Research community has aggressively exploring the potential of blockchain technology for the last few years. This technology has made people think of mitigating the role of central authority. Could blockchain replace central banks in a practical and legal terms! (What do you think?)
Regards
Dr Adnan Nadeem
Yes , i guess the same that no existing legal framework currently , but for sure its a point to be investigated in near future.
No, I don't think it could happened, especially taking into account recent problems with blockchain and specific funcions of central banks ( setting the official interest rate, regulating banks, monetary policies, for example)
Dear Hassan
Good to see the Layer point of few in this as in order to think of adoption , it must be legalized by the state or authorities
Crypto currencies based on blockchain technologies with PoW, PoS consensus algorithms can replace Central Bank.
Moreover, i think, the whole financial system will be changed.
Smart contracts and crypto will replace banks, deposits, loans and bank lending.
Monetary policy will be built by general crypto consensus.
Cryptocurrencies and blockchains guarantee transparency of all financial transactions.
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