Is it Fiat vs Crypto again? The paper bills will not go out of circulation in the near future. They will remain in circulation and will be used despite the widespread use of electronic money and the emergence of new technologies and investment methods, such as the digital ruble and cryptocurrencies.
First Minister of Economy of Russia Andrei Nechaev told A Russian News Agency.
“Paper notes will not be taken out of circulation anytime soon, despite the fact that they are less and less used for payment. There are some calculations directly between people. There is a very micro-business that finds it expensive to have terminals and be connected to the payment system, ”Andrey Nechaev explained.
Speaking about the development of new technologies, digital money and “Fiat vs Crypto” theory, Nechaev noted that they will never oust the money we are used to from circulation, but can only become a means of investment or be used for criminal purposes. “From my point of view, cryptocurrency will never replace traditional money and will just be another investment tool, and on the other hand, it will be used for specific calculations. There are now known investigations into this matter, that they are used for the drug trade, for the arms trade, for laundering dirty money, in corruption schemes, “the speaker summed up.
In monetary circulation on November 27, 1922, a new currency appeared – the Soviet chervonets. To guarantee stability, chervonets were 25% provided with reserves of gold and other precious metals, the remaining 75% – with foreign currency, bills of exchange and goods. The chervonets was in circulation until 1947.
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But it is really about Fiat vs Crypto? Because the money has been evolving ever since, It started with barter system when people used to exchange one thing for other, Then Gold became the currency for all, then silver, iron and paper descendingly.
So when everything is getting digital and people know that the fiat is unlimited and can be printed every day. And resources which can be bought from money are decreasing every day; Will this fiat hold any value in future? or is it really about fiat vs crypto? or it’s about the availability and value of the currency.