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.

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