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As technological advances drive the demand for a more cost-effective currency or means of payment for debt obligations, governments and central banks will need to adjust their attitudes towards the increasing demand for cryptocurrencies. This is because cryptocurrencies, which are continually gaining value and acceptance, provide a variety of cost-reducing features that both physical and digital currencies do not provide separately. Therefore, an important question for governments and central banks to consider is whether it is in the best interest to adopt a cryptocurrency as legal tender. This is an especially concerning question for any central bank or government since the adoption of a cryptocurrency as legal tender for debt obligations implies a complete restructuring of monetary and fiscal authority. While it may not be feasible for a sovereign government to adopt a decentralized cryptocurrency as legal tender, it may be feasible to adopt a centralized cryptocurrency as legal tender. Therefore, this paper investigates if the adoption of a cryptocurrency as legal tender is a good idea.
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Nguyen, Khoa, "Is It A Good Idea To Adopt Cryptocurrency As Legal Tender?" (2022). Senior Projects Spring 2022. 59.
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