Is cryptocurrency the future of finance in your country?

[0t3p0t]

Is cryptocurrency the future of finance in my country?
Well, to be honest, this depends on how the government see crypto's potential in the future. But based on the current status of cryptocurrency regulation here in my country I can say that we still need time and more support from the masses, merchants and local businesses for crypto to be a more future proof in terms of finance. Adoption is basically what makes crypto the future of finance no doubt about that aside from the governments fair move for this innovation.

As we can see here on this 2022 survey from Grayscale we can see positive results from American political sector to young people and minorities who participated in this event.

Source: https://www.weforum.org/agenda/2022/11/cryptocurrency-us-midterms/

[joniboini]

I guess it also depends on what constitutes the future of finance. I for one can't see crypto becoming a legal means to pay stuff, I doubt it will ever change even though there is a big change in the government. Maybe it will happen 50 years later, but I can't see it happening in the next 20 years. At the very least, BTC or any crypto needs to be stable in price before they will change their stance. On the other hand, I can see many people moving away from forex, etc to trade crypto, especially if they have a high-risk high-reward trading profile. Probably not a good idea to enter on top of a bull market though.

[0t3p0t]

I guess it also depends on what constitutes the future of finance. I for one can't see crypto becoming a legal means to pay stuff, I doubt it will ever change even though there is a big change in the government. Maybe it will happen 50 years later, but I can't see it happening in the next 20 years. At the very least, BTC or any crypto needs to be stable in price before they will change their stance. On the other hand, I can see many people moving away from forex, etc to trade crypto, especially if they have a high-risk high-reward trading profile. Probably not a good idea to enter on top of a bull market though.

Not bad if we are still up in the next 2-3 decades but that is quiet longer to wait but if that is what we will witness in the future then it's worth the wait. I am happy to see another El Salvador alike country one day if given a chance to live that long. 😁

[Bodhi2021]

Well, My country at first doesn't seems to agree with the idea of her citizens engaging in operations with cryptocurrency. However, as time goes on, it's started getting clear to her that cryptocurrency has came to stay and doesn't have a choice than to approve it operation with some certain cautious and guidelines.  Following this statistic, I guess I will be right to say cryptocurrency will get stronger with time in my country just the way it has reached this stage thus far.

[Gormicsta]

Well for some people yes while some no because it's not everyone who knows about crypto and some thinks it's a scam which they can't go into it, because they don't have the knowledge of crypto and whenever you talked to them about it, they see you as a scammer so in my country I don't think cryptocurrency is the future finance.

[joniboini]

Not bad if we are still up in the next 2-3 decades but that is quiet longer to wait but if that is what we will witness in the future then it's worth the wait. I am happy to see another El Salvador alike country one day if given a chance to live that long.

I mean I'm just throwing numbers, but the chance it happens sooner is small regardless. Unless younger people suddenly become abundant in the government I don't see any drastic change will happen, just like how a government process works (it is slow as hell). I can see small countries follow El Salvador's steps tbh, but that's almost impossible for a country like mine. Maybe we can run a pilot in one or two cities/islands, but it is useless if it will never be used by the whole country due to other options existing (and cheaper as of now).

Well for some people yes while some no because it's not everyone who knows about crypto and some thinks it's a scam which they can't go into it, because they don't have the knowledge of crypto and whenever you talked to them about it, they see you as a scammer so in my country I don't think cryptocurrency is the future finance.

That sounds like a knowledge problem instead of a crypto problem, wouldn't it get solved easily if people earn more about crypto? Why don't you think it won't change?

[0t3p0t]

I mean I'm just throwing numbers, but the chance it happens sooner is small regardless. Unless younger people suddenly become abundant in the government I don't see any drastic change will happen, just like how a government process works (it is slow as hell). I can see small countries follow El Salvador's steps tbh, but that's almost impossible for a country like mine. Maybe we can run a pilot in one or two cities/islands, but it is useless if it will never be used by the whole country due to other options existing (and cheaper as of now).

Yeah, same here in my country I can also see a lot of factors that will slow down adoption unless governments and the community will fully support but for me that is arguable as corrupt and anti crypto individuals will surely initiate anything that will hurt the relations between crypto enthusiasts and the regulations. But I am also thinking that corrupt politicians may support any crypto innovation as they can use it to hide their wealth. 😅✌️

[electronicash]

probably not in my country. when every bubble pops already, those who are holding on will still be wiped out. people will still come back to the currency that government trusts which is their is fiat currency and it is now digitized which is kind of a stablecoin.

if no merchant or business man on the streets are accepting cryptocurrencies even the top ones, we're not seeing adoption.  but crypto will still be seen as investment asset especially every bull cycle, we're still be buying these tokens when another bull run is approaching.

