What if cryptocurrencies become a legal tender worldwide?

[Good-Person]

There are many controversies surrounding cryptocurrencies. Cryptocurrencies are shrouded in a mystery. This is why many countries do not consider it as a legal tender. There are a few countries that have recognized cryptocurrencies as a legal tender, but what if all the countries accept it as a legal tender?

 

[Henrywrites]

There are forces that are making most countries not to accept cryptocurrencies as a legal tender. Also, the developers of cryptocurrency do not want to accept some of the terms that are being presented to them and that has delayed some of the plans by these countries to adopt cryptocurrency as a legal tender.

 

[Riberet19]

Well, if all countries accept cryptocurrencies as legal tender, cryptocurrencies would cease to be speculative and high-risk investments in the first place, in addition, they could surely be used for international trade and their value would be greater than it is today and a large part of the world's population would use them as they have the backing of governments as it happens with fiat currency.

 

[Modar]

Many countries are abandoning Cryptocurrency. And I doubt that it will become a legal payment system. But why do we need cryptocurrency in this case when there are other more influential currencies? and Paper bills such as reserve global world: Dollar USA, Euro, Pound sterling.

 

[Riberet19]

Many countries are abandoning Cryptocurrency. And I doubt that it will become a legal payment system. But why do we need cryptocurrency in this case when there are other more influential currencies? and Paper bills such as reserve global world: Dollar USA, Euro, Pound sterling.

Well, maybe you don't need a cryptocurrency because of the country you live in, but some people live under hyperinflation and with limitations to obtain foreign currencies since they live under communist and prohibitive states as is the case of Argentina in which only solution is to put their little savings in deflationary currencies like Bitcoin or try to break the limit they have established to the purchase of dollars by buying as an alternative stablecoin such as USDT (tether)

 

[Nomad]

I do not see this happening. There are two reasons, one, by using crypto as a legal tender, governments will lose control over the financial market, and two crypto is very volatile and it would cause a huge loss when the market moves up and down. Since the question is hypothetical, I believe if crypto is a legal tender, it will be easier to do international transaction.

 

[Yaqoob Habib]

There are many controversies surrounding cryptocurrencies. Cryptocurrencies are shrouded in a mystery. This is why many countries do not consider it as a legal tender. There are a few countries that have recognized cryptocurrencies as a legal tender, but what if all the countries accept it as a legal tender?

Cryptocurrency is blockchain based technology Cryptocurrency has been To accept from many countries and transactions can be done through it. It still takes some time for cryptocurrency to be implemented all over the world.

 

[GoldenLady]

I really like cryptocurrency, but I don't see this becoming possible ever. For one, there's the issues of regulation and control. One of the core principles of crypto is decentralization, and while that's good for finances, it will be a disaster for governing large groups of people.