The use of cryptocurrency is has increase over the years as many people now see crypto as an alternative to the fiat. My question is if the government legalize cryptocurrencies are means of payment, what will be the implications on the global economy?
The basic effect that will be very visible when the government legalizes cryptocurrency as any means of payment in the country is the lack of bank customers who save money in banks because they can already save some money in cryptocurrency in their respective wallets. So that the Bank can no longer play large amounts of money because it has experienced a shortage of deposits from the customer. Another thing that can happen is that it is difficult to develop the value of existing global currencies such as USD and also others when everyone is already using cryptocurrency for everything.