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927 points smallerfish | 1 comments | | HN request time: 0s | source
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ffjffsfr ◴[] No.42929173[source]
IMF forced them to drop, but if they want to use crypto as legal tender, why use BTC which has high transaction fees? Why not something with low or zero fees and efficient chain? There is million of crypto out there and most open source, so govt could even launch their own coin on top of existing chains.
replies(2): >>42929219 #>>42929266 #
1. pavlov ◴[] No.42929219[source]
3rd world currency is often barely worth the paper it’s printed on. Making it crypto removes even that value.

Seriously though, the reason is that they can do digital currency without crypto just fine.

For example there are many popular payment operators in Africa who provide money transfers and micro-payments on phones. M-PESA launched in 2007 and has tens of millions of users:

https://en.wikipedia.org/wiki/M-Pesa

These successes don’t usually get reported because they lack the exciting novelty of crypto, even though they are much more popular and usable. They are actual free market solutions, not coin casinos built around libertarian dogma. And for that reason lots of people don’t want to know.