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What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.

Either they don't care and let their citizens transact with it or declare it that it's good to use it as a payment transaction.

There's no need for any complicated declaration by a country if they want to use such altcoins for payment. But if it's critical for them then they may do just as what El Salvador did.

And that's about making a law about bitcoin as a legal tender.

Currently, fees are too low for it but what if it becomes congested just as the other chains that have said the same thing for being user friendly and cheap in fees.

Nope, I don't think is happening.

One, they still need to support the banker. If they want do a blockchain, what they do are partnership with a bank for these scheme. They need to maintain the value of their currency, that's why most country prohibited other payment currency.

Like my country, you cannot use crypto as payment but can use them as investment.

Any governments are reluctant and unlikely to implement a payment system that is beyond their own control. Moreover, there is also no urgency or major benefit specifically for the country that has a subpar education system for the implementation and integration of such a system.

Saying Polygon has the best user-friendliness does not get to the point it is worth implementing, besides, a similar coin also have similar characteristic compared with Polygon itself. Worth noting to take an example from the country that has made bitcoins legal tenders, they do have massive challenges to increase its usage and utility.

Yes, Matic is very good for transactions and very good for NFT, but I don't think it's the right asset to implement at the national level as a means of payment just because it has low fees. Matic has too short history on the market, it's an altcoin and it's not reliable enough. It is unlikely that any country will choose any altcoin, ignoring bitcoin.

1. Have a study group to conduct a research on the viability of adopting a new payment system
2. Create a small group to test whatever steps they created in the first step
3. Evaluate the result and make necessary adjustments
4. Present the findings to a larger group of stakeholders and have long discussions
5. Create rules and regulations for the implementation

That's just from the top of my head but there are probably more steps needed in between.

Matic is cheap for doing transactions, although experiences network issues as do other coins. But adopting it as a national currency might really not be practical. There are a lot of legislation that needs to be done and I am sure not everyone in that country will support the idea, especially the law makers.
Best that can be done in my opinion is to accept it as a means of payment.

Adopting crypto is easier said than done. Countries usually do not like to depend on something that they can't control. That's the most important reason why countries are not adopting cryptocurrency at all. El-Salvador is an exception to be honest.

So no matter how user friendly a cryptocurrency is, it doesn't have any impact on its adoption. Common people may adopt a simpler crypto but that usually isn't the case for countries.

You are thinking too far like you can easily make it happen while you shall aware of the reality if you have no power to do that, right? I don't even wanna give answer about what steps that can be taken by  leader of counter. I just wanna try to tell you if first of all, you shall go to the narendra modi's office and then told him about replacing rupee with polygon. Since, polygon was also one of indian based project. Told indian prime minister to at least try to use polygon once.
That thing will never happen. The regulators saw altcoins were just security asset.

So what's next? VISA, Mastercard even paypall was also offering the same thing like what polygon did but the only thing makes it difference if polygon was a blockchain based project. The price of polygon was also coming from the speculation unlike rupee which is coming from the economic condition of the country itself. Matic is not suitable being used as national currency as it's not a stable currency. People can lose their money anytime, even when they do nothing.

We in our country didn't have any laws created for us to accept and use BTC, I think it also applies to Matic if this is really what the people wants to do.

So its not for the government to decide which token but they will likely want stablecoin than using a centralised crypto.  Matic seem not really fit for it. It only make the country financially vulnerable.

I do not believe that the landfill can become a national currency. There are no examples yet where the crypt has been recognized as the main unit of account for a particular country. It is all the more difficult to become a financial guaranteed unit without being justified.

Why an earth would anyone in charge want to adopt that? And wouldn't the adoption happen because people are already using it. So if people choose to use Polygon, it has more changes to be accepted by companies. Country leaders are the last ones in the line to adopt something.

And right now the payment and custodial system is too complicated and has too many risks that anyone in charge would want to push to people. Permissionless and immutable transactions are not something countries would benefit from if they want to stay in control.

Fiat will stay and crypto will never be a national currency, I’m sure many politicians will also against this one because its too transparent and they don’t want it. Polygon is a good coin but I don’t think a country will never make a move like this, there’s no need for this though. If you believe MATIC will be a good crypto, then better to hold more and know when to take profit, this platform will grow more for sure.

Creating a law declaring this as their national currency will not be easy, though I expect many countries to make Bitcoin as a legal tender as some countries are already have this law. This could be the future adoption. I just don’t see altcoins to be on this spot but who knows, we might see a good future for crypto adoption as well. Anyway, didn’t see any big updates from MATIC though, there’s a big competition in this market and if they stop updating, then it will be hard for them to stay on the top position, they should remain active.

