discussion post with references

Accounting guidance constantly evolves, and cryptocurrency is one current example of this. Business leaders predict that digital assets may replace foreign currencies within five to ten years, but there are obstacles to overcome. Consider the feasibility of digital assets replacing foreign currencies and the impact this would have on the current and temporal accounting methods and on derivatives. Create one initial post and respond to at least two of your classmates.

For your initial post, address the following:

1. Can cryptocurrency (or other digital assets) replace foreign currencies?
2. How long would it take and which challenges would need to be overcome for such a seismic shift?

What are the implications for current and temporal methods and derivatives if this change occurs?

For your response posts, address the following:

1. Do you agree or disagree with your classmates’ views on the ability of digital assets to replace foreign currencies? Highlight points of commonality and engage thoughtfully with their responses.
2. Which relevant challenges would you add to what was covered in your classmates’ initial post?

Which other accounting implications should be considered with respect to digital assets?