It should be noted that there are more prospects for the popularization of crypto as a means of payment now than ever before. This is also supported by the results of a recent conversation between Ilon Musk and Twitter. Apparently, the billionaire is planning to integrate crypto on a social platform so that users can share coins with each other.

What are the prospects for cryptocurrencies

Buterin spoke about his vision for the future of the economy during a speech at the VivaTech conference in Paris. Here’s his rejoinder, cited by CryptoPotato.

I don’t think cryptocurrencies will completely conquer the world. It’s all about crypto, digital assets in general and governments.

Etherium creator Vitalik Buterin

In other words, the process of displacing traditional currencies is a matter of years. The process will be resisted by global governments, which will surely make a collective effort to contain the crypto market and definitely will not allow crypto to completely replace traditional money. However, there is no need for that: the fact that Bitcoin and altcoins can be a very profitable and convenient alternative to fiat in and of themselves is enough to attract many investors to the industry.

As an obvious reason to link to crypto, the recent innovations of Tinkoff Bank can be cited. In particular, since June 16, 2022, the bank has introduced fees for incoming SWIFT transfers in dollars, euros and pounds. The fee is 3 per cent, with a minimum of $200.

News on incoming SWIFT transfer fees from Tinkoff


This means that even if a bank customer is sent a swift $199, the financial institution will take the entire amount for itself. Naturally, cryptocurrencies are much better in this respect. For example, last night a transfer of 350 USDT in Tron network cost us the equivalent of 48 cents. And the fee is independent of the amount, which means that it will be valid for both tiny transfers and more serious amounts.

Our transfer of 350 USDT in the Tron network with the specified fee

There are more than enough examples of curbing the spread of cryptocurrencies right now. Just this week, Panamanian President Laurentio Cortiso vetoed a bill that would have regulated Bitcoin in the country. The document will now return for reconsideration in Panama’s National Assembly. Cortiso himself argued his decision was “the need to adapt the bill to the regulations that govern the country’s financial system.”

According to Decrypt’s sources, the bill provides that Panamanians will be able to buy everyday goods using cryptocurrencies – Bitcoin, Etherium, XRP, Litecoin and Stellar. These coins are to become a valid form of payment “for any lawful civil or commercial transaction”, including the payment of taxes, fees and duties to the government.

President Laurentio Cortiso of Panama

The law also formally recognises decentralised autonomous organisations (DAOs) as legal entities and establishes a framework for the country to issue tokenised securities and goods. Congressman Gabriel Silva, who helped draft the bill, tweeted that the president’s veto was “a missed opportunity to create jobs, attract investment and bring technology and innovation to the public sector.”

To recall, crypto became legal tender in El Salvador on September 7, 2022. However, Panama’s digital asset bill differs from similar regulations in El Salvador. That is, in El Salvador a business must accept crypto if a customer wants to pay with it for a product or service, but in Panama, in a similar situation, a business has the right to refuse to accept payment in digital assets.


We believe that crypto is really unlikely to replace conventional money in the coming years. Still, it requires not only people's willingness, but also the appropriate infrastructure. And the latter is also a question of the government being proactive in encouraging innovation. I would like to believe that this will happen faster than it seems.

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