In a recent video by Steve Forbes, he opined on the state of cryptocurrencies and how governments and central banks would impose regulatory policies in a bid to maintain monopoly of their own fiat-based currency.
However, he noted that ultimately, cryptocurrencies would one day become the people’s money. He views that cryptocurrencies are not a current threat at the moment as cryptocurrencies’ values fluctuates which make them unsuitable to be used as a transactional currency.
One example given by Forbes on how governments can discourage cryptocurrency usage is by mandating that legal contracts transacted in cryptocurrencies are not enforceable. Facebook’s Libra was an example of how the U.S. government had ferociously went against the Libra initiative in a bid to protect the U.S. dollar.
As technology innovations continue to push the envelope of digital “cash”, a new economic era is approaching.
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