I mean any country can make any currency tueir local currency.  Why wouldn't they start with bitcoin?  Since it sits on its own blockchain and more of a proven currency why wouldn't they look there first?  I'm pro polygon but that is a step way too far away right now.

sounds like ridiculous idea, after all i still doubtful in regard of the scalability of these platform, imagine it's being used by people in a country in which definitely gonna be massive and eventually the gas fee increase to the point like ethereum you get the idea how messed up things will be.

and besides, do you really think a government will permit the existence of a cryptocurrency to be their national currency? what will happen to their own currency then?
and that's right, they need to look at the future scenario if in case they will deploy crypto in their financial system. having high demand means fees may increase just like the eth network. there will be a mess as the govt will receive a lot of complaints here and there. that would be a fiasco.

there's no steps required I guess just declare legally that the polygon has become country's way of dealing with transaction aside fiat but i think as many have said it's gonna be bad idea, since a country need to take control of its own economy.

It could be an alternative way of payment and that's possible.

The adoption of MATIC by a government or a country leader could offer several benefits, such as faster and cheaper transactions, increased transparency, and improved security.  MATIC's scalability and interoperability features could make it an attractive option for governments that looking to improve their existing payment and transaction systems which top cryptocurrencies don't have.

However, speaking of low-level education, this is another story to discuss than the adoption.
The adoption of Polygon as a means of payment or transactions in a country with a low level of education would surely require such education and regulation for sure.

It's gonna be good if a country starts spending money from taxes through these blockchain so that it could be recorded in the ledger and also transparent but as many have said using it for national currency seems unwise decision after all the ecosystem of polygon i think is still pretty much premature.

It will never come true. The country has it all national currency. So many regulators are also seeing crypto as a thing that is always being related with the bad thing. It's impossible for crypto to be national currency. your opinion doesn't make sense.

You can imagine if you were regularly using crypto for your daily transaction and store your asset but your crypto goes to zero and what's gonna happen with your country? it will be dead.

POLYGON is the layer 2 solution to Ethereum high fees problem that may fail to be an attractive currency if many variables occur, such as:

 - POLYGON fees go up
 - Ethereum failure or any problems happen with Ethereum will effect it because it is built on top of it.
 - High fees are no longer a problem for Ethereum.
 - New coin appears  with cheaper fees and more efficient.

With all that I mentioned, can this currency be a national currency that millions of people rely on and whose lives are affected by it? of course not.

Maybe the leader must teach the people to learn basic crypto first before implementing any idea. That technology is not easy to teach to new people who don't know how to use digital payments. In my country, many people can use only fiat money offline. when the government asks them to be cashless, they can't, which I think whatever platform such as Polygon, If the people don't know how to use basic payment online, I am pessimistic that it will happen success.

Do you have a source that states that any country is thinking about doing something like this and adopting polygon? Because if you do not then there is not too much of a point on having this discussion, because the only coin that we know it has been adopted by two countries so far is bitcoin and only bitcoin.

As far as I know there is no country that is considering to adopt an altcoin as a legal tender, something that should not be too surprising as the volatility of those coins is too high and they are nowhere near as solid as bitcoin.

In my opinion related this, One of the most important factors is ensuring the country's infrastructure is capable of supporting cryptocurrency use, including factors such as internet access and digital literacy. While POLYGON's user-friendly interface can certainly make it a good choice for countries with low levels of education, there are other factors to consider as well. For example, governments need to ensure that the infrastructure is in place to support the use of cryptocurrencies, including access to the internet and digital devices. They also need to consider how to ensure that cryptocurrencies are used safely and securely, and how to protect against fraud or other criminal activity.

Many people opinion is bitcoin to became their own country currency,because they are the early adopters of the bitcoin.Most of the people wish the bitcoin to became the world currency like the USD.The world economy will not run without the US dollars,because the USD was the mode of payment to import anything from the United States.So we should have the dollars as our Reserve in their country.Nearly seventy percentage of most of the country population holding the bitcoin as their assets and investments.So as compared to the polygon,Bitcoin and Ethereum had huge opportunities.

I know many users will disagree and will say that Bitcoin fits better but I think it's not also wrong to choose other crypto other than Bitcoin. Bitcoin's supply is limited so if many countries will make it as their default currency, I think that is going to be a huge problem but I heard that there are now tool which can extend the Bitcoins supply. Other than supply, there is also high volatility rate.

This is where alternative cryptos can shine. In terms of difficulty level, I think Bitcoin is the most user-friendly among all cryptos. People can still use Matic the normal way like a BTC for sending and receiving money. There is no need to complicate things or go beyond than that, if they are lacking in knowledge.

If governments around the world decide to adopt another cryptocurrency besides bitcoin then that is their decision, but I doubt this is a process which will happen soon, after all when the number of countries which have adopted bitcoin is so limited I doubt governments will adopt an altcoin as their first option, so the scenario being given by the OP is unlikely at the moment.

And about the tool you mention which supposedly can extend the supply of bitcoin I will say this is not possible, anyone can change the code and increase the number of coins that could exist, but no one is ever going to accept that change, which is the only way the limit on the amount of bitcoins could be changed as far as I know.

Polygon ( MATIC ) is really a good types of currency and very easy to use with low transaction fees wheb ETH gas fee so high and BTC transaction fee is little high and finally if compare with BNB / BSC it’s low but polygon MATIC fees are very low and very faster transaction possible within a minutes but don,t say polygon is national currency because still now no announced any countries government and any billionaire.

