Brexit: The health of any democratic government depends on two important pillars: the first being the monetary policy which is set by the Central bank and the second is the fiscal policy that is dictated and formulated by the State government. In reality both the fiscal and the monetary policy go side by side by side and without one the other is incomplete and this is the relationship that is foundation of running a nation’s economy. The normal populations have been quite dissatisfied with the traditional fiat currency and have made the switch to Crypto. The point is here is that the Cryptosphere community is fully aware of the problems and mismanagement the government has to do with when it comes to managing paper currencies.
At the very least, we recognize it and already are making choices to minimize our exposure. The current political situation across the world is already polarizing with political parties having different opinions that are diverse and often clash with each other. It can be seen in the formation of the government as most of the election that are taking place are resulting in the coalition as so no single party is able to receive the majority consensus in the parliament. Be it the issue of Brexit or the issues of Presidential election are raising opinions that are deeply divided which is resulting in government stagnating or acting the will of a considerable portion of the voting populace.
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There are no solid ground for money that powers the lives of a nation’s state’s citizen. Technology is helping the best it can by empowering us by making the population a global citizen and global consumers. Despite the improvement our global identities are tethered to and restricted by our paper currencies that are home country’s government issues. Take Britain for example the country of nearly 68 million people. When the Brexit results were announced the price of the currency plummeted from which the currency has still not recovered.
The Brexit vote took place in the year 2016.Regardless which way decision went, the weight this sudden depreciation put on the wallets of the public was the same. Only a month has past by this New Year, and political turmoil is already at the peak, recently with the tensions escalating in the Middle East. The tension that suddenly erupted was because President Donald Trump had ordered an air strike on Iran’s top general which ultimately led to his killing. After the attack prices of Bitcoin and Gold saw an upswing and the Bull Run is still continuing, although it has lost bit of a momentum.
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There has been a lot of Central Banks that have favored Cryptocurrency adoption in their respective country. While some are debating the issue of whether to introduce the Crypto asset, some are still pondering and debating the whole idea of it. Banks from Russia and China have already been in the lead whose initiatives have generated quite a media storm and public debate. While Russia and China have adopted to make policy which will encourage Bitcoin usage, banks from the Eurozone have adopted a middle stance. According to the views they are still investigating the application of the technology and seeing the impact that it will create for the long term for the society.
According to analyst, the European Banks are still a long way when it comes a adopting the digital asset. But let us assume for a moment that Banks do agree with the rolling out these currencies which actually should be the most logical step to do. Even if they implement the decision, there are two sides of the digital coin. A central bank backed digital currency has built-in acceptability but it does not address the drawbacks of the fiat currency. Second point is that although the central government issues it, this digital asset will still be the subject to fiscal and monetary policy that is set up by the government.
Source: Coin Telegraph
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