Bitcoin Forum

Just think If all the countries will make their own cryptocurrencies. Mean if the central banks or the state banks of the countries make their own cryptocurrencies so what will be the situation in cryptocurrencies world.

In my view.
1. If all the countries will make their own cryptocurrencies so it will start a new war between the countries. Like you can see the China USA tension or Iran USA etc.
2. The countries will prefer only their own cryptocurrency and the other will not be involved.

It is according to my mind.
If the members have the other opinions so share.
And If I am wrong so please guide me.

Every countries will get their own digital currency sooner or later but these digital currencies will work like stable coins that we are very familiar with in crypto space presently, this won't bring any form of hate or war on crypto coins, bitcoin and others will still exists and still remains the best investment options for many investors because they are volatile

There will be not a lot of changes in the current situation. The wat between the currencies will be happening too but in digital form, as these CBDC will be following the economic of the country to determine how much it will worth in another kind of CBDC.
The countries will always have needed to trade with another country to get the resource that they can't get it in their countries.
They will always need each other.

Lets assume such thing will happen then it won't be any different from the way each country have their own fiat currency, it will of course be in the form of stable coin with less volatility, each country will operate using their respective digital currency and also recognise that of other countries for easy transaction.
It won't create any competition since nobody will be investing on it for profit maximisation,  rather it will be a currency for transaction only.

How could you say that there will not be competition. You can see that when there was the tension between the US and China what the China done at that time. Or what was the US doing with Yuan. If there will be affected the fiat so automatically the cryptocurrencies will be affected.

The problem is not a problem when both parties agree to free trade.
We will see the top 100 cryptocurrencies play the main role in this trade, since a blocked country will access these cryptocurrencies to continue the trade.
Since the other countries will also use these main cryptocurrencies...

Every country Has there currency, some country adopted the name of other countries currency but it modern time theirs is difference, and currencies are valued not in same-way, like the pounds is higher than Ghanian cedes, now if they should be a crypto-coin to every country, will they value it to the economy of their present currency? If they don't countries like ghana may want to inflate the value of cedes if it where to be a crypto-coin, am against it.

If every country have own crypto when others crypto will be forbiden. Still, every country want to have their own money and monetary policy

The topic is not about top 100 coins playing the main role, it is about each country creating or having their own digital currency and how it will result to competition and conflict,
Personally I doubt each country will have their own digital currency to begin with, and if for any reason they do it will take the role of fiat and perform the same task or may be less,
The op thinks a war will start but I don't see how this will bring about war since each country already have their own fiat and didn't create war, except when a powerful country will try to make their digital currency more valuable than rest less powerful country.
I think there will be a mutual understanding between all countries to accept each digital currency just like the way they accept fiat.

These countries will just make stablecoin at most and it's just to give people a bridge that connects fiat to cryptocurrency. No such thing as war or anything that threaten our peace gonna happening, I mean our crypto market is not even that huge.
In my opinion, at most we gonna see competition of stablecoins by all these countries if they really trying to make their own crypto which actually might be beneficial to us as a user.

They've already in a trade war already, making their own stable coin will just enhance the already tensioning grip between China and USA or Iran. China for instance wanted to dislodge US dollar as the main currency in the financial world. But it will take a big effort on the part of China to make their Yuan the main currency though. As US dollar is still the go to currency by almost every country in the world.


But if you are thinking that it will have severe effect to crypto, I doubt that, on the contrary it will benefit us again as people might flock to bitcoin or any other crypto assets to hedge their wealth.

This is exactly as cbdc.
Research the meaning of it and imagine what if most countries agree go make their own.
It is going to be like we choose random cbdc that we prefer because value is just the same as others.

Central bank digital currency will represent every countries Fiat currency so that's more like a stable coin, we are going to use them if we like but not for investment purposes since they act like stable currencies, investors have zero reasons to invest in such coins

Yes, something like that won't happen in the near future, because there are still many countries that don't like cryptocurrencies in general, only that it can very likely happen in the future if all governments agree to cryptocurrency inside.

What makes anyone think that if all countries were to start issuing cryptocurrencies, it'll be any different than their already existing currencies??

Its not like they will peg it against other cryptocurrencies or against bitcoin. (which they ideally should btw)

It'll just be a sort of digital representation of your current bank balance. There won't be an airdrop and there won't be any speculative market to take your countries currency to a 10X. Even now, in most economies, your bank balance is generally just digital. It is not backed by anything other than your governments promise. The same will be the case with these central bank currencies. A centralized currency is little more than banks printing money.

there's nothing wrong if each country makes its own crypto, that's even better, because every country can compete in terms of the price of crypto they make and compete in the international market, to show the benefits of each crypto they make.

Crypto remains crypto, fiat remains fiat nothing changes in every country, crypto remains traded with fiat, it's just that crypto is the newest investment for every local bank and central bank, it is better and the people enjoy it more in investing in a more secure way, because it involves the Bank and the government in it.

The problem is that it never happens in every country, because your idea does not match the government and banks in your country, that's the problem.

