Is this a chance for cryptocurrency to replace other currencies?
The economy is inflationary, at risk of a downturn. As a result, cash and traditional currencies constantly lost their value. Therefore, in Europe, their citizens decide to invest in cryptocurrency as their solution because everyone can make money by investing and trading crypto. According to FMCPAY Exchange, the number of new registers from Spanish has been increasing since last week. There are thousands of people from Spain submitting their KYC information everyday on this platform.
I don't think crypto will replace legal currency. Although the status of cryptocurrency is strengthening and being recognized by more and more people, if it is not accepted by the country, it cannot be used in daily transactions. Payments for daily life must also be made in legal tender.
Giant banks maybe still survive after the crisis this time. But we cannot negate the fact that cryptocurrency is a remarkable factor in the economy. The number of people starting to trade and invest in crypto is rising day by day. And this is the perfect time for you to join the crypto race with other investors.
Although the value of legal currency is getting lower and lower, it has become the currency of every country and is recognized by the world. Everyone is familiar with it and accepts it. Legal currency will continue to exist. In the future, the banking system may consider integrating the blockchain network to develop a better economic system.