The adoption of cryptocurrencies by the governments of the world

in LeoFinance3 months ago

The adoption of cryptocurrencies by the governments of the world

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How do you see the adoption of cryptocurrencies by world governments?

This adoption of cryptocurrencies by central banks is only a reaction of these to not being able to control them; several countries through central banks have tried to prohibit and restrict the use of free and decentralized cryptocurrencies; and not being able to cope with them, they have decided to use blockchain technology to include their currencies and have part of the control in this market, but we all know that this goes against the libertarian spirit with which cryptocurrencies were born, being free of inflationary manipulation by of the state and corporate elites.

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Which governments have adopted cryptocurrencies? What will be the advantages and disadvantages?

Venezuela is one of the first countries that established a "cryptocurrency", I put it in quotes since it does not have the main characteristics of a free cryptocurrency, basically it is a hybrid to be able to be adopted by central banks. The petro is the "digital asset" that the regime adopted, we can call it that, it arose from the need for governments to have control of everything economic that is managed in a territory, and it was not missing if it were totalitarian regimes like Venezuela's.

In the rest of the world, only 6 countries have already adopted the Chinese “digital asset” with CiberYuang, the Bahamas with the Sand Dollar, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia and Grenada; It is already an official trend because India, as the current president of the G20 organization, wants to adopt global measures and states to put restrictions on cryptocurrencies and allow them to function in all G20 member countries.

The main advantage of these assets is the use, when a government adopts it, its use is further extended; and the main disadvantage is that being centralized they will suffer from the policies of the moment of each state, in short, they will also suffer from inflation like paper currencies.

Is a global adoption of cryptocurrencies expected, will it be in the next 10 years?

I would say that before, the desire for total control will accelerate the establishment of regulations and restrictions of these assets and cryptocurrencies, some countries accelerate the process, others will delay to a greater extent according to their convenience.

What are the main problems in the adoption of cryptocurrencies?

The main problem in adoption is access to technology, a smartphone or a computer is necessary to carry out any operation, to achieve mass use of cryptocurrencies, education must be spread, then financial education and the rest it comes with the potential of people.

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