By Nina Kikava - News - 1 month ago

It Will Take Three to Five Years For Cryptos to Replace Fiat Currencies

According to Thai News Agency report, published on November 17, the Bank of Thailand thinks that it will take approximately three to five years for the digital currency to replace the fiat currency.

Dr. Veerathai Santiprabhob is a governor of the central bank, claimed in his statement that the fiat currency will remain as the main payment method for a long time because the new technologies like cryptocurrency and blockchain are yet to be discovered fully. It may have some kind of risks and of course, people should be fully ready for it, and as the experience shows, people need more time in adjusting to the changes in every aspect. He also added that adjusting to the new technologies and changes will be more difficult to developing countries because they are facing changes every single day and for them, this change will take much longer than for other countries. Even countries that are already well developed have trouble syncing with the changes:

"Sweden, for example, now using an e-Payment system almost entirely, still finds that using digital currency is certainly a difficult task and people in the country must be well prepared first."

As we already know, Thailand’s central bank issued the coin and they are testing the effects the coin has on the society, before integrating it into payments systems throughout Thailand:

“The BoT hopes that full implementation of using digital currency among financial institutions would take place during the first quarter of 2019.”

As BNG reported approximately one week ago, cryptocurrencies are becoming part of our everyday lives. For example in the U.S., one of the major museums is accepting Bitcoin as a payment, which is a huge news for the industry, because this means that more industries are considering blockchain as a future payment method and people think that Bitcoin will be operating alongside fiat currencies.