Bitcoin may not cause the current monetary and financial system to go extinct, though its usage will likely vary depending on one’s location.
Fiat Money News
Although the crypto space commonly uses the term, many folks may still wonder, “What is fiat money?” The fiat definition is fairly straightforward: Fiat money, also called fiat currency, refers to currencies put out by governing bodies and central banks. Fiat money examples include the U.S. dollar, the Chinese yuan and the Mexican peso. Governments control fiat, meaning it is a centralized form of money tied to the borders of each respective country, for the most part.
Different in its design and control, Bitcoin (BTC) is not a fiat currency. Bitcoin is borderless and decentralized, and governments neither issue nor control it. In general, cryptocurrencies are not fiat currencies, although some stablecoin assets represent certain fiat currencies in digital form.
After banning crypto payments back in 2017, Indonesia is looking to allow payments in a digital rupiah currency.13786
Massive volatility on crypto markets has been always associated with an uptick on stablecoin markets, a Tether exec noted.13363
While CBDCs could help central banks address the decline in cash payments, some risk factors remain.9399
According to Galaxy’s estimates, the annual energy usage of Bitcoin stands at 114 TWh, while the banking industry consumes over 260 TWh each year.38078
The Bank of England's deputy governor has argued that, with the possible rise of non-bank actors issuing currency, public money in digital form could serve as a crucial anchor for confidence in money as a social convention.10605
Billionaire Stanley Druckenmiller thinks some kind of crypto-derived ledger system may replace the U.S. dollar as the world’s reserve currency in the future.12695
The EIB has reportedly hired banks like Goldman Sachs and Société Générale to explore a digital bond registered and settled via blockchain.16363
Binance founder and CEO Changpeng Zhao is placing his bets on crypto.24094
The ECB will decide whether to proceed with digital euro pilots by mid-2021, Lagarde said.6511
Tether’s reserves for its USDT stablecoin exceed the amount required to redeem the digital asset tokens, according to auditing firm Moore Cayman.14778
The digital ruble will become an integral part of national settlements by 2023 or 2024, Anatoly Aksakov of the Russian State Duma predicted.6364
Cryptocurrency exchanges continue accumulating massive amounts of stablecoins like Tether and USDC.10876
Visa’s partners will be able to exchange USDC over the payment network to clear transactions made in fiat currency.29132
The People’s Bank of China intends to enable anonymous digital yuan transactions of small amounts in order to protect “reasonable” anonymity needs.12499