Is it possible to switch the currency system of the country completely to cryptocurrency in the future?

[deucher]

Almost everyone knows and has heard about cryptocurrency, it has a lot of advantages and disadvantages, unlike the banking system, and now I have no prospects that when the state will completely take over cryptocurrency as a monetary system. But do you see such a development of events in the future when, for example, the state will send 10 bitcoins to pay for grain to another state and it will all be official or cryptocurrency and will remain as one of the types of income only for individuals

 

[Riberet19]

I don't think the world is ready for a system where only cryptocurrency works and there's no fiat money, because fiat money is debt, and the whole financial system works under debt, cryptocurrency can't generate debt as far as I know, so it's hard for me to think that how the world works today, can cryptocurrency play the role as the sole method of exchange or the basis of the financial system...

 

[Nomad]

Technically it is possible. However, in a practical stand point it is not possible. That's because when a country completely adopts crypto, it will have to close central bank and all other banks in the country. I do not think this happening as people eating the cream of traditional finance system will be willing to accept this.