Finance Minister T.V. Somanathan told Bloomberg that buying and selling virtual currencies is not illegal in India. News agency ANI quoted Somanathan as saying, “Bitcoin, Ethereum and NFTs will never become legal tender. Cryptoassets are assets whose value is determined ...Read more
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Are you ready to cash out your cryptocurrencies and convert them to fiat? Whether you need access to cash immediately or want to take advantage of a market opportunity, there are several ways to withdraw your cryptocurrencies to your bank ...Read more
Can cryptocurrency replace cash? Here's what experts say about the future of money. The idea of cryptocurrency replacing cash might seem futuristic, but it faces hurdles like extreme price volatility, regulatory challenges, and limited adoption. While cryptos have reshaped finance, theyβre far fromRead more
Can cryptocurrency replace cash? Here’s what experts say about the future of money.
The idea of cryptocurrency replacing cash might seem futuristic, but it faces hurdles like extreme price volatility, regulatory challenges, and limited adoption. While cryptos have reshaped finance, theyβre far from dethroning fiat currencies.
Why not yet?
Cryptocurrencies are decentralized and volatile, making them impractical for everyday use. Unlike cash, which is backed by government trust and stability, crypto thrives on speculation. Governments also rely on their currencies for monetary controlβsomething they wonβt relinquish easily.
A hybrid future?
Instead of replacing cash, experts foresee a financial ecosystem where cryptocurrencies, cash, and Central Bank Digital Currencies (CBDCs) coexist. CBDCs, in particular, could bring the benefits of digital payments without the risks associated with crypto.
The bottom line:
See lessCryptocurrency isnβt replacing cash anytime soon. But as a speculative asset and alternative payment method, itβs undeniably reshaping how we think about money.