Post
Topic
Board Economics
Re: What’s the nature of currency?
by
RealMalatesta
on 10/02/2022, 12:39:38 UTC
As far as I know, money in the state (cash and non-cash) should be issued as much as there are material values in civil circulation that can be commodities. There is no room for any consensus here, this is pure economics.
It is still difficult for me to say how bitcoins and other crypto-currencies will flow here. States are unlikely to take them into account in general economic processes, but the capitalization of the cryptocurrency is growing and something will need to be done about it.
States do not have to accept them as what they are but only what they can be. If we are talking about a situation where it is not a legal tender but it is allowed for people to accept it and pay with it then we could still technically achieve what we want.

We won't have governmental backing with us when we are doing it, but at the end of the day people all around the world would accept it and that is as good as it gets for us. Plus, if people all used it everywhere then we would be doing fine, it would like legal tender but would be globally. We are still seeing a few places accepting it, that is not rare but that doesn't mean that it is common enough neither unfortunately.