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We've all seen this phrase before: that the government and/or banks will more likely to create their own cryptocurrency, but what are the odds that they really will? How can we be sure that these two sectors will create their own coins eventually and will it even change the game if they do? If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead? Do we really need more coins?

Banks have their own currency; fiat. Which they control. Banks operate on a centralized system.
Cryptocurrency is decentralized and there is little control over the market. Sure the creators can control the technology and usecases. But that doesn't give them direct influence over the market, once you have sold up during your ICO, investors can choose to do as they wish with their assets.



I don't see how it would threaten bitcoin anymore than any other currency created by other devs.
If it is linked to banks it's safe to assume it is centralized and would be an avenue to utilize the blockchain technology. Which some governments are already doing.

Today, there are a lot of cryptocurrencies. Nothing will change if governments add some new cryptocurrencies to the market. They cannot threat bitcoin. Whether a government create a decentralized or even centralized cryptocurrency they make bitcoin more popular. Every one try to study about cryptocurrencies, first will know bitcoin.

Its been rumoured over time that banks in some countries are test running blockchain solutions inhouse, other times we have heard that the PBOC, Central bank of Russia, Venezuala etc. have been nursing the desire of creating or have created a central bank backed cryptocurrency! The truth remains that banks will tow the part of the new technology in the near future, but it would still be an equivalent of the FIAT they are already issuing; Plus the fact that banks aren't transparent with their books, it might just be a "Private Blockchain" with transactions not public as in the case of "Public Blockchains". We can only keep our arms crossed as things unfold.

Eventually, they will have to switch their assets into digital tokens just so they can keep up with the latest technology that the governments would soon use. It is without doubt that they are really interested in using the blockchain into their services, but cryptocurrencies? Though there are some countries that have already expressed their liking on the thought of going digital in terms of their currency, we're still far off from seeing one nation fully using their state-issued cryptocurrencies for brick-and-mortar shops and completely replacing fiat. Once the society has fully accepted cryptocurrencies, governments would then have the chance to issue their own and replace paper money as we know it. The chances of having it in the near future is low, but the thought and the interest is already here.


I think the primary goal of state-issued and bank-issued cryptocurrencies are mainly for economic purposes and not necessarily assets/investment vehicles, so the assumption that they will try to combat bitcoin and other prominent crypto is plainly wrong.

I doubt that.
I don't think fiat would capitulate and switch to the blockchain. That's a fancy way of saying bitcoin (or some cryptocurrency) would become the globally accepted currency, while the financial system as we know it would collapse.

Decentralization is an exciting concept and the freedom it offers makes the deviant few switch over to this side. But governments and banks would not surrender control. And except cryptocurrency becomes regulated, fiat would remain as it is.

There is a bigger chance that they will create their own coin rather than use ripple. This assumes that crypto has gone global and they have no choice but to join in. Petrol has been created already, others will surely follow.

I don't think that the government and banks will consider the option of creating their own coin after all this two institutions are all involved in the economic control of cash, government on it own part have play the regulatery role and at the same time the sole operator of the faint paper money and the traditional financial institution. While the bank is the institution responsible for the transactions of the traditional financial transactions which has to do with fait paper Money.

Unless banks and governments can decentralized their system, then there's no way they can build a decentralized currency like Bitcoin.
Come to think of it, I have read and heard many that says Ripple is the cryptocurrency for banks  :D

it is not possible at all to replicate Bitcoin without POW launch.

that is the only trustless way to distribute

once you pass through a period of needing trust there is no way back to being trustless

     Banks already have their own currency. These are the fiat coins, which banks will not give up. Both the government and the banks are responsible for improving the economy of a state with paper coins. It is fanciful to believe that bitcoin will be taken over by banks or that banks will adopt a crypto currency. Even if that were the case, all paper coins will govern.

Governments and banks already have their own currency and it is the fiat currency. It is unlikely that they will ever try to create their own cryptocurrency. Even if they do try create it, it will not be decentralized. A centralized currency will hardly be able to cryptocurrency.

Some countries are have already created or are in the process of creating their own cryptocurrency.

The Marshall islands is one of them (http://time.com/money/5186316/this-is-the-first-country-to-adopt-a-cryptocurrency-as-its-official-currency/)

"The Pacific island nation said it became the first country in the world to recognize a cryptocurrency as its legal tender when it passed a law this past week to create the digital “Sovereign,” or SOV. In the nation of 60,000, the cryptocurrency will have equal status with the U.S. dollar as a form of payment.

The Marshall Islands intends to initially sell 6 million SOVs to international investors. It says it will use the money to help pay for the budget, invest in projects to mitigate the effects of global warming and support those people still affected by U.S. nuclear testing."

The smaller and less powerful something is, the more well-intentioned they are.. If powerful governments were to create their own centralized cryptocurrency it would not be for the greater good, but for the 1%

They wont, because they know very well that they have already created the best currency of all time called as Fiat. They are controlling it and having its price tag manipulated or controlled or whatever you call it is completely fool proof system. They will never ever divert themselves for shitcoins and investing their money into a project based on the technology which is novice and not needed by them yet. They are already making fun of it by imposing lot of rules and regulations on it and I guess you should be getting your answer from that only, no they wont create their own currency at all.

   These is a matter of Regulation on how the government create its Coin for open market. Some big company already had their own coin as posted in the market after ICO, the other thing or the question is when? what Kind of coin to be launch in the open market of crypto currency in the near future. the possibility is always open. the only question now is which country who will make a greater move to participate for Crypto market.???

They are into regulating the bitcoin and other cryptocurrency now.
But the power of this currency will never be stop by any country.
This is the future of the world, if they dont want to be done then they will adopt the technology.
They will soon have their own crypto currency.

I seriously believe that governments and financial institutions are going to create there own coins in future and most of them are secretly studying blockchain technology in other to find the way to used it to their advantage.  Blockchain technology is good and why governments dislike it is because it is decentralized.

