Commodities Futures Trading Commission (CFTC) Chair, Christopher Giancarlo has made his opinion on whether cryptocurrency will be replacing the US dollar known. He is of the strong belief that even though the chances of cryptocurrency replacing the US dollar are near zero, they could still replace some other country’s currency.
Crypto Could Easily Replace National Currency
With more than 190 United Nations recognized countries existing, and each with its own currency, crypto could easily take over as the official mode of spending in some of these regions. It is widely believed that some of these currencies are nonfunctional and countries like this will do well with adopting crypto as its official mode of spending. This can be said to be another positive outlook on the topic of cryptocurrency in general.
Giancarlo further states that:
“There are 140 countries in the world, every one of them has a currency. Probably two-thirds are not worth the palm or the paper they’re written on. Those parts of the world rely on hard currencies.”.
Going by this statement, Giancarlo believes that these countries with “useless” currency should consider the possibility of adopting cryptocurrency, and replacing their useless currency with it. If considered well, this is true for some African and Asian countries.
In a recent statement, Giancarlo further added that :
“Bitcoin may solve some of the problems – whether it’s bitcoin or another cryptocurrency – but we’re talking not two years, we’re talking maybe ten years down the road.”
There has been reporting of some blockchain technology-based projects implementing this ideal. A good example is that of Bancor. The blockchain innovation makes it possible to convert local currency to digital currencies within seconds. Some other local wallet option offering this feature has also been identified.
Once the adoption of blockchain technology reaches its peak, the actualization of this phenomenon seems inevitable.
