You think that governments might adopt cryptocurrencies to replace fiat currency

[Chrystora123]

However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?

maybe 100 years from now it will be possible to do so, but it is impossible today because there are many governments that invoke the sovereignty of their governments to refuse many things when those same people of governments who invoke sovereignty issues like to accumulate their wealth in US dollars and buy homes and other properties in rich countries like the US

IMO.. 100 years from now is too long,  I predict that governments from various countries will adopt cryptocurrencies in the next 35-50 years.  the governments in various countries will not replace fiat currencies, they will make fiat currencies and cryptocurrencies in circulation together.

[TRONTON]

I could see three scenarios as of now:

(1) Governments would use existing cryptocurrencies, but would impose tax on them, either through exchange or imposing rules on owning cryptocurrency wallets (regulation and KYC).

(2) A much more possible scenario, governments would make and use their own cryptocurrency, and (possibly) ban usage of other cryptocurrencies not made by political government.

(3) Governments would ban usage of any cryptocurrencies and would not adopt such technology (highly unlikely).

Point 2 is very possible, because the centralized function is about controlling economic activities in binding rules. In this way they will require their own pair of coins to be traded against others, and of course will tighten the regulation of all tradable coins (selection)

The government seems to be sensitive to the changing era. and must prepare alternatives. it is not possible for them to change fiat, but must also make alternative drafts in reserve.

[airdnasxela]

Right now, I don't think the government would do that. Crypto has its limitations and its disadvantages. Fiat also have it but since we've been using fiat for a long time we're used to it already... The government won't adopt crypto since they have their own currency— unless they're going to create their own crypto. Still, they have to consider people's capability of adjusting to that kind of innovation.

[Willitivity]

The government adopting cryptocurrencies as a mainstream currency to replace fiat is not really attainable at the moment. Cryptocurrencies with all the glitz and glamour it carries still doesn't fit in properly for some day-to-day operations. It also requires some level of technicalities that not every folk is familiar with.

[jossiel]

What can we say about governments using fiat currencies? it's the basic valuable medium for purchasing goods, services and paying taxes. So, telling that fiat has been 'adopted' all over the world is absurd.

However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?
   

Who knows what's the mind of the powerful countries? they will get into it first and we will see if they will create another one or just go with bitcoin as one world currency.

[JeffBrad12]

I think that instead of replacing fiat the cryptocurrency created by the government will instead act as secondary currency or more like digitalizing the fiat. The government will not just letting some people have no access to paper money because it's still quite important and even in the future I can tell that it will still be important and therefore removing it will instead make another problem and it's wisest to just create crypto while still using fiat aswell because creating crypto didnt take that much resource.

[asriloni]

It would not, i suggest you take a look at what happened with libra or crypto and china. Just try to bring a simple logic here, when there was a big world-class company like facebook wanna issue its crypto called libra. So many regulators have banned it, and that can be proof if crypto is not easy to be accepted by the regulators. I don't think we must expect the adoption caused by without the regulation and that will never happen. Maybe crypto can be adopted by some people without care about the law but in specific countries that were having huge potentials like US and regulation is at the top of everything.

Not sure about what problem had by fiat currency.

[Pinkris128]

Currently, in this day and age, all governments around the world have adopted fiat currencies as a means for its citizens to trade with one another and to trade with other nations around the world. However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?
   
I can see that fiat currency has many flaws as all types of currencies before it, but with the new “government cryptocurrency” would it be able to solve the problems that fiat currency has and make a better economy? I’m not really sure myself as I can’t really predict the future.
   
Considering that fiat currency replaced all the previous currencies before it, would cryptocurrency replace fiat currency in the future?

Many of us think straight ahead of the future and I do believe that cashless transactions in everyday lives of the human society is possible. But before this could ever happen, the public must be first well educated about cryptocurrencies before the government could implement it. That's why many of us think that the future is the answer. But we will never reach it if we don't play our part of informing and teaching others about cryptocurrencies.

[Aabcde]

When talking about the future of currencies, it is rather difficult because we are talking about the scope of the country, which has regulations. In these regulations, there must be pros and cons.
In my opinion, all eyes are heading to countries that are implementing blockchain to make cryptocurrency like China with its DCEP. From here other countries are taking lessons first, if China succeeds in increasing the welfare of its country through DCEP, we can be sure there will be a massive movement from each country to digitize their own currencies as well.

[fuer44]

no, fiat is the symbol of every country and they will not replace it. if possible, the government will only adopt fiat to become digital, just like crypto.

[yulionoo]

I thought maybe cryptocurrency would replace fiat currency and become a global currency. because at this time if we see more and more countries are adopting blockchain and also more and more companies are accepting bitcoin crypto as a means of payment. if crypto development is getting better then maybe countries in the world will be willing to accept crypto and make cryptocurrency as a legitimate international payment instrument.