They can keep trusting whatever they want to but that doesn't mean that they will change it, I mean countries already have their own currencies and just because a few million people liked some coin doesn't mean they can change it. Bitcoin is the biggest coin ever, and even that had only 200 million ever invested, not actively, but some thing there will be other coins that will be accepted as currency for a nation?

Absolutely not, not even bitcoin will be like that, you need 200 million all in a single nation to make that happen, well depends on population of course, if its less then that would work with less. All in all there is no scenario where polygon is ever nation currency, or any crypto could be national currency, legal tender at best.

Adopting POLYGON as a means of payment or transactions in a country with low levels of education would require a comprehensive approach that includes education, accessibility, and infrastructure. First, the country's leaders could prioritize educating their citizens on the use of cryptocurrencies and blockchain technology, ensuring that the public understands the benefits and risks of using POLYGON. Additionally, they could work to improve accessibility by providing resources such as easy-to-use mobile applications and reliable internet access. Finally, the country could invest in developing the necessary infrastructure, such as payment gateways and exchanges, to support POLYGON transactions. By taking these steps, the country could create an environment that is conducive to the adoption and use of POLYGON as a means of payment and transactions

Even polygon cannot be used as a national currency because to do so would require a TPS of 50k or more. Most countries will utilize their own private chains with 10 or less validators to ramp up the TPS. You could use a public blockchain like Polygon or Q Blockchain for digital ID or voting however as these things do not require transactions, only signing on metamask.

it doesn't even make sense. VISA operated globally owned less than 50k TPS. How can you say that if polygon needs 50k TPs or even more for that? The main concern must be the volatility that owned by polygon caused by it's volatile asset.

TPS didn't matter a lot here. I think that you are making a false claim by taking 50k TPS s requirement to make it happen

Volatility and regulatory concern are main factors that prevent it.

Bitcoin didn't even get accepted most of countries as a currency, now you're demanding Polygon should get accepted as a currency?

Polygon is a centralized token, it's never been a currency if you read the whitepaper. Only Bitcoin is proposed to become a world currency, some fake Bitcoin is also proposed same, but it's a scam coin. You just need to hope there's no vulnerability or hack on Polygon, that's it, because if it's happen, Polygon might suffer and would become a dead token.

We do not know as effective and how efficient is Polygon is used as a legal payment tool, even though he is fairly early, Altcoin Matic has a good reputation in the world of blockchain. It is quite risky to rely on polygon as an asset that is applied in a national scale, of course if indeed forced there must be a long experience first, so that the bad possibility cannot occur, and the most important thing is not to get disappointment that can kill the country or paralyze a country in its economy.
I also disagree if I ignore Bitcoin, but I am rather skeptical because I have enough coin matic. ;D

Polygon Network is a very fast network in the cryptocurrency industries, which charge's with a less fees, for any given transaction, that has Coin called Matic Coin, for the nation to adopt the Matic Coin as a means of payment, is a something of a gradual process by introducing to individual and company, which actually serve as a electric money, which everyone knows that cryptocurrency is a digital currency as well.

Legal payment using polygon?, every time someone says that it makes me think how can an asset whose value is fucluative be a legal payment is so funny. I can't imagine the retailer who received the payment will obviously be confused because their income has changed. Easy transactions don't always use crypto because that feature can be obtained from electronic payments or QRIS which is faster.

no country wants to make crypto currency its national currency because cryptocurrencies have high fluctuations that can be fatal for a country and can experience inflation in a country. In my opinion cryptocurrency can only be used and regulated in regulations only as a medium of exchange at the national currency exchange rate.

The country can create a bill and present it to the panel of regulators and get approved.  It is as easy as that.  If ever the bill had passed and acknowledged Polygon as legal tender, they should announced and implement the it.  Although it is as easy to say as that, the process would be very complicated.

But in my personal thought, Polygon will have a slim chance of getting approved as legal tender due to Bitcoin being more attractive choice. 

I don't see this happening, countries are autonomous and their is no way they will allow such to happen, what they can do is to do mint their own coin popular known as CBDC's and i think CBDC's are something to watch out for in the future because a lot of countries are piloting the test 

agreed with the point of fluctuation, even if it was backed by the government it will still rather volatile, it's really different compared with stablecoin even CDBC so I don't think it's even a good idea, considering the fact that even bitcoin still changing its value quite frequently within really short time frame like minutes.

While I acknowledge that Polygon is a user-friendly platform for easy transactions, I believe that adopting it as the primary means of payment in countries with low levels of education may not be the best approach. This is because the population may not have the necessary knowledge and skills to navigate digital platforms effectively, which can lead to confusion and potential misuse of the technology.

Instead, I would recommend that country leaders focus on improving the overall education levels and digital literacy of the population before considering the adoption of any advanced digital platforms. This will ensure that citizens are properly equipped to understand and utilize the technology, ultimately leading to a more successful implementation of Polygon or other digital payment platforms.

