Will all countries eventually digitize their currencies?

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  • CryptoHunterCryptoHunter Rep This User!

    All of these things are true but it will take 50 years not 5. For decades sketchy investment outfits have been saying that the end of the dollar is coming. This has usually been to induce people to make ill-advised investments in precious metals, usually at ridiculous retail premium. Now the same the schpeel is being used for crypto. The story is usually that the US debt is unsustainable, that the gov is just printing money uncontrollably and it is a mathematical certainty that it will all soon collapse. It hasn't happened and it isn't going to happen.

    I agree that virtual currencies will certainly gain popularity through useful features like smart contracts, and that will lead to old-fashioned money being phased out. But this will take decades.

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  • PACMANPACMAN Rep This User!

    @cryptohunter thank you. The end of the US dollar is not coming and people who invest on this premise are unfortunately being tricked.

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  • DNXDNX Rep This User!

    one thing is for sure crypto is getting the govs attention. https://fortune.com/2019/07/15/bitcoin-crypto-trump-tweets/

    they see the threat and are scared of what the people can do if they take currency matters into their own hands and will do everything to stop it.

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  • MGlobalMGlobal Rep This User!

    The IMF's Acting Managing Director David Lipton has also joined the conversation this Monday, in the Financial Times. Basically, he is saying that the benefits offered by technology will need to be reaped while minimizing risks which are summarized as follows:

    1) Creation of monopolies by tech giants using their own networks shutting out competitors
    2) Threat to weaker currencies - in much the same way as for example the USD that's universally being accepted in Lebanon in parallel with the Lebanese pound. The effect of this is to undermine economic growth and monetary policy.
    3) Customer protection and financial stability
    4) Money laundering and fostering of other illicit activities
    5) Loss of "seigniorage"

    There is a paper issued on the subject by the IMF available here, for $4.99:
    https://www.imf.org/en/Publications/fintech-notes/Issues/2019/07/12/The-Rise-of-Digital-Money-47097

    I could not link the FT article as I am not a subscriber.

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