If the government of a particular country converted their own local currency into cryptocurrency (a cryptocurrency version of their local money), does it not mean that the people in that country will start using the government-issued crypto more? I think this is possible because some people might have a hard time understanding bitcoin, so they will use the one the government created instead.

If governments and central banks make their own cryptocurrency, Bitcoin and Altcoin will not be affected and will not be replaced by them. Because crypto coins they make are centralized. While Bitcoin is a decentralized and more efficient currency. In addition, cryptocurrencies made by the government and bank are only a trend in one country and not globally.

Agreed, but what if the government decided to regulate cryptocurrencies when they make their own coins? Surely it will affect the market, right?

If ever banks and the government will truly create their own coin, I think they will be treated like normal Altcoins and nothing is special about them and the fact that they are not decentralized just like any other cryptocurrency which investors and enthusiasts supported for privacy and security purposes.  I don't even see them as a threat to Bitcoin and one example in this discussion is Ripple and will soon add Petro of Venezuela which is a state owned crypto.

I think soon they will and probably we will never going to use a single currency for the whole world and people will only create such coins for themselves to use.

i know that China is working on digital Yuan
It is even kind of priority for them
China is already trading with Yuan with some countries including Germany so digital Yuan will make trading more easy
Good move by China if they will do that

I wouldn't be surprised if banks do this as they are, after all, in the business of making money. There are already banks who are now accepting bitcoin so if they make their own coin, it's just part of the evolution of cryptocurrency.

They will create their own coins when Bitcoin will become much more popular, but people will understand that those are centralized, because they would already have seen tons of centralized coins on altcoin markets. So, governments and banks will definitely fail to takeover crypto, they should have tried to do this earlier, when the hype was high, but now and later it will be too late.

If you ask me regarding the banks, I will easily say that the odds are very high. The banks will definitely create their own cryptocurrencies to keep up with the competition. But as for the governments, they may just stick to their fiat currency instead of crypto.

I dont think government or central banks will creating their own cryptocurrency. I am believe there is no benefits for them because they already control money supply in market. But i am believe banks will adopt blockchain technology for their system

What kind of regulation do you mean? If the government regulates crypto coin and BTC in your country, will you just leave it? I think you will not leave BTC and Altcoin if you really believe in the future of crypto coins that you have.

Governments and banks will create their centralized cryptocurrency to take advantage of the cryptocurrency as a new means of payment. They can do this for a different purpose. I want to see how these coins will go and what will come of it. I do not think that they will threaten Bitcoin or other decentralized cryptocurrency. On the contrary, by these actions they will attract the attention of people to the whole cryptocurrency. And this is, in principle, good.

I still do not understand what is the need for another coins, rather each country owns coins, when there is bitcoin which can fulfill the purpose of one world one currency.

If government-created coins will not be a threat to the crypto users, then why are some people against the government regulating bitcoins and altcoins? I mean, surely, if they created their own crypto, it would mean they'll start regulating the other cryptocurrencies as well. Won't it change the entire crypto world and market?

I guess this makes sense, but is it really possible? That if and when they make their own cryptocurrency, theirs will be centralized while bitcoin and altcoins remain decentralized? Won't they try to regulate other cryptos as well?

It is already happening on where there are already some countries(I forgot the name) which did eventually make their own coin as a replacement with their fiat.
Sounds too impossible but yes it is applicable but as being said this wont really be globally but would just still acts as a fiat on electronic form.Centralized and
Decentralized things will always be different on any angles.

I don't think banks and governments are able to create crypto themselves, because until now there have always been pros and cons between crypto and most of the existing governments. except if indeed crypto is able to be inaugurated by all countries I believe that banks and governments are able to create crypto themselves

It depends on what they choose to create. If the coin isn't decentralized, and they have their own blockchain then what's the point for creating another fiat currency? And if they want it to be like bitcoin, well, then it has to compete with bitcoin.

It doesn't matter whether the banks will create a coin or not. There is bitcoin and nothing else can replace it. Also the possibility of the governments to turn their interests to decentralized currency is very low.

With the popularity of cryptocurrencies in the market, the opposing governments are on the verge of creating their own version of crytocurrencies. The downsides to these will be the lack of decentralization.

In my opinion it doesn't matter whether they make it or not and if they do make the coin it will have to compete with bitcoin or other altcoins.

if the government and banks will work together in making new coins for the future, it will be difficult to happen because what is now is bitcoin and there are already many countries that legalize bitcoin as a future transaction.

It is really possible to see many banks and governments creating their own coin in the near future. I believe blockchain technology is developing at a very fast rate and pretty soon, governments around the world would have no choice than to adopt this amazing world of blockchain technology. Hence I for see more cryptocurrencies as new projects emerges.

Probably it is. Decentralisation is one of the thing why people build enthusiasm to bitcoin or the cryptocurrency. It is its unique characteristics that whatvwe need. Without intervention or manipulation of the banks and the government. This will more likely satisfies what we need today and to the future.

this is possible. they would have to cope up when people around the world will be using crypto since we are all promoting paperless and cashless for the environment. but there would be some tweak to be done in thier blockchain in order for them to still have the control. probably issue more coins in the future.

The question is not if it would happen but when; and the answer is when people start accepting crypto currency and start forgetting Fiat. Countries would line up to create their own coin so that they could still habe a hand in controlling their economyfor themselves. They can manipulate prices and blockchains because it is their own.

