Cryptocurrency could benefit the world's economic welfare?

[Evil eye]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

[1713979799]

1713979799

[CoinEraser]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

I think that does not work for the whole world. Only in countries, with people who also own crypto, benefit from it. There are certainly countries in which people have little or no cryptocurrency, since in these countries the internet is barely or not at all available. Such countries do not benefit from crypto. You can also put it another way. The rich get richer, the poor stay poor. I think cryptos too can not do much about it. If it should be different, I would be very happy if the whole world has something of it. 

[kujaroth]

It is possible. It might help in the economy of some other countries depending on how they use cryptocurrency. It would boost the economic standing or the economy of the country but we won't know by how much.

[fiulpro]

It is off course true , the developing countries are in fact scared that someday..there will be too many investors and the cryptocurrency will loose the value and the whole economy of the country will break down, but it fact it's enabling the whole country and it's people to have a wider perspective , and also the international trades are very much fluorishing because of it and by that I don't mean trades by big companies but more like personalized, now anyone literally can afford and set up a business and get the recognition world wide, this is indeed something that I think is a benefit.
You know take an example of stock market which take moeny in the form of dollars first you have to go to forex then convert the local currency into dollars and then go to the stock shares index get yourself verified and even after that whatever you earn comes back to you only after you have done some verifications and then again you will have to convert dollars into normal currency, this is so complicated that most people don't want to get involved.
But with cryptocurrencies it's so early it's like one step process whole dependent on u not anyone else.

[Quinni]

Crypto currency is just a speculative product, which is likely to bring benefits to the world when the market is good. Therefore, encryption is likely to change the world.

[BTC_BTC]

of course, I strongly agree with your opinion on this.
bitcoin can be very useful for the world economy if managed properly, and get support from every government.

[audaciousbeing]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

I am sure a lot of people didn't bother to read more and understand the crypto currency being talked about here just assuming that its bitcoin or the known coins we have come to be aware of in this crypto ecosystem.

Of course crypto currency is going to boost the economy and save a whole lot of costs that is being expended in printing notes at intervals and having to build safe rooms all over to ensure security couple with the cost incurred to move it from one place to another. This would be basically eradicated with the presence of crypto which the paper clearly outlined but the concern there is how would both cash and digital currency co-exist which is something they are yet to figure out and I think that should not be a problem at all as crypto should be rolled out on a phase basis while cash is still being used.

Another area of concern is because the crypto they are talking about is purely state backed crypto and how they want to convince those already aware of bitcoin, ETH and others to adopt that fully is way out of imagination.

[mostkey]

In the near future as it is now only useful for the country and for individuals who have felt the development for the economy as well as for improving the individual economy, the world still has not seen it because there are still many countries that are not yet convinced to adopt cryptocurrency in the present and perhaps for the future it can happen, need the first step to do this all, not much different from the fiat that is limited to the different forms, cryptocurrency provides a great convenience for the user in the transaction, the security of which has proven system of security depends on yourself no interference from others, then it is fitting cryptocurrency must appear in the world because it will have a positive effect on the economy.

[dev9t9ok]

I am sure that this news is very positive for us and the market situation because two greatest countries (USA and Canada) are thinking about using crypto technologies. I think that it is a very positive signal for us that crypto technologies will have the great future. Just imagine what will there be on the crypto market in case of using crypto tehnologies on a country level. I think in this case most part of coins will soar th the new historical highs and I am ready for this scenario by holding ETH and BTC.

[aso118]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

Governments all over the world look for means to improve efficiency in benefit delivery. If cryptos can provide a means to do so, then there is no reason why countries wouldn't adopt them. In this particular case, the gains talked about are brought about due to the elimination of cash. I am not sure if that is a desirable (or even possible) thing to do.

[the13thsymphony]

If certain countries does encounter problems in their economy and their economic status the collapsing then its people can definitely turn in to cryptocurrency as it have a different market and can self sustain an individual and seeing many governments would want to get into it is a very good move not only for them bu also for the people in their country and the investors of cryptocurrency and more money will circulate the market.

