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?
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?
To think that the United States will be left behind is something that I have not seem to phantom and it won't come as a surprise should they also announce their own digital currency which might even surpass the countries that seem to take the lead here. Facebook would go ahead with the backing of the United States and when they combine forces, it just go way ahead of any national digital currency that is either out there or about to launch. I have a feeling that because of the current political landscape that have engulfed the entire space in the States, there is hardly any room for news or announcement but that does not mean that serious research and development is going on underground.