Some of the countries already created their own coin but not too successful, because when the government create a coin then the coin will be a centralised coin which will be almost like fiat, bitcoin and alt coins got a different unique feature, so the existence of new coin won't disrupt anything, to be honest we don't need any new coin, the crypto market already flooded with tons of coin that got no value

The first thing that should know about the concept of cryptocurrency creation is decentralization, used as a place for everyone to do and having a currency without known and regulated by the government. And until now they were comfortable with this system, even more, most of the cryptocurrency users themselves hated every regulation made by the government. About your question,
There are a reason for every cryptocurrency user not to give up their investment or reduce their activities with cryptocurrency though
every government made digital currencies like cryptocurrency and has a centralized system. And regarding the condition of the price of each cryptocurrency if the government make own digital currency, I just predict that cryptocurrency prices will soar, the reason is quite clear that the government is replacing the currency they are with digital currency and it is likely that everyone will know bitcoin and altcoin and they are interested in owning them.

It already happened in Japan so it is highly likely that other countries would consider creating their own coin too if they think that they would be able to control the flow of money if they would consider creating their own coin. In that way, their fear of the coins being used for illegal activities would be controlled by creating their own platform and letting the people exchange the different cryptocurrencies to their own coin before they can use it to buy or pay something.

There are already more than 2000 coins available on coin market cap and I think there is no need for another bunch of coins for each country. It  will just not serve the purpose.

Given that the cryptocurrency is becoming increasingly popular, the governments and their central banks will be forced to create their own centralized cryptocurrencies. It is still difficult to say what fate awaits these coins and how far they will take root in our world. Most likely, they will supplement ordinary national money and will go mainly within the state itself. In any case, we need this experience. I do not think that these centralized coins will have a negative impact on the decentralized cryptocurrency. On the contrary, I expect from this a positive effect of greater interest of people throughout the cryptocurrency.

I agree crytocurrency is really volatile and banks do not want such kinds of coins they want stable coins if they want to consider creating a system using a blockchain technology would be beneficial to banks rather than creating its own digital currency with minimal uses.

They can definitely create their own coins but it wouldn't be like any coin we know. It would be highly centralized and definitely intensely checked for all the possible tax evasion and all the money changing hands. It won't be allowed to look the chain by regular people and only the finance department of the government will have the rights to check it and considering how the world is corrupt already and politicians allow it to be I am sure there will be some there too.

They will try to catch even a single dollar you try to not pay taxes for and/or spend on something they do not allow or whatever however at the same time they will allow people to just do whatever illegal and tax evasive stuff they want to do if they are rich enough and pay them for it as well.

The fact that there are more than 2000 coins in the space, does not mean that is all we are ever going to end up with in the long run, as a lot of them will get done with and disappear from the space as I believe like we are already seeing, we will start seeing some clean up process in most exchanges. Secondly, additional coins from the government is not something that would cause any issue, it will just be some legalized fiat which in this case is implemented on the blockchain, it is somehow going to happen, but I do not see it changing much anyway.

Well, if banks and Governments see cryptocurrencies that could bring them a nice future ahead of everyone they would eventually adapt it and make their own coin someday.

I guess there are no odds at all becaus they will not try it. They already got proper channelled system where fiat works systematically. Creating coin for their system will create unwanted diversion per se. The diversion in terms of its utility, circulation and trading. Fiat is best because it is in control and far more stable than cryptographs. There is no point really creating it and making things worse for themselves.

90 percent chance that government and banks will create their own cryptocurrency.
Blockchain is the main solution to have a better world.
Technology is getting faster and better, currency must be better also and has the development needed.

Anyone can create their own crypto currency with their own blockchain if they want so governments also can do and many governments were did that too but I don't see any difference in the digital fiat money with centralized crypto currency so people won't choose their cryptos over the current money because both are just same but when it comes to cryptos it is backed up by nothing so people have chances of accepting it over centralized coins.

I don't think they will. At this point the government or banks may not even be that threatened of cryptocurrency's existence like people think they are. Why? Because they already have a  currency that they are controlling and/or manipulating: fiat.

Hmm... idk. Blockchain technology is developing at a fast rate, sure, but is it enough for the government to adopt to cryptocurrency just because they don't have a choice? If the government eventually decides to create their own coin, not having a choice is the least of the reasons I could think of why they would want to join the crypto world.

They do havr their own currency depending on which country they belong and if incase they decide to have their own cryptocurrency I dont think it will affect Bitcoin and other cryptocurrencies. For sure bank’s own cryptocurrencies will be backed up by the government and it will only be centralized and regulated. No rival compared to other cryptocurrency’s decentalization.

I am agree with you. If that cryptocurrency issued by government or central banks, its must be centralized and central banks still control the supply. Inflation happen because money supply always increased by central banks

There are no odds if the government and banks create their own coin because they have the money to put in to it and the laws that the government should apply for that.

I think they'll make their own coin doon enough. They use their national budget to back up this coin and would definitely impose a higher tax on transactions that use coins other than their own. Pretty sure all this will happen once we see adoption from other countries and see that their economy is actually doing great.

Its not a question of when, government has been interested on creating a state back-up coins. We already seen Petro from Venezuela, Rubble from Russia, then there's J coin from Japan, E-krona for Sweden and Estcoin for Estonia and so on. So it currently happening. Its the question of will this coins be successful? or will it enjoy the support of crypto communities?

I'm seeing that one reason why governments are creating their own coins is for tax purposes. They know that crypto is unstoppable, and they're having a hard time trading their citizens owning crypto for tax purposes. So they come up with the idea, since crypto is still in its hype and people are really interested, to join the picture, but with a good leverage, high taxes.

I don't think it will threaten bitcoins or altcoins at all though, people still prefer decentralizes coins not unless governments force you get their own crypto if you wanted to transact with them like Venezuela to force citizens to use Cryptocurrency Petro to buy passports (https://www.financemagnates.com/cryptocurrency/news/venezuela-to-force-citizens-to-use-cryptocurrency-petro-to-buy-passports/).

