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