Post
Topic
Board Bitcoin Discussion
Re: Maybe Not Possible For Governments To Get Off Fiat??
by
Z-tight
on 16/04/2023, 16:49:01 UTC
Would this be a case of intimidation from more dominate countries that is preventing other governments from wanting to change the financial system?
It is not about intimidation, if any country wants to change either their financial system or their reserve currency, they can do so and must be ready for the implication on their economy, if a country wants to stop using fiat, what then do they change to, BTC? It was created to be a second choice option that works without any third party, the central banks and finance officials have to regulate whatever currency that is in use in any country, what would happen if BTC is their main currency, they can't regulate it, or print and issue it, how do they ensure it circulates in the country, would the government go into mining?
More less to drop a fiat system altogether for the international business aspect for that countries exports and imports.
If the USD stops being the world's reserve currency, its replacement cannot be BTC, how do governments make BTC their reserve currency and use it for international trade, it is volatile and decentralized. Euro can be a replacement, or the Chinese Renminbi, but i don't believe a decentralized currency is in the running.