Fiat

A major Austrian banking group, Raiffeisen Bank International (RBI), is conducting a tokenization experiment in fiat currencies based on distributed ledger tech (DLT) and blockchain.

Stablecoins climb up in market cap value, while cryptocurrencies still fail to recover from the post-pandemic knockout. This wasn’t left unnoticed by the world governments, and notably, G20, who already sought ways how to cope with a growing demand for stablecoins.

Bitcoin has ended the first quarter (Q1) of 2020 down by 10% from the beginning of the year but is expected to rally significantly in Q2 – holders expected to pocket high returns.

As the COVID-19 pandemic rages across the entire globe, people are searching for ways to stop or at least halt its spread. As cash is considered to be a potential source of contamination, people are looking to limit its use turning to digital money and contactless payments instead.

The commercial court of Nanterre recognizes that Bitcoin is "a fungible and consumable intangible asset", which brings it closer to the above-board definition of fiat money. This is the first time cryptocurrency is acknowledged in France.

Almost half of the country's retailers forecast that Sweden will completely stop handling physical cash before 2025. The Riksbank is currently piloting a digital currency known as e-krona. Could it be that the reduced fiat currency handling in the nation results in a rampant cryptocurrency market?

Cash (fiat currency such as dollars, pounds, hryvnias, shillings) will not be killed by Bitcoin (BTC) or any cryptocurrency or become superfluous in the near future, even though the trend is progressively towards more altcoins and other forms of virtual assets.

The government of Ukraine will start overseeing all Bitcoin and cryptocurrency transactions, however, the current minister of finance has acknowledged that it is not virtual tokens but fiat currency which villains, fraudulent and corrupt public workers take advantage of.

Because of the threat that cryptocurrencies have brought to the finance industry, some countries, including China, have come out to ban them, due to the reasons well known to their authorities.