One more thing, if a country creates a Polygon to make payments or transactions, then the first to oppose this concept is the World Bank. I don't think it's possible Polygon for payments or transactions

That will never happen. Because from the start blockchain is a decentralized network where the government does not have full control over the assets. Not to mention that all countries in the world must have their own Federal Bank. Is it possible to make Polygon a Federal Crypto Currency? Of course it is impossible in my opinion.

A good reputation in the community is not enough to make sure an asset is reliable. Terra also had a good reputation in the community and great liquidity until spring 2022, but something went wrong. In my opinion, the main requirement for accepting a cryptocurrency as a means of payment is the longevity of the asset, as well as the fact of how the asset has behaved throughout its life. So far, no altcoin, not even ETH, can demonstrate a better longevity than bitcoin.

It is impossible for polygon, but for bitcoin it could be possible that in the future it was adopted by a country and used exclusively on that territory as the only legal tender, now this is not going to happen soon but it is a possibility.

After all there are some countries out there which do not even have their own fiat currency and use the US dollar as a legal tender, so we have cases already of countries forfeiting the right of printing their own currency, and if the US dollar we are to experiment a huge crisis those countries will need to find an alternative, and while unlikely the possibility they could choose bitcoin is not zero.

I have seen videos of people using Polygon, and it's nice compared to other altcoins. I'm still with Bitcoin but I see it being used by many people and knowing what MATIC can do as well. IIRC, they are the ones responsible for it right?

Has anybody had any use case for this?

IMO, develop basic education on financial skills and cryptocurrencies for people, especially those who do not have knowledge of cryptocurrencies. Strengthen supervision and management of crypto-related activities to ensure that transactions are carried out honestly and transparently. Create utilities that support the use of cryptocurrencies, including mobile applications to increase convenience in use and transactions. Ensure that the payment system is connected with global payment partners to increase the usability of cryptocurrencies and reduce dependence on traditional payment services. Develop a legal system for the use and transaction of cryptocurrencies, including regulations on consumer protection and ensuring the safety of transactions. Strengthen communication and create trust in the use of cryptocurrencies, through advertising campaigns and public education. And most of what I'm talking about are just assumptions about a future scenario if this market finds a common language with the working world economic system.

Yes. Financial Technology continues to move forward day by day and is hard to avoid. If seen from the first point of view, regulations must be made, both written regional regulations regarding the use of automatic coins for adoption and legalized as a mode of payment for digital currency in a country. for the procedure, I think they can embrace IT personnel who understand and understand this. But I agree and this question is good idea and constructive.

Polygon as a national currency in the means of replacing the so far existing national currency will never happen in my opinion. A country always wants to be in control of their currency and with crypto this is not the case. That is also the reason why crypto was invented in the first place. I also think it would not be a very wise decision to replace your national currency with a crypto currency, because the price of cryptos is just to unstable. Just imagine you get paid in Polygon on the end of the months for your work and then two days later polygon goes down by 20% or more, which happens quite often. This would be very dangerous to a lot of people.

If some country has to make some crypto national currency, it has to be bitcoin. Bitcoin is used by majority and thus adoption will be faster.

Of course, I don’t know how this can be done, because basically the leaders of the states in the world do not particularly welcome the introduction of cryptocurrency into the payment system. For them personally, this is quite inconvenient, because it will become worse to control finances.

I think it is difficult for a country to build POLYGON as a means of payment as El Salvador did with Bitcoin, Solana is not at the level of universality and reliability that Bitcoin has.

The first thing you should think about is what if POLYGON collapses? This will cause a complete collapse of the national economy.

No doubt about its fast transaction and affordable transaction fees but the competition goes up almost every year right now. I doubt that Matic will be chosen as the national currency of a certain country because that alone needs lots of work and also they need good partnerships with that nation and its people. Honestly, if they chose one of these coins to adopt and make it legal tender in their country, it could help their economy to grow and also gets the opportunity to have more tourists and businesses open there.

so why do it have to be polygon? why not bitcoins? currently the most popular crypto is bitcoin.
why not USDT ? USDT has a much more stable value and makes transactions easier. it won't be that easy because small issues of this kind will continue to be debated. I think the best move is for each country to create their own crypto.

Governments can allow cryptocurrency to circulate in their countries, but they will not actively support it, much less grant it the status of a national currency. To do this, they have the opportunity to issue their own CBDC, and they will use this opportunity. But the situation will change more than once, although governments still should not hope for the use of cryptocurrency.
Cryptocurrency has been and will remain the choice of citizens, not their governments.

Changes can take effect at any time. however, if the government is aware I think this can be resolved easily if it happens at any time because it has the full support of competent parties. So. Communities and users are no longer confused about the options, either CBDC or the coin/token to be used meaning that not only one option is used to adopt POLYGON.

