You think that governments might adopt cryptocurrencies to replace fiat currency

[Peanyut991]

If speaking of possibilities, then the answer is yes. As you said, fiat currencies have many weaknesses, in contrast to cryptocurrency which offers efficiency, security and resilience. Crypto can replace fiat currencies in the future.

[angrybirdy]

The big question is do we have any government now that can implement this, this is not easy, you need all people educated and there are areas that can be transacted with fiat only because not all part of any country has the features of a city, only a highly industrialized country can do this.

Yes, we have. The government in every country has the capability to do it. If it will be implemented in a certain nation, I think even in rural areas it will be issued. Fiat is part of every people's daily use, and if crypto will replace fiat then there is no chance for the countryside to stay using fiat even if crypto is already implemented to use in their daily life.

[BlacksmithCorporation]

The reason that most people accept the current monetary system is so simple: People have been using fiat money, so am I! The same reason is the habit of consumers. We have used fiat, which has become a routine now, and it is very difficult to change and accept a new currency. I can't do anything!

Although saying that cryptocurrencies are becoming more popular with many people, we cannot see or hold it in our hands. So many people still choose to use fiat instead of cryptocurrencies because of the existence of fiat.

[AbuBhakar]

The reason that most people accept the current monetary system is so simple: People have been using fiat money, so am I! The same reason is the habit of consumers. We have used fiat, which has become a routine now, and it is very difficult to change and accept a new currency. I can't do anything!

Although saying that cryptocurrencies are becoming more popular with many people, we cannot see or hold it in our hands. So many people still choose to use fiat instead of cryptocurrencies because of the existence of fiat.

As long as not all stores or main stores accepts crypto, fiat will still be in need, it will be hard to eliminate as many still not into crypto. But it's a good option to those who find fiat not convenient especially the hassle banks give due to long lines and maintenance they are always up to.

[Chukwunonso]

I don't see any government supporting cryptocurrency against fiat any time soon. It would take a long time for government to support cryptocurrency over her domestic fiat. I understand that governments spend a huge sum of money annually in fiat management and fiat has a lot of weaknesses, but the change won't be instant and would go through a cycle

[setialovers]

The reason that most people accept the current monetary system is so simple: People have been using fiat money, so am I! The same reason is the habit of consumers. We have used fiat, which has become a routine now, and it is very difficult to change and accept a new currency. I can't do anything!

Although saying that cryptocurrencies are becoming more popular with many people, we cannot see or hold it in our hands. So many people still choose to use fiat instead of cryptocurrencies because of the existence of fiat.

As long as not all stores or main stores accepts crypto, fiat will still be in need, it will be hard to eliminate as many still not into crypto. But it's a good option to those who find fiat not convenient especially the hassle banks give due to long lines and maintenance they are always up to.

Agree, fiat money is still needed for transactions because it is more easily accepted by many people. Not everyone understands about cryptocurrency and gets internet access so that fiat money will continue to be used by the Government even though it will be digital

[aioc]

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?

Adopt should be the right word and not replacement, we have been using paper money for hundreds of years and it's still working for the majority of the people and will still work, they can both used in transactions so why not just adopt Cryptocurrency and do not replace it.
Not 100% of the people in this world know how to use this technology.

[CRYPTO JOKER]

If Government adopts Cryptos, people who worked in banks will loose their jobs. Our government will run out of money without getting tax. They cant get separate money for Intentional transactions. Banks will be closed... They need another 10 years to educate people about cryptos... People in slum and uneducated will be in trouble.   

[iram3130]

There are some countries which already have a panel and discussing the possibilities of this. But the common man is still not educated enough to understand and use a crypto, if the government thinks it is a good thing to do then they should start educating about it.

[Eternad]

There are some countries which already have a panel and discussing the possibilities of this. But the common man is still not educated enough to understand and use a crypto, if the government thinks it is a good thing to do then they should start educating about it.

They should provide free internet or at least have a provider that really offers a secured and fast internet connection. This can be another problem if ever in my country as many area still not capable to have a good internet connection. But if implemented in Cities it can be adopted and many is fine with advanced technology trainings if ever government will provide one.

[el kaka22]

Best case scenario is that governments will make it super legal and adopt it themselves as well, but governments own crypto currency makes no sense at all considering they are literally printing their own money anyway and there is no reason for them to get better. I mean these are the people (politicians) who get richer and richer by keeping the power whereas we are talking about a world where decentralized or basically any blockchain improvements would take power out of their hands.

I seriously doubt that governments would do that, or even allow that, hell most even hate bitcoin itself and would stop it if they could. Long story short, there is no world where governments actually replace fiat, they would just supplement it with fake crypto stuff but fiat stays as long as it gives them the power.