I don't see why should the banks and governments create their own Cryptocurrency except for some ephemeral fear of mission out on a new technology. Existing financial system is well-established and tested for decades, there are no signs that it will (or must) be replaced by Blockchain based currency. Fiat is relatively easy to regulate, while Crypto provides totally different features - decentralization is the opposite of control. I wonder how they'll implement taxation, for instance. All in all, I'd say fiat is more bank-oriented while Crypto is customer-oriented.

No i don't think so. If they try creating their won cryptos, it'll mean first of all that trust is in crypto. Thereby driving in more people and that'll naturally make Bitcoin blossom.
Secondly, governments always like stable this and so they'll make sure their coins are stable whereas many would be interested in BTC that can grow in worth.

True, because at one point or the other we are definitely going to see this happen. We are already seeing it happen actually; as we have seen some countries trying to take the bold step, although not in a way that would require applaud.

Even before we start seeing some level of usage in the space as well as adoption, I am pretty sure, gradually, the government will start seeing to the use of blockchain technology and in this case, they will definitely end up coming with their own centralized currency on the blockchain, try to implement a cashless age, and of course, there will be no need for the printing of money anymore.

It cannot be successful because they actually or probably had an ulterior motive when creating it. For instance, take a look at the political sentiment surrounding Petro coin by Venezuelan government, I just simply see it just as any other bullshit I can ever imagine, and if this is the way most government want to be coming up with some silly idea.

I am sure, people have gotten smarter over the years not to ever fall for rubbish like that as far as I am concerned. Although, at the end, whatever will come from the government will still remain centralized as it will be same old fiat, just that this time, it is on the blockchain.

I hope they don't. Even if they do, we shouldn't consider them as crypto currencies. Those coins we be under full control of the government. Thus they will be totally centralized. Why would we need centralized coins when we already have fiat currency? Those government created coins would just be scheme to deviate people from adopting the true form of crypto currencies.

As we can see, at the moment there is already an example of the fact that the country has created its own cryptocurrency - this is Venezuela and its token Petro. I do not think that this coin or some other one could pose a threat to bitcoin.
It is too early to say that banks will create their own cryptocurrencies, because the banking system and the domestic economy must change, but no one is ready for this.

I din't think every country would create their own cryptocurrency. As of now, they are thinking of how to regulate cryptocurrency as well as how could these cryptocurrency help the government earning either by collecting taxes from these transactions or help the people to earn money.

Eventually they will. It is the smartest way of spending or using money in any way. Banknotes are definetly a thing of the past and the banks or goverments of the world spending billions of dollars each year just to keep the IT department going for the tech side of their money run business'. This means if they mean to improve upon their current systems they will eventually start to use blockchain no matter what they are using right now, it could be the highest technology available to human race but it still is not as good as blockchain peer to peer system keeping track of it.

After they start to transfer into blockchain which is the wise choice they will realize upon the own coin idea and the benefits of it. They could use their own coins for a while to give away to loyal customers and see how it does on public and than it could overreach on everyone gradually.

Over time, governments will certainly create their own centralized cryptocurrency. Recently there was news that the central banks of 15 states, including China, Canada, Sweden, decided to release their own cryptocurrency. If we are confident in the advantages of decentralized cryptocurrency, then we have nothing to fear. Let them create, experiment. I see nothing wrong with that. Centralized coins will only attract people's attention to cryptocurrency in general and increase its confidence in it. Indeed, in this case, the state itself will create and use a cryptocurrency.

Central banks and governments will indeed eventually create their own centralized cryptocurrency if the decentralized continues to be successfully used and developed further. The centralized cryptocurrency of the states is the same national money, only in the digital shell. Thus, states will use blockchain technology for their national money. Their scope will be mainly limited to the borders of this state, although it can be used anywhere in the world.
For a decentralized cryptocurrency, it will even be useful, since the population will learn to use cryptocurrency and it will attract people’s interest in cryptocurrency in general.

You are late to the party, bro (with your topic)

These topics were popular in 2015-2016 when Bitcoin started to rise but hadn't yet risen enough to reveal that it was all hype and speculation. Back then, rumors had been flooding the Net that the Chinese Central bank was going to create their own version of Bitcoin. I told that it made no sense. So if it didn't make sense then, why do you think it makes sense now when Bitcoin is losing value like shit?

Even though goverments and banks create their own coins, they have to accept accept some major coins that we have now. There is a huge market which is created itself and this is something that can not be ignored easily. If we looked from bird's eye view, we could say that we are going to experience mostly positive results and that would make us satisfied.

If the government will found out that there is a valid necessity to create their own cryptocurrency then they will going to create it. Venezuela their first government-madecryptocurrency called petro and it is backed by their country's oil reserve but many analysts believe it will going to fail because of poor management and misleading white paper. Cryptocurrencies that will be issued by wealthy countries have the big chance to succeed because they have enough capability of raising funds for their centralized coin.

I would say that the odds are big, but currently, I would say many of them are holding out since they are still trying to eye and see if the market still has what it takes to rake out big returns. I mean, it's a government for sure, but nonetheless, it's also a business entity that is made to get revenue through different means to support its cause and its people. It would be an ineffective government if they would not find ways to make money, since such money is the key for them to lead their citizenry better. Maybe on the onset of cryptocurrency, many government would join the party, but now, since there are just so many inconsistencies happening in the market, I think that although the interest is still there, it should be with more caution now.

The odds are very low because there's no point in using an experimental currency when they have fiat. Moreover, using it poses more problems than solutions. Like how people prefer to use fiat for small instant micro transactions.

If government or central banks creating their own cryptocurrency, i dont think this will give effect to crypto price. Its different functionality, bitcoin is store of value and others coin mostly is utility token.

NO reason at all, I agree with you because the banks and the governments are centralized in form and design like this for the betterment of the many and not only for the few. If people are seeing that decentralized is good then I could agree with it but centralized system must be distinguished also because there is no absolute centralized or decentralized system. IF there is an absolutism then the result is surely a negative impact for the soceity.

