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Author Topic: Outsourcing for printing currency notes will lead to adopt cryptos finally ?  (Read 34 times)
beerlover
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August 14, 2018, 01:01:57 PM
 #1

I just shocked on reading this article :
https://www.scmp.com/news/china/society/article/2158782/why-other-countries-are-giving-china-licence-print-money

“successfully won contracts for currency production projects in a number of countries including Thailand, Bangladesh, Sri Lanka, Malaysia, India, Brazil and Poland,”

When a country is unable to facilitate the infrastructures to print money, I just wonder how effectively they could manage their economy ? Instead of struggling with this types of management I believe they may adopt bitcoin or may introduce their own cryptos just to focus on making their economy better.

If printing money alone is a big problem like taking measurements against counterfeiting then digital payment system must be the perfect solution to them.  Bitcoin and its descendants are having regulated money supply and big security against counterfeiting. But who will teach these governments about the prospectus of adopting cryptos ?

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jseverson
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August 14, 2018, 01:36:33 PM
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If printing money alone is a big problem like taking measurements against counterfeiting then digital payment system must be the perfect solution to them.  Bitcoin and its descendants are having regulated money supply and big security against counterfeiting. But who will teach these governments about the prospectus of adopting cryptos ?

I don't think it's a big problem for them. Pretty much everything is outsourced to China because they have cheap labor and a lot of resources. These countries are certainly just trying to save money by outsourcing their work, not because they can't do the job themselves.

It's true that stuff like this won't be a problem with crypto which is a legitimate advantage, but a country will need advanced infrastructure and wide availability to even begin thinking about moving to paperless. I'm sure everyone knows that the future will be paperless and are building towards it, but it may not be necessarily be towards crypto but rather to digital fiat. Governments will want to retain their control towards fiat issuance after all.

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August 14, 2018, 02:26:11 PM
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You know China, they produce everything cheaper.  So, I think it is about efficiency because money printing is not like a newspaper printing.  Money need a security features so it need a special technology too which is expensive.

Adopting cryptos is not that easy, not everybody have access to internet or even know how to use computer or smartphone.  Not now, maybe 20 years from now.
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August 15, 2018, 03:52:41 AM
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You know China, they produce everything cheaper.  So, I think it is about efficiency because money printing is not like a newspaper printing.  Money need a security features so it need a special technology too which is expensive.

Adopting cryptos is not that easy, not everybody have access to internet or even know how to use computer or smartphone.  Not now, maybe 20 years from now.
I agree with you, adopting crypto into state finance is still a difficult thing to do at this time. other than that crypto prices are also unstable, this is a very important thing that must be considered before the state changes their finances using crypto.
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August 15, 2018, 03:58:34 AM
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Thats maybe the most stupid decision those countries have made in history. It would open for their currency to
be counterfieted. Dont they know how much China loves pirating movies and making fake American and Japanese products? They are giving China a chance to do it on their currency.

How can they trust another country with their printing molds?
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August 15, 2018, 04:09:12 AM
 #6

In imaginary world, yes that should be the case because I dont see any other options for using as the current. I mean look at the world, and see yourself there are only two means of paying, either its completely fiat currency or its crypto currency. Rest of the stuff like gold and silver assets, bonds are different things and can not be traded for everyday life usage. This makes sense that if there is really any such situation as your article describes then crypto currencies will be given the preference. May be there wont be necessity to generate any kinds of notes, coins physically and thus it may help grow the economy as well as efficient currency production.

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August 15, 2018, 10:06:57 PM
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Thats maybe the most stupid decision those countries have made in history. It would open for their currency to
be counterfieted. Dont they know how much China loves pirating movies and making fake American and Japanese products? They are giving China a chance to do it on their currency.

How can they trust another country with their printing molds?
Maybe they have no solution for this era of technology. And the only thing that can do that is print more money to balance the financial budget. This is extremely costly and does not have an economic equilibrium value. The weakness of the management will lead to a series of bad things about the market.

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