Global Debt Crisis: Why Blockchain May Be The Path To A Clean...

Global debt has reached unprecedented levels and continues growing at alarming speed. When economists discuss solutions, they often point to currency devaluation to reduce debt. While this can work, people always suffer first—losing purchasing power while incomes struggle to adjust. Cryptocurrency and blockchain offer a revolutionary opportunity: replacing current currencies with new ones that are stable, strong, fair, and independent. If a currency value falls to zero, all debt denominated in that currency is erased, providing a fresh starting point for new economies. But this must only happen if we can prevent generating new debt. Technology can help reduce government expenses, and Universal Basic Income (UBI) can reduce costs by providing basic needs instead of taxpayer-funded programs. O Blockchain offers a universal, water price-based currency that can serve as the foundation for UBI and a stable replacement for today's fiat currencies. The result: debt elimination, reduced government costs, UBI for all humans, prevention of mass immigration, and funding for climate action. Here's how blockchain can solve the global debt crisis.

Source: HackerNoon