There is some test of digital yen ongoing
Biggest will be digital Yuan i have been reading from legitimate sources that China is working on it.Circle stable coin will be something like us digital dollar
That kind of coins will be norm in some future i guess
It will cut trading costs

I think the following may happen:
1. Government creates own coin - This may happen if they decided to just offer crypto alternative of fiat backed by government, it will have absolutely same value as regular money has but at the same time we have to consider the fact that such options are usually offered from banks, there is no need to create another currency in country. So most likely it won't happen.
2. Banks create their own coin - I think there is a high chance it will happen and for example will use this model: Imagine you made deposit and get 4% early income once a month or at the end of year. Bank will offer that deposit in coins which you'll hold on your bank's account. If you try to withdraw it, you'll violate contract and get the money you deserve back according to contract. But there is possobility of alternative, to trade with chat coins. Someone who also has deposits and is looking for another deposit, will buy these coins from you (possibly in  slighly less price) and all contract agreement will go on his own. You'll withdraw your deposit in better way.

Most fiat monies are already digital these days

I'm almost 100% sure that what you refer to here has nothing to do with government cryptocurrencies based on the blockchain technologies. Most likely, the "digital" something is a payment system which allows people to make payment bypassing banks or already existing payment channels like Visa or MasterCard. If it is in fact something different, let me know and I'll happily admit being wrong. But not till then

They may able to create their own coin but still they cannot do the same thing what bitcoin can give to any users. Due to the reason is Bitcoin was decentralized based system while government/banks are both centralized based concepts. So I think, instead of the banks or government will create their own, better not to do it but to accept the concepts of Bitcoin is the good one choice for sure.

We're seeing it already. Venezuela made their own, and iran is making their crypto rial, russia doing theirs on the rouble. Last week we saw jpm make their own coin. It's happening right now, crypto is going mainstream!

If the government and banks have the same thoughts as us (crypto supporters) and they are aware that the technology used by bitcoin is really needed to be used as a financial solution now then they are likely to make their own coins and I support that matter. because with them making their own coins, more and more people will be using blockchain technology. I don't feel worried and don't feel bitcoin will be threatened because, in the end, they will support bitcoin also by providing exchanges between bitcoin and their coins made.

As it looks, the spread of crypto continues to advance and is becoming more and more mainstream. It's still the beginning of it, but as you can see, it's progressing inexorably. You certainly don't have the feeling of mainstream in all countries yet, but it's getting more and more. It's certainly only a matter of time before it becomes mainstream in more industrial countries, but at some point it will be.  :)

This is already happening through the creation by states of their stable coins. Now this is clearly seen in connection with the creation by the Chinese government of its own stable coin CBDC, which is actually a digital yuan.
Although these coins are completely different from a decentralized cryptocurrency, they can have a significant impact on it, since people can use stable coins more as a means of payment. This will have both positive and negative sides. Cryptocurrency continues to evolve.

I think the government already has their own cryptoCURRENCY which is regulated and controlled by their respective central banks- which is the FIAT.

I doubt that the government would attempt or create their own coin as it is self-defeating and contradicts the very nature of a cryptocurrency. What the government wants is control and regulation. If they make such coin, it will inevitably become a decentralized form of cryptocurrency which cannot be traced down in its transactions.

I don't think it will threaten Bitcoin, rather it will make ordinary people aware of the existence of Bitcoin et al. Indeed, I have heard that the government and the Bank will make their own coins. They are still afraid against Crypto which could threaten the Bank's system.

Isn't it contradicting 'cause they have the authority controlling the fiat they own which on the other hand cryptocurrency isn't own by anyone. I think it would be the same as altcoin if the bank would create their own crypto. Nevertheless, bitcoin would dominate it in market price.  As stated in this  https://futurism.com/six-banking-giants-have-decided-to-partner-to-create-a-new-cryptocurrency  (https://futurism.com/six-banking-giants-have-decided-to-partner-to-create-a-new-cryptocurrency) 6 banks already started partnering their own crypto in crypto community. However, their crypto slated at end of 2018. So, it ain't even a threat to bitcoin as long as bitcoin dominates the market.

I don't think it would much be an impact. There are several altcoins currently existing in the market and if they decided to join, they'll just another cryptocurrency out there in the condense altcoin market. And people wouldn't trust it so much since the government/banks want everything monitored, the odds of their crypto being decentralized is low. They'll probably implement KYC and all data would pass through their central system, which isn't very much attractive to people.

Am very sure that China is going to create their very own cryptocurrency just like Maduro did in Venezuela but one thing I want to know is if the value of the crypto will rise in value like the way bitcoin and gold rises in value. If the crypto that the governments makes doesn't am certain that it's not going to be a threat to Bitcoins at all.

I think it will happen and the possibility of the government will make its own cryptocurrency coin, if the government really makes its own coin then this can be embarrassing for the government and at the same time make the cryptocurrency condition grow because many will use cryptocurrency and cryptocurrency price conditions can improve.

Digital currency is the future of currencies.  Sooner or later, almost every country will bring in digital currencies as there are many benefits and security associated to digital currency. But it will be a better version to the present fiat currency. It will be centrally controlled as economy cant run without a central monetary policy. This not only help in keeping the economy in check but it also increases the trust of the users. Many banks and countries are on the way of creating their own digital currency as it helps in making real cross border transactions at low cost with transparency.

It might take some time since we can see that most countries are still not that pro-crypto yet, and some are really against it. Maybe once we reach a point where each country starts using crypto and blockchain technology and starts using it in businessess, companies, and the whole economic section, that is the point where the government/banks will adjust and start making their own currency for their services.

that's what I expect, the government or the central bank to make its own crypto currency. especially like stable coins and low transaction costs, maybe it's very easy for governments and central banks to do. if that happens, maybe the bitcoin market will be increasingly crowded, because everyone will know the importance of blockchain technology.

