You think that governments might adopt cryptocurrencies to replace fiat currency

[coin-investor]

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?

With how the technology works, nothing seems to be impossible now, but it's not going to be immediately, maybe a government can try it in one town if it is successful he can try an entire city and if they have success it, they can implement it in the whole country, but it's impossible if they do it in a whole country right away.

[romanij]

I think it's possible cryptocurrency will replace fiat money. because if we see today some countries will create their own crypto such as China, Japan, Sweden and Russia. and currently we live in a digital age that strongly supports the use of cryptocurrency. and some of our people have also become accustomed to making payments online. so in my opinion maybe in the future the use of fiat money will decrease and be replaced by cryptocurrency.

I think that this idea is utopian for most gosudarst. In any case, we will not see this in the near future. Yes, there is an exception - China. China has prepared testing of the national cryptocurrency in cities such as Shenzhen and Suzhou. And just Bank of China issued bonds on the blockchain for $2.8 billion. but other countries that are in the European Union are not even ready to accept stabilcoins.

[gundala]

I truly believe in blockchain technology, for crypto to replace fiat it must go through some regulations and control. Many in the cryptocurrency community have spent years predicting that digital currencies will someday take the place of fiat currencies. But mainstream economists tend to view cryptocurrencies with more than a bit of disdain

We all also agree that blockchain and cryptocurrency bring many useful changes. Blockchain was adopted by many institutions and governments to improve utility. While cryptocurrency is still full of pros and cons, although it is profitable but also has a bad side where it can be misused in illegal activities, that is what most governments worry about. So, even if cryptocurrency replaces Fiat, it requires quite a long time and various complicated regulations. I am more certain if cryptocurrency and fiat are used together, complementary.

[sapnu]

I truly believe in blockchain technology, for crypto to replace fiat it must go through some regulations and control. Many in the cryptocurrency community have spent years predicting that digital currencies will someday take the place of fiat currencies. But mainstream economists tend to view cryptocurrencies with more than a bit of disdain

We all also agree that blockchain and cryptocurrency bring many useful changes. Blockchain was adopted by many institutions and governments to improve utility. While cryptocurrency is still full of pros and cons, although it is profitable but also has a bad side where it can be misused in illegal activities, that is what most governments worry about. So, even if cryptocurrency replaces Fiat, it requires quite a long time and various complicated regulations. I am more certain if cryptocurrency and fiat are used together, complementary.

Indeed, I also think of that before but because of the disadvantages of cryptocurrency, it might not happen just like the volatility of cryptocurrency. We all know that cryptocurrency is volatile in terms of value, meaning it is changing time by time so as a currency that is not actually good. Also, not all country is adopting a cryptocurrency like this so there are no users in some country like that. Yes, there is blockchain technology that is developed to help cryptocurrency become famous but that is not enough for now.

[Google+]

Fiat currency integrate with government system which is related to the economy situations from particular countries and it has been running for hundreds of years and not easy to replace fiat money to other option such as cryptocurrency and for time being i think why governments adopt cryptocurrency because maybe they want to learn the technology behind it but to be replacement of fiat i think it's hard to realize

indeed the government might only use its technology owned by cryptocurrency to strengthen fiat currencies and may also be used to accelerate transactions over long distances using fiat currencies, cryptocurrency like bitcoin will be very difficult to use for daily life because it has unstable exchange rates and has very little supply.

[zhengqi]

I would very much like crypto to replace fiat money, but States will never allow them to do so. Many countries still have a negative attitude to crypto, so it is too early to talk about the introduction.

[gabbie2010]

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?

With how the technology works, nothing seems to be impossible now, but it's not going to be immediately, maybe a government can try it in one town if it is successful he can try an entire city and if they have success it, they can implement it in the whole country, but it's impossible if they do it in a whole country right away.

Adoption of a centralized crytocurrency can easily be done by any country and the technology behind it but the question is that is it going to be an alternative to the government controlled fiat? if yes its going to take more than a decade to educate and teach people how to use cryptos in the adopting countries eg venezuala had tried petro I don't how far the people in that country had embrace that coin and how its had been faring with their economy.

[posi]

I truly believe in blockchain technology, for crypto to replace fiat it must go through some regulations and control. Many in the cryptocurrency community have spent years predicting that digital currencies will someday take the place of fiat currencies. But mainstream economists tend to view cryptocurrencies with more than a bit of disdain

We all also agree that blockchain and cryptocurrency bring many useful changes. Blockchain was adopted by many institutions and governments to improve utility. While cryptocurrency is still full of pros and cons, although it is profitable but also has a bad side where it can be misused in illegal activities, that is what most governments worry about. So, even if cryptocurrency replaces Fiat, it requires quite a long time and various complicated regulations. I am more certain if cryptocurrency and fiat are used together, complementary.

Indeed, I also think of that before but because of the disadvantages of cryptocurrency, it might not happen just like the volatility of cryptocurrency. We all know that cryptocurrency is volatile in terms of value, meaning it is changing time by time so as a currency that is not actually good. Also, not all country is adopting a cryptocurrency like this so there are no users in some country like that. Yes, there is blockchain technology that is developed to help cryptocurrency become famous but that is not enough for now.

