Crypto as an income is offically acceptable in New Zealand

New Zealand Approves Crypto as an Income

Imagine if this happened in a developed country? USA? Japan? South Korea? This would set the stage of cryptocurrency as the currency of use for all.

Although there are many drawbacks I can see. For one governments can create a centralized crypto as the only acceptable form of currency. This will lead to illegal and unethical use of currency for the benefit of one self.

Then there is the forced acceptance of use of crypto. Not to say it is a bad thing but people will have to only use crypto to trade and barter. Is it really that much more efficient than paper money when it has to be an electronic transaction. What if the person's phone dies? How would they pay for a cab ride or food with the supposed access of their crypto inaccessible in emergency?

What about the effects on people's occupations. Certain industries the jobs will be replaced with crypto. Such as bank tellers or auditors. The blockchain basically keeps track of all transactions and does check and balances automatically. Will there be industries that just disappear all together?

Still the positives outweigh the negatives. We will have to give it more time and see how other coutries do with the emergence of crypto.