Can Ethereum be called a replacement for the yuan?

[deucher]

Everyone has been talking about bitcoin for a long time, that it is the future dollar, that it is a competitor of the dollar now and will replace it in the future, but no one talks about other currencies and tokens, for example, can we call Ethereum a replacement and competitor of the yuan? Or, for example, Neo, which was developed by the Chinese to replace their currency. Can Solan, for example, become a replacement for the British pound? Can a separate cryptocurrency be the only substitute for the currency of a specific state?

 

[Riberet19]

Well, I don't think that a cryptocurrency can replace fiat money, simply because the financial system is based on fiat money, and fiat money is debt, cryptocurrencies, as far as I know, are not anyone's debt or liability, which is why They do not generate debt, so I do not see cryptocurrency completely replacing a fiat currency of that caliber, since the economy right now is not designed for that, it would have to change the entire financial system from the ground up.

 

[Nomad]

I do not think crypto can completely replace any fiat currency. I do not think Sol or Eth or even BTC replacing USD, Pound, Yuan, Yen, Euro, etc. However I believe crypto will continue to exist along side the fiat currency and people as well as government and businesses will be using crypto and fiat curbside by side. To use crypto and replace fiat currency the entire financial system need to be reshuffled.