Crypto currency can replace the dollar

[frlvoleg]

Kalashnikov: crypto currency can replace the dollar

The deputy chairman of the Federation Council Committee on Economic Policy believes that states should use digital money for mutual settlements, not the American dollar, but digital money.

Sergei Kalashnikov, who also chairs the Interim Commission for Monitoring Economic Development, expressed his opinion on the international role of crypto-currencies at the conference Digital Economy in Russia. Non-standard forms of payment »:

"The situation when the dollar is a universal means of payment in international relations, tightly binds each country to the US reserve system.It turns out that one country takes on the functions of global management of the entire world financial market. Perhaps, just the crypto currency could solve this problem on more democratic and objective basis. "

Kalashnikov cited the example of interaction between the countries of the Eurasian Economic Community and noted that the asset for interethnic exchange of money should be neutral:

"We have to exchange certain denominations within the framework of the Eurasian Economic Community (EurAsEC), and we would not like to apply any national currency, for example the ruble, as a nominal, for political and other reasons." It turns out that we need some neutral universal currency that is not tied to some one country.And what could it be? In my personal opinion, a certain type of crypto currency could well become that clearing currency of mutual settlements, not only within the framework of the EurAsEC, but also in the wider context between different countries . "

In late May, the State Duma approved in the first reading three bills that deal with digital law, crypto-currencies and their turnover. Kalashnikov believes that lawmakers should create basic rules for the normal development of the digital economy in Russia:

"The fact that the proposals of the State Duma are frameworks is, on the one hand, good, since they do not impose anything, but on the other hand, they may presume the adoption of such subordinate legislation that could significantly distort the original ideas of these bills. the challenge is to propose changes to the legislation that regulate not so much the present day as the future, because the recognition or non-recognition of crypto-currency is not limited to the problem. overt direction and the vector of development in the field of the digital economy legislation. "

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[Abeleez]

Well, not entirely for every transaction of course. But no doubt, some trades that would otherwise been made in dollars were instead transacted using bitcoins.
Currencies compete for transactions in an eternal race against older, more established, and newer, more innovative currencies. Since traders are free to agree to use the best version of currencies for their transactions they sometimes choose BTC over their next best solution, say the USD. In that sense, the Bitcoin then replaces the US dollar per transaction.

[2@abcdeeply]

As I think it is never, because electronic money not everyone can use them, and if using them, investment in equipment technology will cost high. It would not be appropriate to replace the dollar.

[preshpr1nce]

This has always been the way I picture crypto becoming adopted.
People think too far ahead about this being used locally over fiat, where it's going to shine first is for international trade without dependency on another currency, it's faster, has no middle man, cheaper and what not.

Once it shines in this sense we might see it start being used for global purchases between regular joes.
I don't think we will see it being used over fiat in a local sense till it's volatile nature corrects with time, couple this with fiat currencies gaining more inflation and becoming unstable due to it, people will naturally go for the better option where they maintain or even gain value on a commodity/currency with real purchasing power.

None of this will happen over night and requires a series of events to occur, assuming things continue on as they are with debt getting worse, inflation rising and the demand for global trade being stronger than ever, in time it's quite likely we will use crypto as real money, slowly bit by bit.

The internet is another technology which grew in a similar way due to it's superior practical use, imagine 20-30 years ago trying to picture every one walking around with an internet based computer phone using wireless technology, paper based postal systems declining as much as they have and most companies being dependable on it.. you would of been labelled a dreamer back then.. but this is the nature of "better things" that persist and improve over time.

[loicuagio1979]

Btc & other cryptocurrencies, I think that, will take over US Dollar in the online platform only. However, because fiat and US Dollar has backed by governments, so it is improbable that cryptocurrencies will replace paper money. Each economic system has "whales" who really benefit from the current monetary system. Their benefits are preserved by their  governments via different ways, like the national military & central banks. Although in developed countries where the central banks are independent of politics, they still hand over an economic environment on behalf of the government.

[rizkyhiw]

Some bankers commented on the potential business of crypto currency forward. This is because, based on the data, the currency exchange rate of crypto has increased and decreased quite large. still 50/50 whether the crypto currency can replace the dollar. but, my estimation of crypto currencies and conventional currencies like the dollar will continue side by side. because from what I know, these two currencies are still pretty much related.