I think that governments of different countries and banks can really start to create their own centralized digital money on the blockchain. This would be the most interesting thing for them, because they themselves would be able to establish the issue of these coins and do with them whatever they want. I think in the future Bitcoin and other decentralized cryptocurrencies may face competition from centralized government cryptocurrencies and bank digital currencies.

They can create if they want, but what are the purposed of those coins? it will be more interesting if we use it? we use crypto currency for freedom of our funds and make high profits. government and banks can support it? maybe, not. they want to create crypto currency on their purpose only. true knowledgable users won't understand it and take a risk of their tokens and coins. it won't stop bitcoin with their simple tricks.

I'm sure 100% of governments in all countries will turn their currencies into fiat money and cryptocurrency,
The US & China are the world benchmarks today,
if these two countries are able to develop their own cryptocurrencies then other countries will follow,
and changes in the price of cryptocurrencies issued by the government will not be like Bitcoin or Altcoins, it will be more to the Stable coin.

Petrocoin (or whatever its name) was a complete failure

While the rumors of China creating their own variety of cryptocurrency have been circulating since 2016 (if not earlier). But the truth is, if they really wanted to do something to that effect, they would have done it long ago. Some folks (for example, Christopher Giancarlo, the ex-head of the CFTC) are even suggesting the blockchain-based dollar run by the cartel of banks and thus not controlled by the Federal Reserve. How likely is that? I don't think that very much

Well depends from bank to bank and from Government to Government. Honestly I think the first Governments who are create its own cryptocurrency are gonna be those who are the most corrupt like countries from Africa , Asia and few of Europe.

With banks , its something different as they already have FIAT currency and they really don't need another currency but I'm sure that a lot of them will implement Blockchain technology ( if they didn't do it by now secretly ). If banks will create a cryptocurrency they will attract all the investors who knows about Bitcoin but won't touch it because banks are not involved and those people will loose a lot of money...just my thoughts.

The odds are quite high in the sense that they cannot dispute the use case of cryptocurrencies and the blockchain technology. However, since they cannot control the existing ones i bet they would create their own coin in order to have full control over it.

I am not entirely sure if governments will have their own (wish they do) but I am 100% sure that banks will have their own coin.

Even if not for anything related to customers they may end up doing it as a test, sure that won't be official and be used but they know they need to check out blockchain and how it works so they will make a new blockchain currency for themselves and they will definitely want to implement the best parts of blockchains into a currency, that would have been something awesome but we still don't know if they are doing it or not. Sure they must be working hard on figuring it out but not sure if they have implemented any parts of it.

Some banks are working with Ripple for some huge movements we know that but that's about it. Banks need to adapt because if some banks implement it they will make it cheaper and faster so they will get ahead of the competition and all others HAVE TO work on it to catch up so it is going to get common eventually.

It is possible that the government and the banking industry will come up with their version of cryptocurrencies and their blockchain but how do you put a valuation, i think they can come up with a stable crypto other than that it will not be successful as no one in the right sense will think about using something that has a transaction fees with every transaction and we know what happened to Petro.

If we talk of banks having their own coin, i think that it would even be stupidity or lack of knowledge for government to see that this happen, because in every country, we have hundreds of banks, if government does not create a particular cryptocurrency which will be used by banks generally, the market will be very saturated with banks coins since very bank will be creating their own coin separately and how many customers do they really have for them to have the value of the coin increased?

I would see this as duplication system because it would involve people have the coin for different bank, and that coin, what exactly would it be used for? To be able to buy things In other sites? So how many coins does an ecommerce site want to accept before they are known to accept cryptocurrency, this I don’t think banks would want to create their own currency.

I think it will be a hard thing for the government to make this coin successful. If we are going to look at the history of the current cryptocurrency existing today, we can see that it took a very long time before everything worked together for them. It was also made by the smartest teams in the world so if the government would just hire normal people to manipulate and make the new coin, it will definitely fail easily.

I tend to think we're not going to see this happening any time soon, despite all the talk we see about it.  One would think that if gov'ts really saw a value in creating a state sponsored cryptocurrency, they would have done it already.  The reality is that in most countries fiat money works as intended, and there isn't a reason why any country would need to introduce something that would seem radical to most people.  As it is, the majority of people don't understand a thing about crypto and if they've even heard about it, it's probably been in some media report linking bitcoin with criminal activity.

Why didn't Venezuela or Zimbabwe create their own cryptos?  Their devalued currencies almost cry out for a crypto solution, yet it was never even talked about.  The answer is that both countries turned to a more stable foreign currency like the U.S. dollar instead, because it has value and people know about it. 

And ultimately, I'm fine with all of those reasons.  I'd really rather not have gov'ts creating a system by which they can track everyone's financial history.  I love crypto but hate that idea.

And that is why I believe there is almost a 100% chance that most governments will create their own coins, governments are doing everything they can to watch their citizens as close as possible, what can be better than to know everything they do with their money, even with their system in place they cannot do this because of cash, but if they eliminate cash, as they have been wanting to do for a long time, and then they implement their own cryptocurrency then they will have unprecedented power over their citizens.

As soon as you disagree with any of their policies they can take away all your money and make almost impossible for anyone to buy food or anything else.

There are really a lot of topics here in this forum that they think that the government would create their own cryptocurrency, but in my own opinion they don't because the government and banks already have their own currency that they could control which is fiat currency. There are no any proofs and reason that the government will create their own cryptocurrency because only few of them are interested to buy it.

in my opinion, maybe all that can happen. when I see a lot of people investing in crypto, I think banks / governments will do it. but if all that happens I am not entirely sure that their coins will threaten bitcoin, because I am sure the bank / or government will want to profit from the coins they created. they could have implemented a tax system for the coins they have. people would prefer to use coins that have good prospects in the future, and I think bitcoin has it. and people who have never heard of bitcoin will learn all about crypto, before they decide to buy a coin.