Then someone must find a way to get out of the government control again because cryptomarket is not good if its being controlled by any institution or any government. Remember the reason why Satoshi created Bitcoin? Then that can be the best reason for not to support this one and we know how corrupt our government including those states bank so i don't want this to happen seriously.

These Central bank issued cryptocurrencies (such as Petro of Venezuela and digital Yuan of China) haven't been able to make an impact in the cryptocurrency market. In most cases, they are being used to evade sanctions and embargoes. And they are being used to replace fiat currency in international trade, with only limited usage in the cryptocurrency market.

What do you mean by war? If just the war on innovation will thats bring more opportunity and competitiveness, If every countries central bank will use to create a digital version of their fiat currency I think it cannot affect the crypto industry because CBDC's are just stable coin thats why it cannot directly compete with the decentralized cryptocurrencies like Bitcoin and many others.

If it would gonna happen in the future i'll bet bitcoin will still at the top favorite list of investors in cryptocurrency. It is even better in the world of cryptomarket because the more competitor the more the economy of cryptomarket become good. Though we can't deny that even if the state banks make their own kind of cryptocurrency the used of fiat were still in the circulation of the state economy and maybe their newly made own crypto will just need to compete with bitcoin i guess.

It is true that we cannot see at this time, because of unbalanced factors that make many countries do not want to take faster steps, because it involves economic problems, something can be risky, if too reckless a decision will result in a drop in the country's money, because Cryptocurrency also still likes to have problems with prices on all exchanges, so that's why many countries are not ready to do strange things about using Cryptocurrency as the main means of payment ...

Imo probability does not higher to be happen this because as we know that there are many countries which are strongly against crypto but if it happens then it may be good sign for traders because if it happens then there will be huge competition between these digital currencies which might give opportunities to the traders to make profit.

Why will there be war! May I know the reason why you think such move will bring war! Am trying to understand it from your point of view but I just couldn't,
Having one's own digital currency should not be an avenue to create war rather it is the opposite, if all countries have their own digital currency it means no more fiat except digital currency, things will probably be done the same way.

Every CBDC will be fully centralized and also stable like Fiat, if USDT, USDC and others failed to go into Waring state with bitcoin and others what will CBDC now do? People will surely use CBDC but crypto will remain their money making field and CBDC can't deliver that.

I only see the positive side. What is certain is that the cryptocurrency-based financial industry will continue to create public change in both the transaction and investment process.

If different countries made their own coin, it would be a good idea. It would be the end of the US hegemony as a financial institution dictating its terms from a position of strength. Then there would be no financial blocking of Venezuela, Iran, and other countries. There would be no blackmail with the shutdown of the SWIFT system. There would be something like equality.

If every country will create their own crypto then Bitcoin will surely slow down in going up. If every coin holder will try to collect every crypto currency created by every nation then Bitcoin will be slightly ignore causing it to slow growth.

If that would happen, then simply all countries will have their digital version of their currency and it will work the same how their paper money works. Of course, they would prefer their own digital currency but I don't think that war or tension would occur since they will still be open for foreign currencies just like how it works today.

But all countries having their own digital currency is still quite far though we are already seeing several countries planning to have one.

I do not see any problem in the fact that all central banks of states will issue their national digitized currencies.  Now also all states have the opportunity to send their national currencies by non-cash payment.  There are no particular problems.  It will actually be the same fiat money, only it will be in the form of digital currencies and transactions will be carried out using blockchain technology.  Stable coins of states and their central banks in terms of their functionality are much superior to non-cash payments of these states, so the states will issue them unambiguously.

CBDCs will be just like stablecoins, just issued by the largest private banks for each country. They will be able to monitor and tax your transactions directly and you will bank with your central bank mobile wallet.

If all countries abandoned traditional money and replaced it with their own national cryptocurrency, the printing of paper funds would be reduced or completely stopped. Accordingly, the number of felled trees will be reduced. This would be an invaluable aid to nature and a way to reduce the negative effects of climate change.

Something like that won't happen in the near future, because there are still many countries that don't like cryptocurrencies in general. But there's nothing wrong if each country makes its own crypto, that's even better, because every country can compete in terms of the price of crypto they make and compete in the international market, to show the benefits of each crypto they make.

The central bank can only create its own national digital currency, which in fact will be another form of money, along with cash and non-cash. And this CBDC will be controlled by the central bank and will be a stablecoin that has no volatility. Therefore, there will be no competition between CBDC and bitcoin, because everyone in the market will have their own purpose for use.

I don't think you can call it a war. If state banks of all countries produce their won currencies then I will be a huge revolution in the crypto market as you know in most countries this is not legit. So, if all countries make their own crypto then it will be solved. On the basis of your second point, yes, all will prefer their own only as the currencies are used to exchange except crypto as the value of the GBP is more than USD. So, I don't think this is a problem.

What do you talking about, what the war? Crypto of Banks and national crypto are possible. So several countries and banks talked about their national cryptocurrency but i never heard of war of digital assets before.

in my opinion, not all countries will carry out policies such as making crypto themselves,because it must be done with careful thinking so that there are no risks and losses to the state in the economy..