Aug 28, 2017 · 1 min read
Thanks for posting this.
This sounds like a reasonable idea, but I don’t think this will happen soon for the following reasons:
- Governments are rarely reasonable. :-)
- Governments tend to accumulate power, not give it away.
Having control (even indirect) over the banking system lets the government hold the citizens hostage and take whatever they want, when they want (https://en.wikipedia.org/wiki/2012%E2%80%9313_Cypriot_financial_crisis ). So I doubt governments give the people an opportunity to keep track of the ledgers.
I think the key point here is giving back the control over the ledgers to the people. Without it the currency can be running on a private blockchain, but it is only the ‘backend’, not relevant to the users. The system itself, how the money is created, who controls it, would stay the same.
I think this is how a transition to crypto can happen: eventually a couple of alternative cryptocurrencies will emerge, that will be widely accepted by people and businesses globally as a primary medium of exchange. The value of $ will go down, so the US government will abandon it and will start collecting taxes in crypto.