I don't think coins made by banks will threaten bitcoin. because the two are on different paths. bank-made coins are stable coins while bitcoin is decentralized. and in terms of value and volume of bitcoin trading is the best. so the presence of new coins will not be able to affect bitcoin. and bitcoin is the most famous coin in cryptocurrency. in my opinion no one can beat bitcoin.

it is very true that you convey a time the government will adopt the economic system used by cryptocurrencies and of course that the government will also make digital currencies because we know the development of the times and technology must also be followed and the government will follow also hopefully the development of cryptocurrencies will get better in the future

Well, everyone knows that the government created fiat currency and managed this currency through banks, they managed all the activities and income of each individual but even with such a stabilization, the government still needs to develop over time and meet the needs from the people, and now, the demand for crypto has increased relatively sharply every year, until a time when the demand became so popular. The government is forced to create its own crypto, avoid the case that they lose control of taxes and income of individuals in the country

no one can beat bitcoin but the competition will gets tougher and tougher if there will be more created  . add in the coins that created by banks which is more attractive on the eyes of the investors  .

 banks based cryptos are not all stable and xrp is a proof of that.  you know ripple/xrp ? they said its backed by banks but xrp do still have its own unfix value.  besides , stable coins are also indemand these days

Really? Is this even a question? 100%.

I think that most countries have taken noticed on crypto already, and they obviously want to create their own centralised token/currency based off blockchain before a private entity takes over this sector. This is exactly why we see resistance from governments in terms of Libra, and why president Xi has expressed optimism towards blockchain technology.

The fact is that blockchain tech gives them more direct control over the economy and conducting policies, there is no doubt about that. And there is everything to gain for them to move to this system, where they don't even need to print money or worry about the integrity of databases anymore.

It is not possible for governments to ignore the concept of digital currencies at all and the advanced ones have already tried to take over the most potential digital asset, bitcoin. I am talking about China here. Sooner or later, all the world will be using crypt coins and those who will indulge earlier will be benefited more. Also, every big change requires time in order to get mass adoption.

Banks and the government adopt blockchain technology, maybe what you say is true. The government will definitely make their own digital currency, as did the Chinese state who want to make their own coins. The stable coin concept is more reliable for payment transactions than using fluctuating crypto. Inevitably it will surely threaten the current crypto market.

Banks are mainly focused upon making global transactions paperless, easy and instant. Blockchain will help in doing all of that. So privately owned currency banks would help in making transactions instant and transparent. This will save millions in remittance and will also cut the bad debts as KYC can be done through blockchain which will make information available securely and transparently to the banks.

It's really possible... And now, look at the Chinese government. The president praised blockchain and is also planning in creating theie own currency.
There's really a chance of governments creating their own digital currency. Maybe not today but sooner in the future. It's a technological advancement which they will adapt eventually. Maybe it's still too early for some government since there's still a need for mass adoption. Mass adoption will trigger the government more to create their own cryptocurrency.

when the government or the bank makes its own coins I think it can be developed better, for the bank I believe it has the aim to facilitate whatever transactions you want and wherever you are so that the bank becomes more useful, while for the government I feel a little heavy because every country has very different government regulations.

Basically the odds government creating their own cryptocurrency is really low because blockchain is simply against the ideal.However they will usually still need some kind of guide if they really is trying to implement crypto to their system so that they can efficiently working on it if they really tryingto create their own currency.
However for Bank I heard many times that some of them alread trying to implement blockchain system maybe it's that far off.

its depend what the function of that crypto. if government create new one for investment, i think its not give effect on crypto, like other country wont use that crypto because its like the other, maybe like shit other coin. but if it use for their own country, have same value like fiat, stable price, i think its good for people.

when the adoption of the blockchain is increasingly widespread in my opinion it might be for a government or a bank to make its own crypto. and maybe the coins made are stable coins that are regulated and controlled by the government. so I don't think it will impact or threaten decentralized bitcoin. bitcoin will remain a favorite coin in cryptocurrency.

The odds are good that these governments will make their own coin. Just take a look at whats happening between US and China. The trade war seems to have them competing on edge and now China has announced that they will be pursuing cryptocurrencies more it seems that the US won't let itself get beaten and is also investing time and resources to look into more blockchain projects and solutions.

We don't need more coins, we need legit coins that are used in the real world. Hopefully these governments can provide these, and that they are exchangeable with Bitcoin and other cryptocurrencies.

Yes I am also very sure they will make their own Crypto to facilitate us in making transactions in the online world. Our government is actually still "ashamed" to use Blockchain technology because this Blockchain technology is something that can not be separated from the world of Bitcoin while they are very afraid of Bitcoin.

It would be better if they supported the already existing BTC or ETH, or some other popular altcoin that already has supporters and holders. Since the creation of a new coin will require a new adoption and, possibly, will remain only within the framework of one state.

I feel like with the recent annoucments and news, the chance is pretty high. A lot of advanced economies like US and China have started slowing down in economic growth and this can easily be attributed to the lack of room to grow, which is why crypto-currencies and blockchain technology look like the next thing where countries are able to revolutionize and Excel at.

I wouldn't classify it as them being ashamed, it more then not being able to control Bitcoin and other decentralised crypto-currencies, whilst their own coins are easy to manipulate.

It's been announced countries like Korea, China and Japan are already looking at making their own crypto-currencies and some of them are in development.

Most of the banks doesn't agree yet in Bitcoin and Ethereum, especially the government because they have no control of it, if they will support blockchain, it is possible that they will create their own coin/tokens, as they would want to have something that they can control of for self interest.

