National Cryptocurrencies: Will all currencies be digitized?
Bitcoin has managed to shock the market with its impressive growth, as the cryptocurrency has passed the $10,000 barrier. The second most popular currency, Ethereum, has passed the sum of $500. Thus, some experts have claimed that due to the success of these cryptocurrencies, all currencies might be digitized in the future.
One of the people sharing such an idea is Habriel Abed, the founder of Bitt, a cryptocurrency exchange in the Carribean. Abed said at the TechBeach Retreat in Jamaica that in the future all currencies will be digitized and cash will gradually disappear. He also said that:
“There’s a future coming that complete disrupts what we know today. I see a different future where central banks are issuing digital dollars ... a new economic age of digital dollars.”
Other Carribean startups and also Justin Ram, the Director of Economics for the Caribbean Development Bank, attended the event and spoke about cryptocurrencies and the future of cash.
Russia and China to release national cryptocurrencies?
An interesting thing to mention in this context is that some countries have already made some steps towards a national cryptocurrency. One of the first countries to announce plans on this direction was Russia, which previously revealed plans to launch the CryptoRuble, which would be the Russian national cryptocurrency. Russia'a plans to release a national cryptocurrency were first exposed in October, 2017.
China is another country which has shown interest in such an evolution, stating that it is working on its own cryptocurrency. Kyrgyzstan also revealed similar intentions, but the number of countries interested in a national cryptocurrency remains limited for the moment.
When it comes to the US, the country's Federal Reserve announced no such plans, but some analysts who support the idea of national cryptocurrencies believe that this might change in the future.
Are national cryptocurrencies better?
Abed also seems to think that a national cryptocurrency would be beneficial. He said during the TechBeach Retreat:
“A national cryptocurrency would be better. It’s more efficient, more immutable, more transparent.”
However, other attendees said that regulators might become too heavily involved and this is not something desirable for the future of cryptocurrencies.