[drlukacs]

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?

nah, that will never happen. You are just looking at the negative side of fiat money and the positive side of crypto to compare, it is unfair. In general, fiat money is only subject to inflation or over supply or demand, which is solved by central bank and payment problem also becomes very common and familiar.
For crypto, I don't think it is a currency. because its value is always volatile and transaction fees are quite expensive compared to fiat money. besides that it applies too much technological nature so many poor people will not be able to apply. The conclusion is that crypto should only be an asset, it should not be a common currency for payment.

[cichaescut]

Not in the nearest future. Governments are fighting against cryptos. China is banning everything, Europe rejects Libra to take place, USA wants to ban TON and so on. We still have a long long way towards the mass adoption.

[jostorres]

I'm very sure that they are doing to adopt the cryptocurrency in future, but I don't think it will be used as a replacement for our current conventional currency. Both of them are going to work together, and yes I believe that is possible. Every country is not going to have the same cryptocurrency, it will be different, just like China already announced that they are releasing their own cryptocurrency.

When China releases their cryptocurrency, other countries are going to do the same and release their own cryptocurrencies. People will be able to make use of cryptocurrency if they want or redeem it for fiat or cash. None is replacing the other, cryptocurrency will make things faster and advance other features.

[Jercyhora2]

Not in the nearest future. Governments are fighting against cryptos. China is banning everything, Europe rejects Libra to take place, USA wants to ban TON and so on. We still have a long long way towards the mass adoption.

The reason why governments don't want to accept crypto in the economy because they can't control it. We can't blaim gov. by of banning crypto in their county.
Maybe in the near future they will accept it but they'll impose tax so that the economy of the nation benefit on crypto.

If Government adopts Cryptos, people who worked in banks will loose their jobs. Our government will run out of money without getting tax. They cant get separate money for Intentional transactions. Banks will be closed... They need another 10 years to educate people about cryptos... People in slum and uneducated will be in trouble.   

I didn't regret if banks will be closed, those banks is the reason why poor stay poor because they impose unfair amount of interest.
We don't should implement of total digital currency use, we still need our own fiat currency in case we don't have our devices to perform transactions buying, selling on our daily needs.
Mass adoption is great but we still need our fiat currency.

The big question is do we have any government now that can implement this, this is not easy, you need all people educated and there are areas that can be transacted with fiat only because not all part of any country has the features of a city, only a highly industrialized country can do this.

According to this article,
Here's the list that are creating their own digital currencies

• Ecuador
• Tunisia
• Senegal
• Sweden
• Estonia
• China
• Russia
• Japan
• Venezuela
• Israel

Source :

"Move over bitcoin, these countries are creating their own digital currencies"
https://www.verdict.co.uk/bitcoin-countries-digital-currency/

[InwardContour]

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?

FIAT can't be replaced with crypto entirely, both have their relevance. It's true that money has evolved from using cowries to present day FIAT and digital currencies, but it doesn't mean crypto can ever replace FIAT currencies. By the way, for now there is no official "government cryptocurrency" per say, the fact that some are trying to implement their own digital currency doesn't mean it will be cryptocurrency. Well, I'm hoping so see when crypto can be used as normal FIAT currencies.

[StephenJH]

Not in the nearest future. Governments are fighting against cryptos. China is banning everything, Europe rejects Libra to take place, USA wants to ban TON and so on. We still have a long long way towards the mass adoption.

Governments have no interest to use the blockchain and its facilities in the real banking system. Their traditional banking is more than enough  to survive under the economic crisis and they have power to print the money with one phone call. Especially the USA as an owner of worldwide backup currency, the FED will not let the threats to destroy their long term plans.

[s92225]

 

I really hope it will replace fiat,so that we can all escape this shitty taxation system = )
Gotta purchase some Bitcoin from my fav exchange OKEX.

[irixo10]

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?

Although it sounds good but do you really think the government will give up every manner of control they have on fiat? I don't think so, which make me believe they might not want to allow cryptocurrencies to replace fiat. Even if they want to, then it would be a government backed crypto which will be centralized thus giving them the neccessary powers. To be realistic a coin like Bitcoin which is fully decentralized, which government will allow it replace its country's fiat.

[JeffBrad12]

Although it sounds good but do you really think the government will give up every manner of control they have on fiat? I don't think so, which make me believe they might not want to allow cryptocurrencies to replace fiat. Even if they want to, then it would be a government backed crypto which will be centralized thus giving them the neccessary powers. To be realistic a coin like Bitcoin which is fully decentralized, which government will allow it replace its country's fiat.

Not necessarily replace but I suppose it might become an alternate just like how there are some companies that uses their own so called "website currency" and bitcoin to be honest could just act as that because bitcoin commonly used for online payment anyway. The fiat is still needed and tbh hardly replaced by any other currency that are independent from government because that's simply demanding economy disaster.