[fortunecrypto]

Currently, in this day and age, all governments around the world have adopted fiat currencies as a means for its citizens to trade with one another and to trade with other nations around the world. However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?
   
I can see that fiat currency has many flaws as all types of currencies before it, but with the new “government cryptocurrency” would it be able to solve the problems that fiat currency has and make a better economy? I’m not really sure myself as I can’t really predict the future.
   
Considering that fiat currency replaced all the previous currencies before it, would cryptocurrency replace fiat currency in the future?

So far no country has attempted to do that or has done an experiment because the risk is high, a country that will do that should have 100% of its people educated on how to transact in Cryptocurrency, a country that will do that should have modern facility and have internet connection on all its areas, even the remote one.

[starblocks]

Due to increasing competition from cryptocurrencies and stablecoins many central banks are either developing their own digital currency or evaluating the potential of issuing one so you can be sure there'll be lots to look forward to as these technologies develop and begin to be used in everyday life

[Zeke_23]

no, fiat is the symbol of every country and they will not replace it. if possible, the government will only adopt fiat to become digital, just like crypto.

We still don't know, but it is possible. It should be expected since we can see the progress and development of crypto. It will not happen over a decade or two, maybe after century that had passed when the digital technology is really high tech in our world. Adoption of crypto may come to us for now, and replacement for the future.

[jazmuzika217]

I think the idea of replacing fiat money by crypto is not good idea. All we know that crypto have not consistent value so I think it will be complicated if government let crypto replaced fiat money. I think it is better to make crypto as additional currency together with fiat to make our payment system more easy and not complicated.

[BitcoinHunt3r]

I think as long cryptocurrency almost same with digital fiat, will be small chance for it to replace fiat. Although cryptocurrency can send all over the world, maybe to replace fiat must look perfect crypto, fast transaction, cheap transfer fees, and regulation. Maybe for regulation, government will keep use their currency and wouldn't let crypto to interfere.

[Magkirap]

They wont allow cryptocurrency to replace fiat money, it will not happen maybe in the next chapter of Earth, cryptocurrency will be a big thing. Fiat money is still ok, you can also use that to transact online but of course its limited compare to cryptocurrency. I want crypto to succeed but as of the moment, we still need to use fiat money and be patience with the smell of your money.

We really still needing the fiat currencies because let's face the fact that not all of us are keeping up with technology and some people don't have devices that they can use to manage their cryptos but of course the possibilities are endless, we could have something in the future that enables us all to access cryptocurrencies but as of now not everyone can access cryptocurrencies so we still need physical money.

[LouVandetta]

Most likely they won't replace fiat currency with cryptocurrencies. Of course, there is a possibility that more country will try the adoption of blockchain, cryptocurrencies whatsoever.

But to fully replace fiat money with them, I don't think that's a really good idea. Sure, we're living in a digital era right now. It might be possible in the future. But their own fiat currency is like their country's indentity.

Not to mention, if it really does, we don't know how long it'd take until every of their citizens educated enough with how to use them and all. And let's not forget even in biggest countries it's always has places that only has little knowledge about how advanced technology nowadays.

[GideonGono]

However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?

maybe 100 years from now it will be possible to do so, but it is impossible today because there are many governments that invoke the sovereignty of their governments to refuse many things when those same people of governments who invoke sovereignty issues like to accumulate their wealth in US dollars and buy homes and other properties in rich countries like the US

IMO.. 100 years from now is too long,  I predict that governments from various countries will adopt cryptocurrencies in the next 35-50 years.  the governments in various countries will not replace fiat currencies, they will make fiat currencies and cryptocurrencies in circulation together.

That’s what I thought too since fiat still has its own uses and conveniences that cryptocurrency may not provide and it also goes the other way around. With that amount of time from our time, I see that the cryptomarket would have a massive volume which would mean that price spikes would not happen much due to low volatility which is quiet good in the aspect of mass adoption throughout the world and also that doesn’t mean that traders would not still make a reasonable profit but rather it is now much safer and healthy.

[joshua123]

I think as long cryptocurrency almost same with digital fiat, will be small chance for it to replace fiat. Although cryptocurrency can send all over the world, maybe to replace fiat must look perfect crypto, fast transaction, cheap transfer fees, and regulation. Maybe for regulation, government will keep use their currency and wouldn't let crypto to interfere.

But that's impossible to create I guess. Perfect crypto? One thing I like it is the transparency, the most I concerned about is its security. Being able to hack is unavoidable for some users who keeps or not following rules to be safe. Imagine when it becomes a replacement for fiat? You can lost in an instance youre money. Well, perfect crypto still probably got 0.01% of vulnerability which bad guys would exploit.