June 22, 2020

China and Brazil to Replace Fiat With Cryptocurrencies

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Due to a rapid inclination and surge towards the use of Blockchain technology and cryptocurrencies, citizens of China and Brazil are now seriously considering the replacement of fiat currencies with cryptocurrencies.

Blockchain technology has harvested many widespread enthusiasts globally. Many countries, and large mainstream companies have been adopting and Utlising the technology for quite some time now and seeing great benefits to the system. Cryptocurrencies are not far behind, receiving large amounts of well-deserved attention over time.

In a recent report issued by Deloitte, one of the big four accounting platforms, they have highlighted the status quo of Blockchain technology and cryptocurrencies, naming the report ‘Deloittes 2020 Global Blockchain Survey’.

The report sees a total of 1,488 people surveyed between 6th February and 3rd March 2020, questioning them is they agreed or disagreed with the statement issued below.

Click here for further information from the Deloitte Report.

The report found that 55 percent of the respondents suggested that Blockchain technology was one of their top five strategic priorities for their companies over the next 24 months.

Digital Assets were also mentioned in the survey, with 59 percent answering that they would prefer to use decentralised cryptocurrencies like Bitcoin, Ether, EOS and other cryptocurrencies.

The last question asked was if the participants would replace or choose cryptocurrencies as an alternative to fiat currencies. China, Brazil and the United Arab Emirates topped the charts, with major influential economies not far behind.

We are starting to see a very quick and influential shift in regards to the economic system and the traditional use of fiat currencies. We can expect some great changes to both of these areas in the very near future.

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