This will be unlikely in terms of national economy, they have separate currencies that are operating throughout and there is no reason to innovate even if this market becomes more popular one day, the necessary factor is The change in the approach of the leading countries in this field will lead to countries with lower economies to look and learn. And also that POLYGON is not the name that will be prioritized here, CBDC development is also becoming more and more popular, instead of adopting a decentralized crypto, I think the change is still to hold old values ​​and combine new technologies to match future economic trends.

None. Just because a few countries adopted BTC as legal tender (El Salvador, Central African Republic) doesn't mean the same fate awaits other coins. Polygon is an altcoin with a higher supply than BTC and low merchant acceptance worldwide. Not to mention, the Polygon blockchain is less decentralized compared to Bitcoin. If you think governments will abandon Fiat in favor of crypto, then you're not seeing the bigger picture. Countries that embraced BTC with open arms are only doing it because of the taxation benefits the cryptocurrency provides. Not because they want people to have true financial freedom and privacy.

You can see why El Salvador hasn't abandoned the USD, even after adopting BTC as legal tender. Governments are smart, anyways. We should just carry on with our lives and forget about the rest. As long as crypto stays decentralized, there should be nothing to worry about. Just my opinion :)

Polygon has been rechristened as Matic as a layer 2 project that helps the Ethereum chain scale up transaction speed and its performance the last time I checked, so I'm not sure why you want to adopt Matic or Polygon for a whole country, speed and low level of education is contradictory here. There is no country that has fully adopted crypto as a means of payment, Elsalvado did use Bitcoin as legal tender but it appears that didn't end well with their wallets because the value is down and that is an unrealistic loss on the country's savings, that is why there are many things you must consider if you must have polygon as a national currency, there are many disadvantages it will have in the nation if the price crashes.

such drastic steps of recognizing some coin into the national currency is could make chaos if things went south.
you just don't risk the national economy for some obscure idea of recognizing highly volatile and fluctuative money for your citizens to use, it should be the other way around it.

I do not think the fiat currency will be forever, is already in place in several countries of the world the national CBDC and I do not think any crypto will be taken into consideration to replace national currencies not even the BTC

I guess it's fine only if the fiat still the primary choice here, maybe use polygon for eliminating the needs for digitalising fiat but eventually convert it back to fiat, after all running a country isn't the same like running a business, it's the lives of millions and the economy of millions depends on you.

The volatility is the reason. People need something that has stable value in real life and that's fiat money. It's no brain to call that a volatile asset to replace national currency.

If polygon will be dumped like luna and i guess there will be many new poor people. I can't even imagine how can people think if that can be done easily. It's a non sense idea to be implemented right now.

Before Polygon being massively adopted in a country as a legal tender, it would make sense if the banks of the financial institutions of said country saw some value on the use of polygon to fast, cheap and trusless transferences of value. It would be a simplification of banking, once the usefulness and the reliability of such asset is demonstrated amount big players and small retailers, it would be up to the government the give green light to the legal basis of adoption. Otherwise we would continue to see what happens in Argentina, Venezuela or Nigeria. Parallel markets helping people to do what they cannot any longer with traditional banking.

If you say so all crypto can make crazy dumps like Luna even bitcoin and ethereum, so as you say you should no longer invest in any crypto anymore...

Volatile is a problem in cryptocurrency. I think FIAT money will still be the first choice. Making POLYGON the national currency is a long matter that must be thought through properly. I see that the world has not yet found out how to legislate on cryptocurrencies to avoid disasters such as the collapse of the LUNA project.

Polygon is much more volatile than Bitcoin, so the odds of being adopted as a national currency are slim. It's an altcoin anyways. The original project (Bitcoin) is much more stable, decentralized, and reliable for day-to-day payments. It has a greater chance of being adopted as a national currency than Polygon (MATIC) itself.

I believe BTC will ultimately rule the world as Fiat currencies become a thing of the past (due to inflation, government overspending, etc). Altcoins like Polygon and Ethereum will become "second-class options" that people will use as a last resort when BTC becomes heavily congested. I'm fine with that as long as decentralization and censorship-resistance wins. Who knows what would be of Polygon decades from now? Just my opinion :)

Well there is some 'bullish' news for Matic token and Polygon network. Kraken exchange is going to launch its NFT marketplace on the Polygon network https://nft.kraken.com/

It is out of beta testing phase and the marketplace will have over 250 collections. https://nftnow.com/news/kraken-nft-marketplace-launches-supports-250-nft-collections/

That's certainly good news. But it's not a guarantee MATIC will be made legal tender in the long run. I highly doubt a nation-state will do this, especially when Polygon/MATIC is not as reliable as Bitcoin is. The OP is very optimistic with Polygon, probably because he/she is heavily invested in it. Either MATIC becomes a national currency in the future, or it remains just the way it is.

What's important is that Polygon stays decentralized so that it could stand the test of time. There are so many competing chains on the market, but only one can be the winner. Who knows what the future will bring to Polygon and the whole crypto/Blockchain industry? Just my opinion :)

I guess this is the reason this coin is having good increase despite other coin just desperately having massive corrections following the lawsuits.
but i wonder if NFT market gonna be that signficant for long, but it can't be denied though that polygon recently has made quite the innovations and development added with the fact that kraken trying to deploy their nft marketplace in there.