Honestly, the volatility in nature and the anonymity part of cryptocurrency was not the reason why the governments and some institutions don't adopt cryptocurrency but the decentralization of crypto and the fear of nation currency been obsolete which I believe that you'll understand by China stance about bitcoin.

My answer to the OP question, the government don't want crypto to replace fiat and Satoshi also don't create bitcoin to replace fiat but to serve as an alternative.

[swivel1983@gmail.com]

This is quite a controversial issue. So far, cryptocurrencies are not ready to be accepted. Therefore, it is too early to talk about the use of cryptocurrency at the state level. Time must pass before this question can be answered.

[awakpane]

in my opinion governments can and will adopt cryptocurrencies as protocols but not replace fiat currency.
fiat currency has its advantages that we dont consider, read the book Naked Money he talks about it there
fiat money is great, its the people who are not educated enough to use it wisely

I think, even though fiat money is good, but they also experience inflation, there is no promising fixed value. with cryptocurrency speeti. my suggestion is better the government divert to crypto to be used as the country's currency as a medium of exchange. so that people can easily conduct transactions in everyday life.

[DDante]

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

Is this not one of the reasons why central banks are getting ready to build their own digital currencies? China's Yaun coin will be the first of its kind as i heard, why said it's not possible? And the existence of the CB coin and fiat wont hurt each other or will they?

[@prashant]

Nope they won't, there are slight chances that government use Blockchain to create a stable virtual version of native currency. But then it do not change anything relate to crypto. It will create decentralised transaction record system not related to crypto.

[aomakun]

Nope they won't, there are slight chances that government use Blockchain to create a stable virtual version of native currency. But then it do not change anything relate to crypto. It will create decentralised transaction record system not related to crypto.

The current money is an illusion, it only exists in numbers written by the central banks. There is a mathematical backup of the monetary system and the whole financial system is rigged. The best alternative is to apply the advantages of blockchain technology to traditional banking, monetary system in these conditions.

You need to re-investigate for your words, because as far as I know a country has a policy when it wants to print money. plus fiat adoption is still widely used in the community, if a payment method is changed it will require time, especially if using crypto technology. surely it will take time to educate the people who use it

[kindbtc]

It is going to happen sooner or later, especially when the economic giant that is China has already announced its official coin, similarly Dubai and some other middle eastern countries are also working on crypto and blockchain, i think once these projects surface then most other countries will also follow resulting in real mass adoption.

[Barbarian]

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?

Governments of the world are without a doubt going to create their own cryptocurrency but they are never going to adopt a decentralized cryptocurrency like bitcoin because they fear that if they let their citizens the choice to adopt a centralized cryptocurrency or a decentralized cryptocurrency they are going to choose the decentralized version which they do not have any way to control but I really think that no matter what they do eventually decentralized cryptocurrencies are going to be the ones that will win and will be adopted by the entire world.

[Sithara007]

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?

Lol... the purpose of fiat currency is not for trading between citizens. If you want to trade, then you can do the same using gold or silver, or just any other asset. The real purpose of fiat currency is to enable the governments to take debt from lenders, so that they can splurge all that money on wars, welfare payments and on themselves. Do you think that this will be possible if they replace fiat currency with a cryptocurrency such as Bitcoin?

[distr@yopmail.com]

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?

Lol... the purpose of fiat currency is not for trading between citizens. If you want to trade, then you can do the same using gold or silver, or just any other asset. The real purpose of fiat currency is to enable the governments to take debt from lenders, so that they can splurge all that money on wars, welfare payments and on themselves. Do you think that this will be possible if they replace fiat currency with a cryptocurrency such as Bitcoin?

seems to be difficult. what is happening right now is a development where transactions using fiat money can already be done digitally. if seen almost the same as crypto transactions but this is not much different from trading in traditional markets with ordinary fiat money. only technological developments make it easier for everyone to be able to transact even though they don't meet face to face.

[SabrinaBianka]

If its possible to help all people on any country its also possible to adopt that (cryptocurrency) because the good government always looking on the benefits for people on their country of course, They didn't decide only for few at least for all right? If its also, if no corruption on their country its possible.

[Mealea]

Government adopting cryptocurrencies to replace Fiat? I don't see that happening at all. We might have more adoption of cryptocurrencies but not to the extent of replacing Fiat, even every country do that, US will never.

[setialovers]

Government adopting cryptocurrencies to replace Fiat? I don't see that happening at all. We might have more adoption of cryptocurrencies but not to the extent of replacing Fiat, even every country do that, US will never.

The central bank might prefer to publish its own cryptocurrency rather than adopting cryptocurrency on the market. This is because the central banks do not want their role as monetary policy makers disturbed. Cryptocurrency on the market already has a supply limit and this is definitely not wanted by central banks if they adopt cryptocurrency for monetary policy