Post
Topic
Board Economics
Re: When will the role of fiat currency disappear against crypto.
by
Koro-Sensei
on 24/10/2021, 04:30:14 UTC
Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others.  To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins).  What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.
I dont think it works like that. Every country has its own independence and rights to have their own currency. However, cryptography might help in solving economic problem of one country.
In terms of replacing ones fiat currency, it needs a one whole government where every country will follow. One world currency using bitcoin is kind of impossible at the moment and the near future,
many banned it and some countries oppose the use and trading of cryptocurrency. Governments nowadays sees BTC as an investment but not like El Salvador's approach of legalizing it as a mode of
Payment.