Thanks senior colleague for this insight. I was going to make a few minutes research on the polygon matter.  I do not know anything about Polygon, I don't even own any quantity of etheruem, so it won't be surprising that I do not know about this.
Thanks to Best_Change who launched his anniversary nft, and requested for an Etheruem or polygon address. This could be Mt start of being interested in altcoins.

depending on some random altcoin for a country's economy is definitely a mistake. even the fact that polygon itself is highly volatile is already such a red flag for it to be used for something that directly affect the country's well being.
it's just really bad decision making if some country ever make this altcoin namely polygon as their means of payment and something like that. at best it's only good for money transfer that competes with the like of bank transfers and many more which usually impose quite high fee. but for it to be used as a national currency, seemed silly idea to me.
this thing just doesn't work for that.

You can imagine if polygon being adopted as national currency and another news from SEC to crach down it will come. Polygon will be going down 50% and you can imagine how many poor guys will be there.

It's so stupid to take altcoin to replace the national currency which is always stable caused by it's backed by the economic from the country itself.

Cryptocurrencies as national currencies? That calls for measured deliberation! Doubts about unstable cryptos like Polygon becoming a national standard are reasonable. In an economic landscape, stability reigns - isnt the volatility of cryptos risky? Still, should we judge all crypto projects by LUNA's failure? Each blockchain endeavor is unique, and while one may stumble, another may thrive. Considering cryptocurrencies for global transactions due to their efficiency and affordability is tempting. But as a national standard? Let's proceed cautiously! Can we bet our economy on the erratic crypto market?

Woh, I never thought this discussion would ever come up with any Altcoins. I am not sure why you chose to discuss this over polygon and not let us say XRP or may be Bitcoin for that matter. First thing, it has got no meaning because it is weird how we could expect an alt to become world currency which is also not as stable as let us say dollar for that matter. There is no exchange value for the polygon when it comes to adoption. There are not enough users for the alts and neither there will be world wide adoption due to other infra based restrictions. We can’t even say this about bitcoin which is obviously the best currency in terms of crypto.

crypto currency is still not adopted by the State for payment, because the state has its laws and already has their own currency,
moreover polygon is just an altcoin and could be a scam, I don't know!. Currently several countries also have plans to create their own blockchain,
such as China with digital yuan, Indonesia with digital rupiah, and Elsalvador with their own bitcoin.

In a democratic country the president or first minister can send a project to the legislative house regards the adoption of a determined cryptocurrency as legal tender. Then the congressmen will vote if they agree with the proposal or will vote changes inside the proposal to best fulfill their interests before it is approved. I can't generalize, but you can expect it to be an immediately discarded project or that it will take a long time until they reach a conclusion in most countries (especially regards an altcoin like POLYGON).

Moreover, few politicians are crypto enthusiasts and most of them have traditional economists backing their public stances. They are like little gears of a complex engine we call "system" or "matrix".

It was nice to see MATIC’s price bounce after the recent massacre. It’s still down quite a bit but the freefall from altcoins being attacked by the Untied States seems to have left the worst behind. I have a lot of expectation that MATIC will do very well as the metaverse becomes more developed, but it’s been a bumpy ride this cycle so far.

The risks of loss are simply too high to bear. Bitcoin has less risks, even though volatility is still there. Why would a nation-state adopt something as unstable and unpredictable as an altcoin? Polygon is an altcoin, even though it's much more reliable than other centralized "shitcoins". I wouldn't count on it becoming a national currency now or in the future. It's fine just the way it is.

What will take over the world is not Bitcoin or any other cryptocurrency, but rather government-issued digital currencies (CBDCs). Everything else will remain as an alternative for those looking into decentralization, censorship-resistance, or privacy/anonymity/freedom. No one can predict the future, but I'm certain Polygon will survive because of its solid foundation built upon it. As long as developers keep innovating and bringing use cases to the platform, nothing should be able to stand in its way. Just my opinion :)

Matic is highly potential coin and yeah it’s very fast transaction with low transaction fees, it’s my favourite coin and i think it’s team is very hard working to implement new thing in this project. Whatever i don’t think it’s not enough trustworthy to adopt as a national currency, you know where only one Country (El Salvador) adopted BTC. So, i don’t see any possibility to even in the future.

Matic is my favorite coin because fee is very low but there is network problem with matic which should be solved first to be presented for mean of payments to the country leader. It's very difficult for leader to accept any coin as a mean of payment because price is not stable and some whales holding large part of matic which can dump coin any time.

those whales could have power that they don't have before that, if the coin being considered national currency.
why? because those whales are the ones that controls the market, i see the idea of using polygon for national currency as just wishful thinking honestly.

