POLYGON as a national currency.

[Psynthax]

What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.

no country wants to make crypto currency its national currency because cryptocurrencies have high fluctuations that can be fatal for a country and can experience inflation in a country. In my opinion cryptocurrency can only be used and regulated in regulations only as a medium of exchange at the national currency exchange rate.

agreed with the point of fluctuation, even if it was backed by the government it will still rather volatile, it's really different compared with stablecoin even CDBC so I don't think it's even a good idea, considering the fact that even bitcoin still changing its value quite frequently within really short time frame like minutes.

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[merekamo]

While I acknowledge that Polygon is a user-friendly platform for easy transactions, I believe that adopting it as the primary means of payment in countries with low levels of education may not be the best approach. This is because the population may not have the necessary knowledge and skills to navigate digital platforms effectively, which can lead to confusion and potential misuse of the technology.

Instead, I would recommend that country leaders focus on improving the overall education levels and digital literacy of the population before considering the adoption of any advanced digital platforms. This will ensure that citizens are properly equipped to understand and utilize the technology, ultimately leading to a more successful implementation of Polygon or other digital payment platforms.

One more thing, if a country creates a Polygon to make payments or transactions, then the first to oppose this concept is the World Bank. I don't think it's possible Polygon for payments or transactions

[Rampagoe004]

That will never happen. Because from the start blockchain is a decentralized network where the government does not have full control over the assets. Not to mention that all countries in the world must have their own Federal Bank. Is it possible to make Polygon a Federal Crypto Currency? Of course it is impossible in my opinion.

[Xal0lex]

Yes, Matic is very good for transactions and very good for NFT, but I don't think it's the right asset to implement at the national level as a means of payment just because it has low fees. Matic has too short history on the market, it's an altcoin and it's not reliable enough. It is unlikely that any country will choose any altcoin, ignoring bitcoin.

We do not know as effective and how efficient is Polygon is used as a legal payment tool, even though he is fairly early, Altcoin Matic has a good reputation in the world of blockchain. It is quite risky to rely on polygon as an asset that is applied in a national scale, of course if indeed forced there must be a long experience first, so that the bad possibility cannot occur, and the most important thing is not to get disappointment that can kill the country or paralyze a country in its economy.
I also disagree if I ignore Bitcoin, but I am rather skeptical because I have enough coin matic.

A good reputation in the community is not enough to make sure an asset is reliable. Terra also had a good reputation in the community and great liquidity until spring 2022, but something went wrong. In my opinion, the main requirement for accepting a cryptocurrency as a means of payment is the longevity of the asset, as well as the fact of how the asset has behaved throughout its life. So far, no altcoin, not even ETH, can demonstrate a better longevity than bitcoin.

[wxa7115]

That will never happen. Because from the start blockchain is a decentralized network where the government does not have full control over the assets. Not to mention that all countries in the world must have their own Federal Bank. Is it possible to make Polygon a Federal Crypto Currency? Of course it is impossible in my opinion.

It is impossible for polygon, but for bitcoin it could be possible that in the future it was adopted by a country and used exclusively on that territory as the only legal tender, now this is not going to happen soon but it is a possibility.

After all there are some countries out there which do not even have their own fiat currency and use the US dollar as a legal tender, so we have cases already of countries forfeiting the right of printing their own currency, and if the US dollar we are to experiment a huge crisis those countries will need to find an alternative, and while unlikely the possibility they could choose bitcoin is not zero.

[crwth]

I have seen videos of people using Polygon, and it's nice compared to other altcoins. I'm still with Bitcoin but I see it being used by many people and knowing what MATIC can do as well. IIRC, they are the ones responsible for it right?

Has anybody had any use case for this?

[kaseygriffin]

IMO, develop basic education on financial skills and cryptocurrencies for people, especially those who do not have knowledge of cryptocurrencies. Strengthen supervision and management of crypto-related activities to ensure that transactions are carried out honestly and transparently. Create utilities that support the use of cryptocurrencies, including mobile applications to increase convenience in use and transactions. Ensure that the payment system is connected with global payment partners to increase the usability of cryptocurrencies and reduce dependence on traditional payment services. Develop a legal system for the use and transaction of cryptocurrencies, including regulations on consumer protection and ensuring the safety of transactions. Strengthen communication and create trust in the use of cryptocurrencies, through advertising campaigns and public education. And most of what I'm talking about are just assumptions about a future scenario if this market finds a common language with the working world economic system.

[Halime Anatolia]

What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.

Yes. Financial Technology continues to move forward day by day and is hard to avoid. If seen from the first point of view, regulations must be made, both written regional regulations regarding the use of automatic coins for adoption and legalized as a mode of payment for digital currency in a country. for the procedure, I think they can embrace IT personnel who understand and understand this. But I agree and this question is good idea and constructive.

[Jackl87]

What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.

