Jamaica Adopt cryptocurrency

[Jackl87]

More and more countries around the world are adopting and tapping into the advantages of blockchain-based currencies, with Jamaica launching its first digital currency issued to bank customers on personal or business account pegged to the Jamaican dollars on a 1:1 exchange ratio, this development is the latest among others with Venezuela aiming to lunch it owns BCDC in October 2021.

I have to say that on the one hand it is if course a great development that more and more institutions and countries start to take cryptocurrencies more serious and start to use it instead of making fun of them or even banning them. On the other hand i fear that, if every country just creates their own blockchain-based currency that is pegged 1:1 to their national currency, the need and demand for the other cryptocurrencies like bitcoin and ethereum will go down. So it could just be an alternative approach to fight  cryptos, if you cant beat them, join them.

[Rahman11]

We can expect bitcoin will replacing to traditional money in worldwide by step by step processing system. we can expect great future of digital crypto-currencies.

[BIN-BIN]

indeed what is happening now is that countries choose to create their own digital currency, and this is the same as fiat currency, only in a system that adopts blockchain. from this it can be seen that the government still does not want to lose control of its currency, and seems unwilling to use only 1 currency for the whole world.

The world is changing, so countries around the globe discover that digital currency through the blockchain is the most secured and economically friendly currency and has a high level of control against inflation if the currency is decentralized. The problem of government token is that it is centralized and controlled by the country’s that own it.

[riskarcher]

We can expect bitcoin will replacing to traditional money in worldwide by step by step processing system. we can expect great future of digital crypto-currencies.

Actually, it's just that there are many regulations from some countries that make it difficult for bitcoin as payment except for large companies such as Tesla, Rakuten, Apple and Coca Cola.

Not only does Jamaica accept bitcoin payments but other large countries such as the U.S. also accept it only that some government agencies are trying to prevent or reduce the use of Bitcoin in illegal transactions.but I believe crypto cryptocurrencies 20-30 years in the future will be the global payments

[RealMalatesta]

We can expect bitcoin will replacing to traditional money in worldwide by step by step processing system. we can expect great future of digital crypto-currencies.

I don't see it happening. At least not expecting to see the change happening with my lifespan. It's impossible to replace fiat because the moment you even think of replacing fiat with anything, the entire banking system will collapse under it.

I did some little research and found that Jamaica has created their own digital currency. The Bank Of Jamaica has minted CBDC and going to issue $1.5 million initially to institutions. But doesn't this means that the control still remains to the officials and they can blacklist any address since these are centralized coins just like USDT.

[Shallow]

More and more countries around the world are adopting and tapping into the advantages of blockchain-based currencies, with Jamaica launching its first digital currency issued to bank customers on personal or business account pegged to the Jamaican dollars on a 1:1 exchange ratio, this development is the latest among others with Venezuela aiming to lunch it owns BCDC in October 2021.

There is a bright future for the cryptocurrency market with more development of stable coins it will allow for more transparency and government adoption of the blockchain technology, which will eventually result in mainstream adoption of cryptocurrencies.

What is your expectation for the future?
Link to full new
https://dogecoinnewshub.com/crypto/the-bank-of-jamaica-coins-the-first-batch-of-national-virtual-currency/?utm_source=dlvr.it&utm_medium=facebook

Back in the days, who would have thought that Bitcoin will become so valuable today, who would have even thought that the crypto space will grow to such an extent and who would have thought that, countries will slowing be adopting or accepting cryptocurrencies; all these points to an ever growing ecosystem ready for what the future offers.
Also, the positive progress associated with all these adoption is that, cryptocurrencies is gradually reaching the masses, although it will take more time, but at least a good step has been taken already.
Lastly, although no country will surrender their fiat power to cryptocurrencies, but as time goes on, they will come to accept cryptocurrencies while allowing it co-exist with their fiat monetary systems and policies.

[omone1]

Central Bank Digital Currency (CBDC) is another centralized shit, it's a ploy for the government to continue their grip on the people's finance which they know it's getting off their control. The government can still control and freeze their issued digital currency. One should stick with decentralized digital currencies.

[Viscore]

More and more countries around the world are adopting and tapping into the advantages of blockchain-based currencies, with Jamaica launching its first digital currency issued to bank customers on personal or business account pegged to the Jamaican dollars on a 1:1 exchange ratio, this development is the latest among others with Venezuela aiming to lunch it owns BCDC in October 2021.

There is a bright future for the cryptocurrency market with more development of stable coins it will allow for more transparency and government adoption of the blockchain technology, which will eventually result in mainstream adoption of cryptocurrencies.

What is your expectation for the future?
Link to full new
https://dogecoinnewshub.com/crypto/the-bank-of-jamaica-coins-the-first-batch-of-national-virtual-currency/?utm_source=dlvr.it&utm_medium=facebook

Back in the days, who would have thought that Bitcoin will become so valuable today, who would have even thought that the crypto space will grow to such an extent and who would have thought that, countries will slowing be adopting or accepting cryptocurrencies; all these points to an ever growing ecosystem ready for what the future offers.
Also, the positive progress associated with all these adoption is that, cryptocurrencies is gradually reaching the masses, although it will take more time, but at least a good step has been taken already.
Lastly, although no country will surrender their fiat power to cryptocurrencies, but as time goes on, they will come to accept cryptocurrencies while allowing it co-exist with their fiat monetary systems and policies.

I think that is already good enough just like for bitcoin to co exist with fiat because it would still be considered  a currency. Satoshi does not created bitcoin to compete with fiat anyways.

Jamaica is just on its right track adopting crypto as a  medium of exchange. CBDC might be centralized in nature but still having crypto on the part of the people will somehow make them feel that they have the freedom already in controlling their own money. Hopefully, Jamaica will also take the path just like what El Salvador has did.

[jaberwock]

Actually, the authorities of different countries see the popularity of the crypto market, but they can’t put up with this unregulated system. They are used to keeping everything and especially finances under control. That is why they want to replace crypto with state digital currencies. But there is no difference from fiat money apart from using blockchain technologies. They will still be under control and regulation.

That's why I have been a critic of CBDC (Central bank digital currency) because they don't do much apart from shifting the banking system from traditional to the blockchain. The real reason why people prefer crypto over fiat is not the blockchain technology, for whatever good it is, but it's because of the control, irreversible, transparent and anonymous nature of the cryptos.

Adoption of crypto through the creation of centralized coins on the blockchain is not going to help. The real adoption would be when government understands that no longer they can fool their people and it's time to legalize decentralized cryptos. I think a lot of governments are under the wrong impression that people love blockchain. The reality is that people love freedom and control, half of us don't even know what blockchain exactly is.

[usaha jaya]

I am sure that in the future more and more countries will accept and recognize cryptocurrency, not only developed countries but also developing countries will use it in the future because BTC and friends are not only a virtual currency, but also the beginning of an era of change.