currency to replace their currencies.
While stablecoins have many advantages over conventional currencies, they are often privately owned, and governments will not allow a privately owned currency to replace their currencies.
in my opinion it is not that easy to replace the currency of every country using cryptocurency like stablecoins because usually governments prefer to use their own currency so that the value of their currency remains stable in the world market
legendary
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In my own honest opinion, I think it will be difficult for stable coins to replace fiat, but it not impossible, it can happen but will take a great amount of time before this happens if it ever will, and another thing am thinking is based on how greedy our government is, they will hardly accept any currency not created by them, this is to say that they will first of all create their own stable coins for the country citizens to adopt, this will give them control over every ones assets, they can only look the way of adopting the current stables coins we have in crypto if the citizens refuse to recognize the government owned stable coins, but like I've earlier, this is possible but very difficult and will take a lot of time before it can come to pass if ever it will happen, this is just my opinion.
With the emergence of CBDCs, will governments try to reduce the role of stablecoins?
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