More and more countries are using Blockchain technology to generate digital versions of their currency. The Singapore Dollar will be tokenized using the Ethereum blockchain. More and more countries are tokenizing their currencies using private distributed ledgers.
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I recently had a question on one of my posts:
Will cryptocurrencies surpass real FIAT currency, e.g. USD dollars?
This was an interesting question as in my opinion it was always a no-brainer that it will. Obviously I am not an expert, but from a technological perspective, it just made sense that there is no need for paper if we can do everything electronically, on a trust less, immutable, decentralized blockchain.
I believe that as soon as the masses starts adopting crypto-currency, the financial industry and actual countries will have to step in to protect there most valuable asset, their currency. It will be a slow transformation from FIAT to Digital currencies and at the end of the day, most if not all countries should have a digital tokenized currency which are managed on a distributed ledger.
This might be a stupid question but I am going to ask it anyway.
My Question: If all currencies are tokenized and competing against Crypto Currencies will the US Dollar be able to compete with Bitcoin as Bitcoin is measured in Dollar worth. 1BTC is worth US$ X. If the US$ becomes stronger as a result of the demand for the US $ will BITCOIN become worth less?
Happy Steeming!
I heard Palestine is working on it's own national cryptocurrency too. Every smaller country should embrace cryptos so to avoid more debts and imposed taxations by the IMF and the IB. Singapore is a tax haven but still cryptos will gain them much profit as it will be easier and from every side of the world to go Singapore Dollar.
Fully agree that small countries should consider going this way. My opinion is that they should actually go full Crypto, not only digitize their current currency. The first Small country that does that will probably have the greatest demand for their token than any other Crypto :) as you will have to spend that Crypto in that country.
My country has around 600.000 citizens. We unilaterally adopted Euro even though we are not in the European Union. The EU tried to cancel euro distribution in our country but we are still using it and on our way to the EU 2020 hopefully. The thing is, if we create our own digital currency which would be based on euro reserves we could save a lot of money and reduce our national debt, long story.. still interesting.
Indeed 👍🏻
omg thats so amazing im happy palestine is also into crypto
Yes, they really need it.
Smart move by Singapore, money market most likely will shift to cryptocurency direction anyway! It's the beginning of new money era! Blessings to all! Upvoted adn followed!
Agreed 👍🏻
Yesssss exactly! my predictions is that soon, crypt I currencies will take over fiat and people have more control over their monies than ever before! Super! I wouldn't mind this at all. Lol
I wouldn't mind this too 😂
Tough questions to answer.
When fiat currencies start to collapse, there will be a huge rush to switch to crypto.
A lot of people are going to lose their asses as they jump into something they don't understand.
You're starting to see it already, look at the number of posts here comparing Ripple to Bitcoin to Ethereum to Stellar Lumens, etc without looking at their underlying purposes.
All they see is price, denominated in USD.
Indeed a tough question to answer. I was thinking the same thing, that is that people don't understand crypto, so when Fiat start to collapse my opinion is that most people's logical next step will be to go for the digital version of the dollar.
In my opinion real age of cryptocurrencies its unstoppable..:)
Welcome to the revolution :)
I've read that Russia is also interested in crypto and recently met with the Ethereum guys. I don't see the banks voluntarily moving to crypto because they want their cut. But at some point crypto will be accepted as collateral, and media companies will be buying Steem Power, etc., etc.. it's moving so fast I don't see the governments being able to stop it. In fact, I think the more they try to stop it the faster it will go up.
Indeed 😂
Truly something to think about like your posts.
Well thank you dear @stardust
This will be revolutionary and tbh it doesnt surprise me, its one of the reasons singapore is always ahead of the game
I visited the Singapore in 2014. It is indeed a great country 👍
Official word from the Monetary Authority of Singapore:
http://www.mas.gov.sg/~/media/ProjectUbin/Project%20Ubin%20%20SGD%20on%20Distributed%20Ledger.pdf
It's a 44 page PDF, if there are some crypto-number junkies that would like to comb through it to get additional detail.
Thanks for the comment @ruscion 👌
Absolutely, @jacor! Hope it helps.
An interesting question that I wouldn't be able to answer. I do like the fact that Singapore is going to tokenize their dollar though. I am curious about what we can expect next!
It is a difficult one :) Thanks for the comment @rickvanboxtel
Realy great post. Nice one.
Thanks @angelshare 😇
You are most welcome. Don't forget to follow and upvote me.
That is really interesting, i can imagine many country coins moving to crypto as they realize crypto is the future... There is no falsification possible, and the crypto value can only grow...
Thanks for the comment @dreamrafa.
The beginning of new money. How sweet it is!
Sweet 😀
I guess that's some bit of good news for people like me from Singapore :-)
I think it should be 😀. All of this is so new :)
The world is going on Cryptocurrency , its the need of the time and its the great revolution in the world of currencies...Digital currency is the safe and fastest step after Plastic Money...
The only problem I have with digital currency which is pegged against a national currency is that it can still be manipulated as it is now.
Cryptocurrency is future
every country have to accept it sooner or later
tahnks for sharing this @jacor
👍
Here's a twist. What if the USD is replaced as the "Global Currency", through nations creating agreements to trade petroleum in currencies other than the Petro Dollar (which is really all that supports the USD), and Bitcoin replaces the USD as the Global Currency?
Instead of thinking of how many dollars, yen, euros, francs, etc a Bitcoin is worth, we would ask how many Bitcoins a dollar, yen, euro, franc, etc is worth. Bitcoin would become the standard ruler by which all other currencies are measured.
Hence Bitcoin being the new Gold standard of measurement which was abolished by The US in '71 from when there was no measurement of how many currency a country could print.
Exactly!
👍
Hi!
Thanks for the link. Thats my country! :D Pretty pleased that MAS are open to innovate and understanding that crypto and blockchain are the transaction of the future. In fact, our Singapore Powers (https://www.techinasia.com/singapore-power-to-lower-utility-bills-with-blockchain) as well as one of our Polytechnic (https://www.techinasia.com/ngee-ann-blockchain-diplomas) are doing testing of blockchain technology as well.
Another side note, the name Project Ubin comes from a small little island near Singapore - Palau Ubin. :D
I love it !!!
Hi @jacor this is an interesting question, but I think your assumption is correct. I would however love it if we could only have crypto that is not attached to any country. This will help people like Zimbabweans where their FIAT is worth nothing.
Fully agreed as this will sort out our cross border payment issues
Goeie werk, baie interesante artikel :) Sal dophou vir nog.
Baie dankie @flowergirl. Van waar is jy?
Ek is 'n Suid-Afrikaner, bly in Pretoria :)
Ek is ook in Pretoria. Was jy by laas jaar se event in Johannesburg?
Nee ek kon ongelukkig nie daar wees nie, ek moes werk, maar my pa @rynow was daar gewees
Ons gaan weer 1 hou hierdie jaar. Jy moet probeer kom :)
Laatweet net wanneer en waar en eks daar ;)