Blockchain fiat Currency

[slapper]

The idea of a blockchain-based fiat currency for Asia and Africa is great. It gives people access to an efficient, transparent, and most importantly fair financial system. Decentralisation makes blockchain a powerful anti-corruption tool. Additionally, underpinning this money with tangible assets provides stability.

The problem is implementation. If the code isn't public, we're gambling heavily. Governments may preach the virtues of such a system, but without openness, they may manipulate it. CBDCs began with good intentions but quickly turned bad. We encourage calculated risks, but this? Not quite great. The idea is good, but we must be conscious of the risks. The balance between creativity and caution is challenging.

[Bill buffalo]

It is something only the government can implement it is not something citizens or private companies could do

[sana54210]

The idea of a blockchain-based fiat currency for Asia and Africa is great. It gives people access to an efficient, transparent, and most importantly fair financial system. Decentralisation makes blockchain a powerful anti-corruption tool. Additionally, underpinning this money with tangible assets provides stability.

The problem is implementation. If the code isn't public, we're gambling heavily. Governments may preach the virtues of such a system, but without openness, they may manipulate it. CBDCs began with good intentions but quickly turned bad. We encourage calculated risks, but this? Not quite great. The idea is good, but we must be conscious of the risks. The balance between creativity and caution is challenging.

Basically telling the world that it would have transparency, decentralization and something that will connect everyone together. Stablecoins basically managed to do that, it's a great invention for people who live in poorer nations because you get to be able to get paid easier, that's actually a good thing. I understand it is not that common but we are capable of doing it whenever we want to, and that's an important thing.

I agree that it is not that common, but I think it should be important to realize that you could do something that will benefit everyone with a simple currency. Normal fiat is not that easy because it is centralized, a decentralized stablecoin would be a lot better for everyone around the world for sure.

[abel1337]

The idea of a blockchain-based fiat currency for Asia and Africa is great. It gives people access to an efficient, transparent, and most importantly fair financial system. Decentralisation makes blockchain a powerful anti-corruption tool. Additionally, underpinning this money with tangible assets provides stability.

The problem is implementation. If the code isn't public, we're gambling heavily. Governments may preach the virtues of such a system, but without openness, they may manipulate it. CBDCs began with good intentions but quickly turned bad. We encourage calculated risks, but this? Not quite great. The idea is good, but we must be conscious of the risks. The balance between creativity and caution is challenging.

It would be a dream for people who are living in third world countries where there is a lot of corrupt government officials. Transparency alone can be bypassed by government officials even if there's a law about it, rich and powerful persons in a third world country can bypass it easily with their abused loopholes. I agree that the idea of this topic is dream but I also agree that there will be a possible big problem on implementation and execution. Aside from the technical side of things and the existing problems with the past execution, I'm sure that there will also be a hindrance that powerful persons can do just not to implement it to a whole country. Though, if a single country managed to successfully deployed it and run the blockchain powered tender, it would be a game changer in the world.

[kryptqnick]

It's technically possible to issue a stablecoin and back it up with real physical assets, but there are issues with it. If it's issued by one government, other countries with their governments won't be happy to use it. If it's issued by a corporation, as the op suggested in one reply, then there's a problem here because corporations are profit-oriented and will do whatever they can legally get away with for profit. There's also a big issue of trust to the corporation, and if people don't trust it, they won't use that currency.
So, in the end, it's hard to make such a currency practical.

[0t3p0t]

I have a very serious question to ask Europe and pretty much the rest of the world have a stable financial system that works well for themselves but a lot of other countries especially in Asia and Africa don't have a stable financial system due to mismanagement and corruption I wanted to ask would it be possible to make a financial system in such a way that all monetary transactions took place on the Blockchain with the introduction of a stable fiat currency that runs on the Blockchain and is backed by tangible metals and raw materials like gold,oil,land but such a currency would be available to the entire continent and would be run on the Blockchain mind me it depends on if people use it but it would be their choice let's say the stable fiat currency has more value than the local currency and the local currency could be easily exchanged for the stable fiat currency I think people might adopt it but I would like to know the pros and cons

Would you mind telling us how the "tangible metals and raw materials like gold, oil, land" will be "uploaded" on such fiat blockchain?
Who is going to guarantee that the reserve of physical assets, which is going to be used to back the currency won't be stolen by corrupt politicians and African military leaders?
There's plenty of altcoins with a decent supply and low transaction fees. Why don't the people in Africa and Asia adopt these altcoins and use them as a replacement of their local currencies? The answer is simple. Their governments won't allow them to do such thing.

This is legit. This happens a lot in some parts of the world. Corrupt politicians make all things in favor of them. Sometimes these kind of people make it hard for the normal citizens to even accumulate in any of these assets because they want to manipulate everything on their power. This is I think an isolated problem having physical assets. That is why having decentralized asset is a must specially if you are in a country where corruption is rampant.