You think that governments might adopt cryptocurrencies to replace fiat currency - page 9.

jekainvestor

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Quote from: RedMinez99 on November 29, 2019, 07:50:43 AM

Currently, in this day and age, all governments around the world have adopted fiat currencies as a means for its citizens to trade with one another and to trade with other nations around the world. However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?

I can see that fiat currency has many flaws as all types of currencies before it, but with the new “government cryptocurrency” would it be able to solve the problems that fiat currency has and make a better economy? I’m not really sure myself as I can’t really predict the future.

Considering that fiat currency replaced all the previous currencies before it, would cryptocurrency replace fiat currency in the future?

I am not sure this will happen some day in that variant like people may imagine nowadays. Fiat of course may be replaced some day, but not fully. Too many factors will not allow this to do. Of course the fiat money with lots of problems, but crypto assets nowadays are with not the less problems at all. And of course may be some day the whole planet will change all money for some digital assets, but it should be the really working without any bug system in order to give people opportunities to use them. And all the systems in the world should work on some algorythms where no other money is accepted. To my mind it is really hard to implement in real life...

joinfree

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Yes, but most governments are likely to create their own digital currency and back them with fiat currency. Let's forget the idea of them adopting the use of bitcoin and other popular cryptocurrencies. These governments always want to control everything and the last thing that would ever cross their minds to give people is financial freedom and transparency. Some countries have started making talks about adopting the use of digital countries.

kryptqnick

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Quote from: Ucy on November 29, 2019, 08:21:14 AM

I really don't see why governments/nations would need cryptocurrencies if most of the important features of Blockchain will be discarded. They will most likely discard, immutablity, transparency, decentralization, anonymity, permissionless, trustlessness etc. These important features are what make cryptocurrency, cryptocurrency.

They probably should just use digital fiat unless they want a shared/single Blockchain for fiat-like tokens

Well, some have already considered that move. Yes, national cryptocurrencies are not decentralized or anonymous, so they can be less attractive for crypto enthusiasts. However, there are some problems they could solve for the state once and for all. For instance, there cannot be any counterfeit money, and it's a big problem with cash. Then, cash has to be produced regularly, since such fragile material things spoil fast. Finally, it could save a lot on international fees and big transfers. Considering all of that, I think that more countries will at least think about it and perhaps even implement it.

suvo05

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Gov will do if there is a huge demand for cryptocurrency among the citizens. They are comfortable with the fiat so I don't think that they will try to replace it because of replacing fiat by crypto can bring chaos in the Gov controlled economy. But in case of huge demand of crypto, Gov may try to dominate other coins by adopting a stable coin regulated by the reserve bank.

msarro

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First of all why would government will do so? Are governments not comfortable with fiat currency? Governments are 100% comfortable with fiat currencies that allow them to have firm control on financial system of the country, with fiat it wont be possible.

icewitch0612

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This is not yet possible, but in the future when globalization moves to a new level it will be possible.

target

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I hope this time if the governments will consider having own cryptocurrencies they will make it a immutable that its going to be fix supply. If they will create about 100Gazillions of it, its just going to be 100gazillions forever which is visible to blockchain. Because if they can still add more like they can print, then the world's financial market can still crash.

romero121

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Replacing fiat currencies that too by the government itself is not gonna happen anytime soon. There are few countries which encourage digital growth and as a part they keep themselves up to date with the growing technology. Majority of the countries wish for digital growth, but they want everything to happen under their hawk eyes. This isn't possible everytime which makes the adoption of cryptocurrencies in real life a hard task.

Another thing fiat currencies were full of flaws, but the same never serves to be a big disaster to the common men. When we combine the economy as a whole the flaws of fiat currencies gets reflected.

blckhawk

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I could see three scenarios as of now:

(1) Governments would use existing cryptocurrencies, but would impose tax on them, either through exchange or imposing rules on owning cryptocurrency wallets (regulation and KYC).

(2) A much more possible scenario, governments would make and use their own cryptocurrency, and (possibly) ban usage of other cryptocurrencies not made by political government.

(3) Governments would ban usage of any cryptocurrencies and would not adopt such technology (highly unlikely).

