After Facebook announced it's Libra digital currency, several countries have expressed their interest of launching a digital currency of their own. China has already announced that it'll be working on Blockchain technology for a digital version of the Chinese Yuan while other countries have done the same. Most recently, German banks have requested the European Union to launch a programmable "digital euro" that would replace the current monetary system (physical Euro). All these developments shows us that we're getting closer to a "cashless society" than we've thought.
While all of this is exciting, it seems that the USA will be left behind in the development of a blockchain-based "digital dollar" (USD). After all, the country has been known to be quite strict about the development of the crypto industry. With many fierce regulations against crypto and Blockchain tech, many mainstream crypto businesses and companies have decided to stop providing services to US citizens. Poloniex will no longer serve US customers, which greatly diminishes the adoption of crypto within the US. This makes me wonder whenever the US will allow a "Digital Dollar" to happen in the future or not? If it doesn't migrate to the digital realm, then I'm afraid that other countries will take the lead in the world's economy. It's a matter of being ahead in the latest technologies to obtain supremacy. If the US remains reluctant to accept Blockchain technology into its current monetary system, then it'll be left behind without a doubt.
What do you think?
Wouldn't it be useless as it won't truly be a cryptocurrency. No matter what there is no chance in the world that US govt. wont keep regulation upon their currency which means chances are that they would know who owns how much and who is transacting with whom irrespective of calling the whole system decentralized. Secondly what about the demand supply issues? Cryptocurrency's power is in it's hard to mine quality which may not be a priority of currency which US govt. would develop as they would want something whose supply can be quickly created or destroyed. So one way or the other we would end making this cryptocurrency much like fiat only.While all of this is exciting, it seems that the USA will be left behind in the development of a blockchain-based "digital dollar" (USD). After all, the country has been known to be quite strict about the development of the crypto industry. With many fierce regulations against crypto and Blockchain tech, many mainstream crypto businesses and companies have decided to stop providing services to US citizens. Poloniex will no longer serve US customers, which greatly diminishes the adoption of crypto within the US. This makes me wonder whenever the US will allow a "Digital Dollar" to happen in the future or not? If it doesn't migrate to the digital realm, then I'm afraid that other countries will take the lead in the world's economy. It's a matter of being ahead in the latest technologies to obtain supremacy. If the US remains reluctant to accept Blockchain technology into its current monetary system, then it'll be left behind without a doubt.
What do you think?