As an opener, we can see several countries have started to study and use the system used by cryptocurrencies. Because as some observers of the world's economy have said, it is likely that paper money and coins will lose their existence.
Cryptocurrency has become a phenomenon that can no longer be avoided. Where cryptocurrency when viewed from the development of the financial industry is an important thing at this time. Because in the technology it uses, namely blockchain, there is a distribution technology that can be used to make it cheaper, speed up the transaction process that is usually done by the banking world so far.
As a lesson that can be learned from the events that befell the world is where Covid-19 hit at the end of 2019. And killed various sectors in the world, especially from the tourism sector, transportation, and making some penetrated in the world economic sector. Where the occurrence of this outbreak has resulted in the closure of various conditions that have caused the death of various things that are usually done by humans. And the use of digital money online has finally become the answer for settlements in various service sectors.
What is seen and has happened cryptocurrency as a virtual currency provides become the answer to this incident. And make the answer above the existing polemic. But unfortunately, there is still no country that dares to use crypto currency as a legal and recognized means of payment in their country. Despite the recent declaration, there is one country that will use it, it is still in the further stages of the process.
In its development and journey, gradually make everyone has realized that cryptocurrencies can be trusted as a substitute for paper and metal currencies. But from various things it still can not be used and recognized. Countries in the world are still looking at and learning more about the use of cryptocurrencies and indeed some have legalized it as part of a traded asset.
The general problem still revolves around the stability of the financial system as an answer to why countries cannot use cryptocurrencies. In terms of the monetary system regarding consumer protection and money laundering practices. But as good news for crypto where attention from several countries seems to have started to study and pay attention to the blockchain system used.
Thing that become concern, is that even though cryptocurrency is still only considered a commodity, but what had been seen, it attracts a lot of interest from various parties so that it creates a new openness for the economy to the sensitivities and trends that occur. Seeing the current prospects in the world of economy is a challenging medium-term prospect, especially for developed countries.
For developing countries, cryptocurrency can be used as a potential where the potential is about technology as well as seeing international regional cooperation and also paying attention to problems and ways to overcome risks that occur from tax evasion, money laundering and funding for crimes.
If we talk about the future, we don't really know what the future will be like. But from there we can take a fundamental reform attitude or thought. Where it can be started from a fair taxation system, a good and harmonious level of education, better social assistance issues as a process of management and learning in the transition period to be able to encourage growth that occurs in the long term.
Cryptocurrency can be said to be the answer to the policies of the past. Where can improve a better and fairer standard of living and build a new economy in terms of trade and security systems and increase economic growth to evolve to provide benefits for everyone, not just like the old economy that happened and benefit only a few people?
What is certain is that all this requires courage and careful planning as well. And it is hoped that it will slowly be seen in the future hope that the presence of cryptocurrency can provide answers to the word welfare that is worthy in the future.
Just a small opinion from a small human's view of reading and about various things that happened. It cannot be used as a benchmark because the experts certainly know more for sure.
Your analysis is definitely true about the crypto currencies as its intented replacement of the fiat money in the nearest future but the underlying truth here is the possibility of the cryptos replacing the fiat in far too many underdeveloped nations of Africa where virtually all forms of crypto currencies are placed under ban as it is seen as having a direct effect on its economy. Using nigeria my country as a case study, all forms of crypto currencies are placed under a serious ban with a threat of a jail term if anyone is found dealing or paid in crypto or anything near it.