Fees from the Matic network are indeed very cheap and have become a favorite of many people including me,
because Matic is a savior for NFT when the NFT market is hype, but if we talk about Matic being the currency of a country,
of course that is still far away, because Matic is an altcoin project where they build technology and does not have the goal of becoming a nation's currency.

The government of any country directs all efforts to maintain its national currency, over which they have full control. Since the government cannot control the cryptocurrency, they are following the path of issuing Central Bank digital currency, or CBDC for short, which they will fully control.

I think a country leader who wants to adopt POLYGON as a means of payment or transactions in a country with low level of education should take some steps to ensure a smooth and successful transition like creating awareness and trust among the public about the advantages and challenges of using POLYGON and other cryptocurrencies, as well as how to use them responsibly and securely.

Nope i don,t thinking about than when polygon matic is national currency but we know as well Polygon Matic is very good & very strong project and long term purpose good choice for everyone who love crypto.

Is there a government of a country that has the intention to adopt Polygon as a legal currency in their country? When it is used for payment purposes or any transaction, it means Polygon is a legal currency there. What I heard about Polygon on this matter, is they try to have a partnership with Niger to help the country improve its economic level through blockchain technology. This doesn't mean making Polygon to use as a payment tool for any transaction in Niger. I don't know what Polygon team does to help Niger, but I'm not sure if it is to make Polygon as a payment tool there. They probably help Niger people to learn about blockchain technology only.

Source:
https://www.crypto-news-flash.com/polygon-partners-with-niger-to-build-billion-dollar-blockchain-ecosystem-of-the-future/

A country will never accept it. The decision from their bank is final. If the bank wants to do this then it has to be associated with the currency. There can be no transaction fees as well.

Naah, it won't happened, even for Bitcoin to be a national currency is still nearly impossible, there too many at stake, and the stakeholder will mostly disagree. Politics is very complicated and making something that most people do not understand to be a national currency is not very popular politically.

talking about POLYGON (matic) at the current price drop the price of matic has fallen very significantly when compared to bitcoin and other large altcoins. and this significant price reduction makes matic also out of the top 10 CMC. is this happening because MATIC is a subset of security tokens and the current price drop is due to security issues (SEC)? I don't understand why this is happening, for sure this is the best time to buy a matic.

I guess you are joking about that. Since when altcoins are strong? SEC was cracking down polygon and it's enough to destroy this token. Relying in the altcoins as national currency is a very big mistake. It has proven that if polygon dumped so hard this time.
I think that your statement was not true to call it as strong token.

true, there are many needs to be considered in running a country, it's not like running a business where everything is profit minded but also for the wellbeing of the citizens in general.

I've treated Polygon is one of the few projects out there that actually has a working product. While it's true that Polygon has some big partnerships under its belt. But, Polygon has recently been placed on a blacklist in America, so it may be wise to avoid investing in this token at the moment. I have a lot matic, but yesterday trading it for ETH instead.

Every altcoin can be treated as securities, if that is what the direction sEC is going after. And if that happens then obviously, no altcoin can be treated as national currency.

Second, altcoin such as Polygon is very volatile, so I doubt that any government in the world would take it as currency.

Third, the support of the community. Yeah, there could be consensus, but I doubt that it could reach as high as what let's say Ethereum has. If ever there is a good altcoin to be a candidate to become a national currency, perhaps it could be Ethereum.

I don't know if your actions were correct because you sold Matic and switched to Ethereum,
even though Matic is still making good progress even though they are on the American blacklist,
but look at there is no bad news about it, so Matic is still very worth it for investment.

If you believe that this could be an opportune moment to buy the dip, then you may consider proceeding. Since Matic blacklisted in America, several platforms have been removing Matic from their listings, leading to a situation where users have to sell or export their holdings. This situation is commonly referred to as forced selling.

They did not have to thoroughly asses the feasibility of cryptocurrency implementation. Most governments can simply by acknowledging that most cryptocurrencies are not centrally controlled should make them refrain to adopt them as legal tender. El Salvador is an exception, but the important thing is we can learn that they struggle to make its population use bitcoins. That is what my main point.

Another essential thing that is completely mistaken is Polygon adoption as legal tender. As of now, there is no country has been implemented the coin as their legal tender. So you better check your sources.

I agree with your thoughts here.  MATIC is an awesome coin that is able to assist in a lot of use cases where Ethereum is too expensive.  My concern is also one you mentioned, that there are many large MATIC whales sitting on enormous profits that could dump at any time.  I don't think a country wants to make individuals insanely wealthy only to get dumped on in the end, and this is sort of why Bitcoin is the most attractive coin for large entities like countries.  MATIC also is growing extremely quickly and experiencing growing pains at times, so I don't think it's ready for widespread use yet.  I do see it currently being the most likely metaverse currency though.

I think there is a difference between bitcoin and polygon though. I get that you may want to see fiat change, but I rather see it change to bitcoin not polygon, because Luna may have failed single handedly and that doesn't mean anything for Polygon, but neither was as good as Bitcoin, that's just way better than anything else we have seen before.

