The Briefing Room
General Category => Economy/Business => Topic started by: corbe on October 23, 2018, 09:42:01 pm
-
Which Major Country Will Be The First To Truly Adopt Cryptocurrency?
October 23, 2018, 10:44:56 AM EDT By Due.com
Crypto enthusiasts have long held that someday, cryptocurrency would replace traditional currency. That would mean the majority of a local population (or world population) using a decentralized currency or currencies in place of fiat currencies like dollars, pounds, or Euro.
That reality would demand that at least one major world power adopt a specific cryptocurrency or multiple cryptocurrencies as its main form of currency, undergoing a transition process that would take years to decades. But how close are we to beginning that transition? And which major country will be the first to make a move?
Early Rumblings
The race to be the first country to adopt a digital currency is over. Already, the Marshall Islands have created their own cryptocurrency as a form of national legal tender. Though the country only has a population of 60,000, it’s garnered a lot of attention.
In some ways, the Marshall Islands were beaten to the punch by Venezuela, which launched the Petro, a virtual currency backed by oil reserves. But what’s different here is that the Marshall Islands are legally recognizing its currency (Sovereign, or SOV) as legal tender. However, the SOV is a bit different than Bitcoin, Litecoin, SmartCash, and other currencies because it requires its users to identify themselves.
It remains to be seen how this adoption will play out since it’s so new, but for crypto enthusiasts, it certainly is promising.
The Main Obstacles to Adopt Cryptocurrency as a Country
<..snip..>
https://www.nasdaq.com/article/which-major-country-will-be-the-first-to-truly-adopt-cryptocurrency-cm1041329 (https://www.nasdaq.com/article/which-major-country-will-be-the-first-to-truly-adopt-cryptocurrency-cm1041329)