[0t3p0t]

probably not in my country. when every bubble pops already, those who are holding on will still be wiped out. people will still come back to the currency that government trusts which is their is fiat currency and it is now digitized which is kind of a stablecoin.

if no merchant or business man on the streets are accepting cryptocurrencies even the top ones, we're not seeing adoption.  but crypto will still be seen as investment asset especially every bull cycle, we're still be buying these tokens when another bull run is approaching.

Yeah I can also see that happening as of the moment wherein banks and local wallets make it more convenient and accessible for an average person to use services that offers digitation of fiat currency. Though I consider this as a good combination along with cryptocurrency because most of us treat crypto as an investment while fiat for our daily transactions without being worried about high fees that sometimes hinder crypto as a form of payment.

[tjtonmoy]

Until the government itself declares that cryptocurrency is legal and the future of finance, either it is the mass or the merchants, they can't push it on the government. The government just put a ban on all crypto and tagged those people as criminals for using cryptocurrency. That's how the power is and they often misuse it. Although it could vary from place to place. But this is the current situation where it currently resides. You can't speak up to the power because it will shut you down instantly.

Our government often follows what others are doing. Maybe one day when it is accepted all over the world, then here it will also get accepted. But I won't be surprise to see if my country is the last one to accept it in the end.

[DrBeer]

I probably won't say what you were expecting me to say. In today's world, no state will allow classic cryptocurrency to be the basis of its financial system. There's a lot of realistic "no to cryptocurrencies."  From simple "mathematical" inconsistencies in the financial system of the state (for example - additional issue of money), to the problem that the state and power - a centralized system.
Therefore, until the invention of the emission-free economy, and a state system with a non-centralized system of government, classical cryptocurrencies (decentralized and emission-free) will not be able to replace the classical system.

[0t3p0t]

Therefore, until the invention of the emission-free economy, and a state system with a non-centralized system of government, classical cryptocurrencies (decentralized and emission-free) will not be able to replace the classical system.

Yeah and I see centralized and decentralized currency a good combination and should be used along with each other depending on purpose. Just like El Salvador we can see the balance of the two system being used in there and are perfectly working fine together to bring economic growth to that country.

[DrBeer]

Therefore, until the invention of the emission-free economy, and a state system with a non-centralized system of government, classical cryptocurrencies (decentralized and emission-free) will not be able to replace the classical system.

Yeah and I see centralized and decentralized currency a good combination and should be used along with each other depending on purpose. Just like El Salvador we can see the balance of the two system being used in there and are perfectly working fine together to bring economic growth to that country.

Yes, the option of compromise solutions, or the use of cryptocurrencies in certain segments, is an ideal solution.
At the moment, I remain a supporter of the model when cryptocurrencies are recognized as assets that can be dealt with like shares on the stock exchange. The key advantage in this case will be the ability of the general public to access a new market to receive additional income, invest and increase their savings.
Plus, for countries where the banking system does not charge very adequate fees for its services, cryptocurrency can become an alternative for banking services.
But... cryptocurrencies as a classic means of payment for daily use are a dubious option for me

[0t3p0t]

Therefore, until the invention of the emission-free economy, and a state system with a non-centralized system of government, classical cryptocurrencies (decentralized and emission-free) will not be able to replace the classical system.

Yeah and I see centralized and decentralized currency a good combination and should be used along with each other depending on purpose. Just like El Salvador we can see the balance of the two system being used in there and are perfectly working fine together to bring economic growth to that country.

Yes, the option of compromise solutions, or the use of cryptocurrencies in certain segments, is an ideal solution.
At the moment, I remain a supporter of the model when cryptocurrencies are recognized as assets that can be dealt with like shares on the stock exchange. The key advantage in this case will be the ability of the general public to access a new market to receive additional income, invest and increase their savings.
Plus, for countries where the banking system does not charge very adequate fees for its services, cryptocurrency can become an alternative for banking services.
But... cryptocurrencies as a classic means of payment for daily use are a dubious option for me

Given that banks offers lowest percentage of interests per annum cryptocurrency really is the best choice of alternative for many but of course only for those who have knowledge about cryptocurrency investments. I can also see some non-crypto investors will jump-in due to the large potential of crypto profit.

[Crwth]

Maybe this could be the new thing towards anything that the new generations want. They just want to continue and make sure that they are innovating and whatnot and that's the narrative that could lead the future in the country. It can be that and of course, we want to be transparent in everything that we do so it's a great thing that this is the future and can be monitored by anyone, like it should be, especially with the government funds.