Polygon as a national currency in the means of replacing the so far existing national currency will never happen in my opinion. A country always wants to be in control of their currency and with crypto this is not the case. That is also the reason why crypto was invented in the first place. I also think it would not be a very wise decision to replace your national currency with a crypto currency, because the price of cryptos is just to unstable. Just imagine you get paid in Polygon on the end of the months for your work and then two days later polygon goes down by 20% or more, which happens quite often. This would be very dangerous to a lot of people.

[rybako]

What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.

If some country has to make some crypto national currency, it has to be bitcoin. Bitcoin is used by majority and thus adoption will be faster.

[fvb]

Of course, I don’t know how this can be done, because basically the leaders of the states in the world do not particularly welcome the introduction of cryptocurrency into the payment system. For them personally, this is quite inconvenient, because it will become worse to control finances.

[yhiaali3]

I think it is difficult for a country to build POLYGON as a means of payment as El Salvador did with Bitcoin, Solana is not at the level of universality and reliability that Bitcoin has.

The first thing you should think about is what if POLYGON collapses? This will cause a complete collapse of the national economy.

[yazher]

No doubt about its fast transaction and affordable transaction fees but the competition goes up almost every year right now. I doubt that Matic will be chosen as the national currency of a certain country because that alone needs lots of work and also they need good partnerships with that nation and its people. Honestly, if they chose one of these coins to adopt and make it legal tender in their country, it could help their economy to grow and also gets the opportunity to have more tourists and businesses open there.

[Rasa nanas]

so why do it have to be polygon? why not bitcoins? currently the most popular crypto is bitcoin.
why not USDT ? USDT has a much more stable value and makes transactions easier. it won't be that easy because small issues of this kind will continue to be debated. I think the best move is for each country to create their own crypto.

[Argoo]

What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.

Governments can allow cryptocurrency to circulate in their countries, but they will not actively support it, much less grant it the status of a national currency. To do this, they have the opportunity to issue their own CBDC, and they will use this opportunity. But the situation will change more than once, although governments still should not hope for the use of cryptocurrency.
Cryptocurrency has been and will remain the choice of citizens, not their governments.

[Velemir Sava]

What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.

Governments can allow cryptocurrency to circulate in their countries, but they will not actively support it, much less grant it the status of a national currency. To do this, they have the opportunity to issue their own CBDC, and they will use this opportunity. But the situation will change more than once, although governments still should not hope for the use of cryptocurrency.
Cryptocurrency has been and will remain the choice of citizens, not their governments.

Changes can take effect at any time. however, if the government is aware I think this can be resolved easily if it happens at any time because it has the full support of competent parties. So. Communities and users are no longer confused about the options, either CBDC or the coin/token to be used meaning that not only one option is used to adopt POLYGON.

[umbara ardian]

This will be unlikely in terms of national economy, they have separate currencies that are operating throughout and there is no reason to innovate even if this market becomes more popular one day, the necessary factor is The change in the approach of the leading countries in this field will lead to countries with lower economies to look and learn. And also that POLYGON is not the name that will be prioritized here, CBDC development is also becoming more and more popular, instead of adopting a decentralized crypto, I think the change is still to hold old values ​​and combine new technologies to match future economic trends.

[Abiky]

What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.

None. Just because a few countries adopted BTC as legal tender (El Salvador, Central African Republic) doesn't mean the same fate awaits other coins. Polygon is an altcoin with a higher supply than BTC and low merchant acceptance worldwide. Not to mention, the Polygon blockchain is less decentralized compared to Bitcoin. If you think governments will abandon Fiat in favor of crypto, then you're not seeing the bigger picture. Countries that embraced BTC with open arms are only doing it because of the taxation benefits the cryptocurrency provides. Not because they want people to have true financial freedom and privacy.

You can see why El Salvador hasn't abandoned the USD, even after adopting BTC as legal tender. Governments are smart, anyways. We should just carry on with our lives and forget about the rest. As long as crypto stays decentralized, there should be nothing to worry about. Just my opinion

[Huppercase]

What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.

Polygon has been rechristened as Matic as a layer 2 project that helps the Ethereum chain scale up transaction speed and its performance the last time I checked, so I'm not sure why you want to adopt Matic or Polygon for a whole country, speed and low level of education is contradictory here. There is no country that has fully adopted crypto as a means of payment, Elsalvado did use Bitcoin as legal tender but it appears that didn't end well with their wallets because the value is down and that is an unrealistic loss on the country's savings, that is why there are many things you must consider if you must have polygon as a national currency, there are many disadvantages it will have in the nation if the price crashes.

[Teraboy]

such drastic steps of recognizing some coin into the national currency is could make chaos if things went south.
you just don't risk the national economy for some obscure idea of recognizing highly volatile and fluctuative money for your citizens to use, it should be the other way around it.