Central America's El Salvador has decided to adopt bitcoin for cryptocurrent assets (cryptocurrency) for the first time in the world.Use starts in September.Is there any problem to make cryptographic assets with severe price movements into legal currency?We asked Professor Shohei, a special invitation (Katsuto Iwai, Katsuhito Iwai, who is familiar with money theory.[The listener is Junichi Hirano, Economic Premier Editorial Department]
--- What did El Salvador first think about the news that Bitcoin will be adopted in the legal currency?
◆ Katsuhito Iwai First, I thought it was not wise.Bitcoin is now a "speculative asset", and the price has been severely moved in a short period of time.I thought that if such a thing was used as a currency, and a statutory currency, the economy of one country would be tremendous.
--- What kind of confusion can be considered?
◆ In the case of El Salvador, the US dollar is also a legal currency, so it is a problem to replace Bitcoin and dollar.The dollar is much more stable than Bitcoin, so if you anticipate that the bitcoin will drop, people will flood the dollar to change the dollar quickly.Conversely, if you anticipate that bitcoin will rise, you will try to replace the dollar with bitcoin.If this exchange is not performed smoothly, the society will be confused.
It could even cause hyperinflation
--- Do you have intense inflation or deflation in the city?
◆ It can be considered.If you expect bitcoin to go up, no one will now have bitcoin without shopping.Then the things will not sell and will be deflated.Conversely, when Bitcoin is about to fall, rush to the store to buy it now and inflate ...
This article is a paid article.
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