[bitcoindian]

Some bankers commented on the potential business of crypto currency forward. This is because, based on the data, the currency exchange rate of crypto has increased and decreased quite large. still 50/50 whether the crypto currency can replace the dollar. but, my estimation of crypto currencies and conventional currencies like the dollar will continue side by side. because from what I know, these two currencies are still pretty much related.

Yes, the price decreased a lot with the bearish market and I think it is not a good idea to implement or replace the dollar with crypto currency because there is huge fluctuations and this is not convinced governments. But the chances of replacing fiat currency with crypto currency is really a nightmare.

[Wabri]

It is very hard to believe that cryptocurrency can replace the dollar. It can used as an alternative payment method, but replace it is not something what I believe. Therefore I think that cryptocurrency will take an important place as alternative payment method, because it is transparant and fast.

[bozo333]

It is very hard to believe that cryptocurrency can replace the dollar. It can used as an alternative payment method, but replace it is not something what I believe. Therefore I think that cryptocurrency will take an important place as alternative payment method, because it is transparant and fast.

Already USDT Cryptocurrency is replace the US dollar because both are same value and USDT reputation is day by day increase in market so many investors are buying this coin. The main advantage is it will not down in any situation so many companies are plan to invest this platform. I think this will reach entire world in soon and this is the best alternative platform in payment method.

[saqwe]

I do not think cryptocurrency will replace dollars because they are two different hings and have different functions moreover, crypto is a digital currency and not everybody can use this medium unlike the feasible dollar that can be easily handled and it is also mobile.

[Coinseeker22]

i doubt it can replace the whole fiat entirely. well. if you ask why there are tons of reason. that means revolutionizing the whole world. you would have to start at the very small things like traders and when i say traders i mean the farmers and all you do not expect them to just transfer to digital currency just like that and if so what about the foreign exchange in that matter.

[Bessta]

I don't see any possible way where crypto currency can replace any other real currency in the world. I think that the crypto community could improve on how the crypto currency transactions work specifically bitcoin to usd/any other currency and also bitcoin payments like shopping to different stores.

[Vit83]

IMHO if it would replace fiat it would be something new created by government on blockchain base. BTC like gold just for holding for reach people only)

[aragom]

I don't see any possible way where crypto currency can replace any other real currency in the world. I think that the crypto community could improve on how the crypto currency transactions work specifically bitcoin to usd/any other currency and also bitcoin payments like shopping to different stores.

it is so so hard.
nothing replace dollar. it is like a gold. always there will be dollar, there must be dollar.

[gogrowglow]

Eventually maybe but not in the near future.  Cryptocurrency and  dollars  are two different things and have different functions moreover, cryptocurrency is a digital currency and exist only in the internet and not everybody can use this medium unlike the feasible dollar that can be easily handled and it is solid and besides people used to it.  For the meantime, cryptocurrency can be  used as an alternative payment method, but dollar is still the leading fiat in the world.

[topkhai]

If cryptocurrency is used as a medium of exchange it is possible, but if this cryptocurrency makes the same currency exchange rate and replaces the dollar I think it is impossible, because the crypto value isnt fixed or fluctuate. Besides crypto money also has no physical so there is no real value determination

[konomi]

I don't think cryptocurrency can replace the dollar. I don't think this will happen. It will take at least 10 years, but I think the cryptocurrency may soon replace the euro because the EU economy is not perfect now. For example, in the UK, more countries will leave the European Union.

[Poink]

Many countries have been pushing for a way to replace the dollar as the world currency of trade.  China and USSR are leading the effort for decades now.

It makes sense since it gives USA an unfair advantage.  Why can USA afford the debt it has now?  Because it can always print dollars as needed.  Something that other countries cannot do.

In this sense, USA will likely fight the adoption as long as it can...or create a crypto that will give it advantage.  Right now, China is leading the way (maybe covertly).  Hope USA wake up and do something now or risk being left behind.  Because I believe Crypto adoption can be delayed but cannot be stopped.

[maxreish]

Not that probably happens to be replaced by cryptcurrency the dollar in global market, because some countries they do not acknowlegde or used the cryptocurrency in their own country and above all as the moment no law shall be establish that the bitcoin was legaly use around the world.

[olalaMaty]

Each e-currency or dollar has its own values as well as its own characteristics, which enrich our currency markets, which can not replace each other. complement each other more perfectly