[mamarried]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

Without saying anything about cryptocurrency I can say about blockchain that it is really a comfortable and positive place for a business to get developed in. Most of the small businesses owners are afraid of it but it is temporary.

[avikz]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

This is possible only if the cryptocurrency is accepted as a legal tender in that particular country.  Means, it will be only effectively boost a county's economy if a person can purchase goods and services using cryptocurrency.  Otherwise, it will have no impact on the economy.

In majority of the countries, cryptos are being used as an investment. That will not boost the economy of any country because at the end of the day, investors will have to convert it to fiat to see the profit. To empower the actual economic boost through cryptos, it needs to be a legal tender first!

[ss890]

If we check things in straight forward way then surely crypto currencies can bring up the economic welfare to most of the countries. But unfortunately there is a lot of flaws in the whole system where not all the countries are on the same page and neither most of them agreeing the concept of bitcoin. So the next question is how this can help crypto economic conditions to improve themselves? If there is no use of it or no purpose of it in the real world (in most of the countries) then how can one be so sure that it may create welfare credibility in the world. 

[hugeblack]

I think there is a mistake in understanding the difference between the term of digital currency "Paper money in digital form" and Cryptocurrency "Bitcoin & altcoins."
I noticed that the author of the article referred to the term Cryptocurrency at the beginning of it and then talked about digital money in the rest of the article. Am I wrong?
I agree with them where dealing with the digital system is much better than cash, but if the idea revolves around making central cryptocurrency system and then benefit from the system Blockchain I do not expect there would be any benefit from the integration of the two systems

[Kprawn]

The welfare gains of introducing CBDC are estimated as up to 0.64% for Canada. {This is a very low gain}  

Source : https://www.bankofcanada.ca/wp-content/uploads/2018/07/swp2018-36.pdf

This is the conclusion in summary :

~ Elevated levels of competition may lead banks to improve their services by offering cheaper and/or better products.

~ On the other hand, an increased level of competition may lead banks to invest in (or give loan to) riskier projects, resulting
   in a less stable financial system. Furthermore, banks may increase the interest rate on loans, which in turn can affect the
   real economy.

This was a very good paper and a recommended read, before you read the article. 

[Amanda Green]

Blockchain and bitcoin are suitable for every industry. I am working in the field of insurance and finance and I am waiting till blockchain will change everything. I hope it will happen soon. I have found one project Socratus. It is an insurance ecosystem which provides a digital platform with instant claim payment products for insurance companies. It is designed to help insurance companies to save their money and get their business on a new level. For instance, they can help the insurance company to lower expenses from 15% to 25% on claims handling and operational expenses. Basically, they work with different kinds of insurances such as e-commerce, cyber insurance, personal accident and etc. Moreover, they are powered by Smart-contracts & Socratus Oracles. I think this is really cool and it seems like an innovative and demanded project. I hope I helped.

[ylnar123]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

Of course it's good also for the whole world. Nation's accepting cryptocurrency can benefit through it due to it demand to the public. If people will be properly educated about this new trend of currency, then many would invest in it and economy will have more means of income from it.

[timerland]

I don't think that crypto or bitcoin alone would be able to necessarily increase the welfare of individuals directly by handing them aid or stuff like that, but it could certainly happen in a variety of ways with a global currency like bitcoin.

The most prominent example would be that bitcoin allows for people from less developed countries with cheap labor forces to access employment opportunities worldwide, and therefore, increase their standard of living.

The combination of bitcoin as the payment method/medium of excahnge and the internet allows this to happen, and this can occur throughout the world regardless of borders because of bitcoin's global nature. Bitcoin, in contrast to other payment processors like Paypal, do not restrict access just because you don't have ID or you don't have a valid bank account to attach to your account, which means that it's much more accessible by less developed nations. Besides, you also don't need to pay fees, or deal with exchange rate risk as much.

[sublime5447]

Actually they also have their own digital systems but the journal or the article doesn’t mention about blockchain, cryptocurrency that (which in general) using blockchain is inversely proportional to the centralized bank system, and what needs to be highlighted next is the node problem in each branch that must be qualified to store more data.