Singapore Dollar soon to join the blockchain as a digital token
More and more countries are using Blockchain technology to generate digital versions of their currency. The Singapore Dollar will be tokenized using the Ethereum blockchain. More and more countries are tokenizing their currencies using private distributed ledgers.
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I recently had a question on one of my posts:
Will cryptocurrencies surpass real FIAT currency, e.g. USD dollars?
This was an interesting question as in my opinion it was always a no-brainer that it will. Obviously I am not an expert, but from a technological perspective, it just made sense that there is no need for paper if we can do everything electronically, on a trust less, immutable, decentralized blockchain.
I believe that as soon as the masses starts adopting crypto-currency, the financial industry and actual countries will have to step in to protect there most valuable asset, their currency. It will be a slow transformation from FIAT to Digital currencies and at the end of the day, most if not all countries should have a digital tokenized currency which are managed on a distributed ledger.
This might be a stupid question but I am going to ask it anyway.
My Question: If all currencies are tokenized and competing against Crypto Currencies will the US Dollar be able to compete with Bitcoin as Bitcoin is measured in Dollar worth. 1BTC is worth US$ X. If the US$ becomes stronger as a result of the demand for the US $ will BITCOIN become worth less?
Happy Steeming!
I heard Palestine is working on it's own national cryptocurrency too. Every smaller country should embrace cryptos so to avoid more debts and imposed taxations by the IMF and the IB. Singapore is a tax haven but still cryptos will gain them much profit as it will be easier and from every side of the world to go Singapore Dollar.
Fully agree that small countries should consider going this way. My opinion is that they should actually go full Crypto, not only digitize their current currency. The first Small country that does that will probably have the greatest demand for their token than any other Crypto :) as you will have to spend that Crypto in that country.
My country has around 600.000 citizens. We unilaterally adopted Euro even though we are not in the European Union. The EU tried to cancel euro distribution in our country but we are still using it and on our way to the EU 2020 hopefully. The thing is, if we create our own digital currency which would be based on euro reserves we could save a lot of money and reduce our national debt, long story.. still interesting.
Indeed 👍🏻
omg thats so amazing im happy palestine is also into crypto
Yes, they really need it.
Smart move by Singapore, money market most likely will shift to cryptocurency direction anyway! It's the beginning of new money era! Blessings to all! Upvoted adn followed!
Agreed 👍🏻
Yesssss exactly! my predictions is that soon, crypt I currencies will take over fiat and people have more control over their monies than ever before! Super! I wouldn't mind this at all. Lol
I wouldn't mind this too 😂
Tough questions to answer.
When fiat currencies start to collapse, there will be a huge rush to switch to crypto.
A lot of people are going to lose their asses as they jump into something they don't understand.
You're starting to see it already, look at the number of posts here comparing Ripple to Bitcoin to Ethereum to Stellar Lumens, etc without looking at their underlying purposes.
All they see is price, denominated in USD.
Indeed a tough question to answer. I was thinking the same thing, that is that people don't understand crypto, so when Fiat start to collapse my opinion is that most people's logical next step will be to go for the digital version of the dollar.
In my opinion real age of cryptocurrencies its unstoppable..:)
Welcome to the revolution :)
I've read that Russia is also interested in crypto and recently met with the Ethereum guys. I don't see the banks voluntarily moving to crypto because they want their cut. But at some point crypto will be accepted as collateral, and media companies will be buying Steem Power, etc., etc.. it's moving so fast I don't see the governments being able to stop it. In fact, I think the more they try to stop it the faster it will go up.
Indeed 😂
This will be revolutionary and tbh it doesnt surprise me, its one of the reasons singapore is always ahead of the game
I visited the Singapore in 2014. It is indeed a great country 👍
Official word from the Monetary Authority of Singapore:
http://www.mas.gov.sg/~/media/ProjectUbin/Project%20Ubin%20%20SGD%20on%20Distributed%20Ledger.pdf
It's a 44 page PDF, if there are some crypto-number junkies that would like to comb through it to get additional detail.
Thanks for the comment @ruscion 👌
Absolutely, @jacor! Hope it helps.
An interesting question that I wouldn't be able to answer. I do like the fact that Singapore is going to tokenize their dollar though. I am curious about what we can expect next!
It is a difficult one :) Thanks for the comment @rickvanboxtel
Realy great post. Nice one.
Thanks @angelshare 😇
You are most welcome. Don't forget to follow and upvote me.