Fiat

The issue of central bank digital currency (CBDC) is becoming a hot topic of discussion among several governments. Now, the government of South Korea is seeking better technologies that can effectively lead to the creation of their state-owned CBDC dubbed e-KRW.

No trader is immune from risks and losses when trading cryptocurrencies. Investors have to put up not only with the high volatility of coins, but also with the various fees that crypto exchanges charge. If someone doesn’t correctly plan out their trades, then the cost of commissions can quickly absorb a significant portion of profits.

The inflation in Turkey is currently at about 16.2% and this is corroding the lira’s value. The Turkish citizens are now frustrated with the economic turmoil in the country and are now seeking safe haven in cryptocurrencies. Small businesses have now started to accept payment in Bitcoin, and this has pushed its price high to make a new record high of over $63,000.

This decade has witnessed a high wave of central banks wanting to make digital versions of their fiat money, also called the Central Bank Digital Currency (CBDC) following the success of cryptocurrencies. Thailand just announced it would be unveiling its own CBDC next year. What shape does the race take after then?

For long, there has been a misconception and false narrative surrounding the community of Bitcoin’s or any other cryptocurrency’s role in illicit operations.

Cryptocurrency is a powerful weapon used to overthrow governments. Terrorists are taking advantage of this new innovation in the finance industry. However, it’s not just cryptocurrency that is being used to facilitate terrorism activities; huge sums of fiat money transactions have been made worldwide to support the same act.

The cryptocurrency market is among the biggest unregulated sectors in the globe. Before the coming of digital money, drug dealers were using cash as the main means of making transactions. Now, things have changed a little bit. However, drug dealers still prefer using fiat than cryptocurrencies.

Individuals and businesses are often cautious about cryptocurrency due to its allegedly criminal reputation. True, money launderers often take advantage of crypto anonymity and decentralization to conceal illegal income. However, facts prove that their number one choice is fiat money.

Most cryptocurrencies have been bullish in this year, and are expected to do even better in 2021.The year 2020 is ending on a good note on the side of the cryptocurrency industry. The year has seen governments begging citizens to use digital payment solutions instead of fiat money.