They wouldn't be able to control them

And control here means being able to print new money as they find necessary. For example, how can they create new bitcoins other than through regular mining and receiving standard reward? Right, there is no such way. So if a government were to create their own variety of cryptocurrency or anything however remotely similar to a cryptocurrency, they would undoubtedly keep a "controlling interest " in their hands. Basically, that means they would be creating yet another fiat

That will become their goal for creating their own cryptocurrency. Banks and the governments will do their best to outperform the current cryptocurrency trends because they are seeing good demand from the people and they don't want to see their people transferring from being fiat currency depended into decentralized cryptocurrency.

I think it was complicated, if the government will regulate these cryptos does it mean its value will be fixed? If this happen I dont think it will patronize by the people for one major characteristic of cryptos is that it was fully dependent to the supply and demand whereas in the case of government they control the price of a currency to keep the balance in distribution. Also, cryptos are decentralize, if it will ve regulated by the government it will be now centralize. Hence we cannot consider it as crypto either.

For me, the odds of creating a digital currency by the government/ banks are vast because it is the future of fiat money. But creating a digital currency is still depending on the countries, especially to those 3rd world countries that can't finance that kind of technology. Also, this digital currency that they will create is not like bitcoin because they will just adopt/ upgrade our fiat money. Surely that they will have a control on it, KYC is implemented, and many more,  :)

Its already considered as fiat on the first place when they do already planned to make their own coin.It would be just still the same where its
fully centralized and have even the possibility of redoing transactions just like on what a typical fiat do had.Its just being digitalize though.
Government doesnt really like to be behind on the game and if they do saw on what others people interest they would just simply join in and
blocking to those who are first into the market since they do have the power and the money to do so.

That is the lack of knowledge that I think we usually have and this is the need why we and even the government needs to have thorough education as regards the whole Blockchain technology generally. Studying the blockchain technology, we would see that it is divided into different parts, and can actually standalone without the use of cryptocurrency, while cryptocurrency is just project born out of the chain that is meant to handle the financial aspect of the economy or the system of government.

If governments of the world are really serious, they will actually be able to apply blockchain technology to every part of their operation while they may decide to actually introduce the cryptocurrency side of the system to make their government better.

I remembered that the finance minister of India announced in the 2017 budget that Gov is looking to apply the blockchain technology in the banking sector to create a digital economy. Though there is no notable real progress. I think Govs are a bit confused and in this worldwide economic depression they are afraid of experiments.

This matter had been discussed extensively in the past

And there seems to be not a lot of areas where the blockchain-based solutions can be applied to, and which wouldn't be subpar to already existing ones. Technically, blockchain is a distributed decentralized database, so it is nothing new (its application as a ledger for a digital currency is, though). Where such a system offers substantial advantages, it is already in use (under a different name, obviously). In short, don't fall for the hype

If it will happen, expect higher taxes in every transactions that you will make. It will not avoidable, also your whole transaction, trading etc will be monitored by the governement. But the thing is people want bitcoin because of its anonymity feauture and it can be traded with no tax that are waiting when you withdraw it just a few cents for transaction fee however if government or banks make there own expect that all of these will be gone and new set of rules that are not good will takes place.

I think if the government will create there own cryptocurrency then it'll be more centralized or regulated, I don't think they will create a decentralized one because it means they can't control it. The government has been trying to get control of bitcoin but failed to do so because it is decentralized. Anyways, I agree that even if the government will create another cryptocurrency to threat or destroy bitcoin, it will only make bitcoin popular and investors prefer decentralized coin wherein no one controls it.

We have China creating their own coin, we'll still waiting for banks to create one and from what bank it will come, everything had become possible because blockchain technology has proven it's worth and it's usability.
and it depends on the country and the location of the bank that will create the coin, If China become successful it could become the new trend, although in the past there are tokens created for specific countries.

But what's in it for them?

They already have fiat which is already digital (and likely with some cryptography involved along the way) and which they can fully control. These rumors (of some government creating their own variety of cryptocurrency, mostly a Chinese one) have been circulating since at least 2015, but no one has yet explained why would they want that

Okay, someone could come up with the idea they want their own cryptocurrency to compete with Bitcoin but this suggestion assumes they consider Bitcoin a threat. However, if they really considered it a threat, they would likely just ban it and get done with that (as some countries already did anyway)

I think it is really simple. As technology increases the government needs to keep up. You cannot expect to still be issuing out fiat when everyone else is doing it digitally. It will be very interesting to see how this is all dealt with and how things develope as time passes. It has been 10 years already and so much has changed. The future is very exciting for us.


Simple, so that they can tax it. I think it is more likely an innovative country that creates its own blockchain for its own cryptocurrency.

Yes, they need to keep up

But does it mean that they should blindly follow someone's steps if it doesn't offer them any advantages? So to give everyone a proper perspective on my doubts, let's rephrase my initial question in the following way. What advantages and benefits will creating another currency in addition to an already existing one provide to a government? And please note that modern fiat is already digital for the most part anyway (the fact which I mentioned straight away), and it's been that way for a few decades already


How's that?

To add another problem on their sleeves, maybe?

Governments are insecure on everything that surpass them, and one of those are cryptocurrency (Bitcoin, to be specific), and creating a coin of their own doesn't change the truth that they can't make one (like bitcoin), the result will be the same, they could only make Altcoins, that can't go to bitcoin's level of complexity to become invincible. They just don't know when to give up.

When the government begin to create their own cryptocurrencies then the adoption of those coins will be high because they would be a legal way to transfer wealth from one individual to the other, but make no mistake those coins are not going to be any different than fiat and if anything they are going to be way worse, it will be a way for the government to try to keep control of the money supply, so whatever money that you have in your wallet will never be truly yours.

Why do you think that China is interested in creating their own cryptocurrency when they have shown time and time again that they are against freedom? Because in their hands cryptocurrencies will be a way to keep an even greater control of their population.