Doell

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maybe in the future we will all not find fiat currency because the government will replace it with a centralized crypto ,although it may take a long time but it will definitely happen because of the development of more sophisticated times

Fappanu

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In order for the government to replace the fiat currency, the technology needs to be accepted by the people and they have awareness in it. You must first have internet and internet service providers disappear and make it free for everyone. Everyone also needs to have their own smart phones, PCs. And the state also needs to be equal in everyone's life, no rich, No poor.

That way I see that crypto can accept and replace fiat currency.

samcrypto

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They wont allow cryptocurrency to replace fiat money, it will not happen maybe in the next chapter of Earth, cryptocurrency will be a big thing. Fiat money is still ok, you can also use that to transact online but of course its limited compare to cryptocurrency. I want crypto to succeed but as of the moment, we still need to use fiat money and be patience with the smell of your money.

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Quote from: RedMinez99 on November 29, 2019, 07:50:43 AM

Currently, in this day and age, all governments around the world have adopted fiat currencies as a means for its citizens to trade with one another and to trade with other nations around the world. However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?

I can see that fiat currency has many flaws as all types of currencies before it, but with the new “government cryptocurrency” would it be able to solve the problems that fiat currency has and make a better economy? I’m not really sure myself as I can’t really predict the future.

Considering that fiat currency replaced all the previous currencies before it, would cryptocurrency replace fiat currency in the future?

I think it would take a huge initiative for governments around the world to decide and choose cryptocurrencies as some form of alternative fiat backup or something. As of right now, the Banks probably won't allow it, but in the future who really knows? Maybe if the initiative was taken to and presented in front of the United Nations council, they could help with the mass adoptions from governments, but it seems like an unlikely scenario for now.

robelneo

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Quote from: RedMinez99 on November 29, 2019, 07:50:43 AM

Currently, in this day and age, all governments around the world have adopted fiat currencies as a means for its citizens to trade with one another and to trade with other nations around the world. However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?

I can see that fiat currency has many flaws as all types of currencies before it, but with the new “government cryptocurrency” would it be able to solve the problems that fiat currency has and make a better economy? I’m not really sure myself as I can’t really predict the future.

Considering that fiat currency replaced all the previous currencies before it, would cryptocurrency replace fiat currency in the future?

I don't know if it will be ideal, but we all know how the government function, they do not want transparency, with blockchain you can trace government spending, so many factors are new when a government decide to do that replace their fiat or local currency to cryptocurrency, but one important factor, the country that will do that should have all their places with a good internet connection and all their people knows how to transact with Cryptocurrency, there's a lot of factors to deal with it, but who knows this could happen in the future.

Ucy

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I really don't see why governments/nations would need cryptocurrencies if most of the important features of Blockchain will be discarded. They will most likely discard, immutablity, transparency, decentralization, anonymity, permissionless, trustlessness etc. These important features are what make cryptocurrency, cryptocurrency.

They probably should just use digital fiat unless they want a shared/single Blockchain for fiat-like tokens

Astvile

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I believe that the government will consider this kind of move, I really hope too. But even tho I'm a believer of bitcoin replacing fiat there is still a slight doubt in my mind about it, if it will really happen or if it will really benefit cryptocurrency. Fiat and cryptocurrency shall work side by side and help each other not to replace each other.

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Quote from: RedMinez99 on November 29, 2019, 07:50:43 AM

However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?

maybe 100 years from now it will be possible to do so, but it is impossible today because there are many governments that invoke the sovereignty of their governments to refuse many things when those same people of governments who invoke sovereignty issues like to accumulate their wealth in US dollars and buy homes and other properties in rich countries like the US

RedMinez99

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Currently, in this day and age, all governments around the world have adopted fiat currencies as a means for its citizens to trade with one another and to trade with other nations around the world. However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?

I can see that fiat currency has many flaws as all types of currencies before it, but with the new “government cryptocurrency” would it be able to solve the problems that fiat currency has and make a better economy? I’m not really sure myself as I can’t really predict the future.

Considering that fiat currency replaced all the previous currencies before it, would cryptocurrency replace fiat currency in the future?

Topic: You think that governments might adopt cryptocurrencies to replace fiat currency - page 9. (Read 1170 times)