This is why it's quite important to remember that it's not going to be a big deal, it's just the fact that we are going to see them be who they are, and that's enough for us. Bitcoin is big enough and that's why we can turn a nations currency completely to bitcoin if we ever wanted to, and even though there would be some tech issues moving that way that requires time, it would make a lot more sense than Polygon at least.

Exactly. I see no reason why would a government abandon its national currency in favor of something that's outside of their control. Not even El Salvador has done something like this (even though it adopted BTC as legal tender). The Central-American country still has the USD as its secondary currency of choice. Without centralization, I fail to see how mainstream governments will be able to move the economy in their favor.

Whenever it's Polygon (MATIC), Ethereum (ETH), or any other cryptocurrency, all them will remain as an alternative to Fiat currencies forever. I'm fine with that as long as decentralization and censorship-resistance is preserved. Maybe Polygon will live alongside CBDCs for generations? Just my opinion :)

Well Polygon now getting steps closer if it wants to be a national currency. Google Cloud has joined Polygon POS network as a validator in 'a ongoing strategic collaboration'.

There is currently more then 100 validators for Ethereum layer 2 transactions.

https://www.cryptopolitan.com/google-cloud-is-now-a-validator-on-polygon/

I think even if polygon is friendly, it will never be able to become a country's national currency.  where there are too many processes to make it into currency, the first step is outreach to the lay public.  Those who are too lazy to discuss this need proper rules.  manage distribution and field implementation later

Polygon has been doing some progress, but it's far from becoming a "national currency" anytime soon. For instance, Polygon is an altcoin. This means Polygon is an alternative to the original Bitcoin blockchain. Investors and the general public feel more confident using BTC than an alternative which is less secure and decentralized.

As a matter of fact, Bitcoin has a deflationary model, as well as, a battle-tested network that's proven to be secure against external attacks. You don't see that coming with Polygon. It's this reason why mainstream countries are adopting BTC as legal tender, instead of an altcoin like Polygon (MATIC) or Ethereum. I'm fine with Polygon just the way it is, as long as it puts decentralization on top of everything else. Maybe it will go as far as becoming the top 5 ranked crypto coin in market cap? Just my opinion :)

Well after 6 years working on the project the co-founder has stepped down from the company's day to day operations. He said he is still confident about Polygon but wants to put focus on other new businesses like AI.

Polygon is #13 on coinmarketcap. The coin is down 3.4% in the last 24 hours from this news. But it is still up 10% in the last 7 days.

https://beincrypto.com/polygon-co-founder-jaynti-kanani-step-down/

I honestly do not know why you are thinking of that. There’s also a previous thread I saw a long time ago whether Bitcoin should be a national currency or not. El Salvador made it happen so good for them.

In my own guts and instincts I certainly think Polygon as a national currency is impossible. Although I commend about their developments especially that I have been using them for a while in my DeFi transactions, they are not capable of being a “national currency”, given their own status like the market cap, worldwide adoption, etc.

As Bitcoin is already the OG and the most popular one, certain countries are already adopting it as legal tender. As for Polygon, I do not see it coming anytime in the future.

it will never be a national currency but it can be utilized from the perspective of technology to help country have revolutionary technology implemented in their system like NFT for land ownership and many more.
after all polygon is quite good blockchain so if countries utilizes the capability of smart contract blockchain they will have something revolutionary.
but after current CEO of polygon stepping down i don't think it will thrive anymore in regard of the value of polygon but I could be wrong.
but coming back to polygon being used as a national currency, it will never be a good idea, it fluctuates too much, the people will suffer from it, after all the citizens needs currency with stable value.

I don't want to say this is something that will never happen, but I don't think we'll see anything like this anytime soon. Polygon is really good, I use it sometimes too. However, for a state to integrate it into its own system is a big event in itself, and there are so many procedures for this to happen that I don't think a power that can do this will come in political position to make it happen. Integrating Polygon or any other altcoin system into any state remains only a dream. The central authority's request for this, convincing the opposition, educating its citizens and getting them to accept it are all very long and difficult processes. It's not impossible, but it's unlikely to happen.

That will never happen because Polygon is an altcoin. This means Polygon is inferior to Bitcoin in terms of security/reliability/decentralization. Countries, and especially investors, want something safe and reliable. Bitcoin is the answer, because it's sound money that started it all. Without Bitcoin, none of the other coins would exist.

The only altcoin that might become a national currency (legal tender) after Bitcoin is Ethereum. That's because it's the second-largest cryptocurrency in market cap with a tried-and-tested blockchain network. Not to mention, ETH's ecosystem is the largest one available worldwide (after BTC). I'm fine with Polygon just the way it is as long as it doesn't turn into a "centralized shitcoin" in the long run. Who knows if it will live alongside BTC and ETH for generations? Just my thoughts ;D

That would be an ignorant of the government over her masses welfares.
But if it must be then it should be an opened authorization with a legal order but must sanction its users (masses) my the terms and rules that no one would be held accountable for any means of lost in the crypto affairs since the currencies are decentralized.