Question

Blockchain could soon replace central banks? True or False?

Answer 1

Hi,

Statement: Blockchain could soon replace central banks?

Answer: False

Explanation: The central bank uses Bitcoin in order to manage and bring about most of their functions because it is a technology that is above blockchain. Block is just a technology used to decentralise their economic ledger but bitcoin still has the upper hand. Therefore there is no chance that blockchain is able to take over central bank as it does not perform many of its functions.

Thanks for asking

Answer 2

The statement is false since Blockchains are the digital currency and can not replace the banks which provides physical money value which are essential for a daily life use.

Replacement will shut down these physical notes ad can cause a great damage to the economy of a country right away.