Fiat

The Bitcoin transactions on the darknet has decreased dramatically in 2020 compared to other years.

As the world becomes increasingly digital, more and more people turn their attention to cryptocurrencies. In fear of fiat money being replaced, governments and central banks are looking to create their own digital currency. However, as their plans will be implemented, the world might face a full-scale financial war between centralized and decentralized technologies.

The Bank of Korea established an advisory group to revise the legislative framework before the launch of the digital won. Despite their CBDC will more resemble a digital version of fiat currency, it is obvious that the existing financial legislation should be adjusted to the circulation of a new digital asset.

The International Monetary Fund (IMF), an organization working to secure financial stability globally, has repeatedly expressed its antagonism to the issuance and circulation of the Marshall Islands’ state-run digital money currency.

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.