Will governments create their own cryptocurrency that will replace fiat?

[X-ray]

I don't think so!

Governments will stick with what they have now. They will never surrender to the futuristic concept of cryptocurrencies. The general reaction of people to change is fear it. The government will be afraid to adopt change and just try to be safe and comfortable with what they have. I'd like to see the opposite, though. I'd like to see digital currency in the near future. A future without paper money.

I disagree. Don't take government as a fool that knows nothing about technology.  Unlike normal people that can instantly change his way of living without thinking other people, government act the other way.  They have several laws in their library that binds them to certain moves.  They also have several ties and agreements that will probably take several decade that will forbid them from adopting the idea of cryptocurrency.  One of the better sample is, why does other country can't produce weapons or build weaponry themselves?  The reason, is that they are bind to an agreement in return of certain favors.

Actually it's not always like that. In many cases they just can't create a weapon because they don't have the technology and/or resources to do it.

I don't think a government if it decides to use a crypto will create a new one. I think it will use one of the existing ones instead.

You're really wrong if you compare how to create a cryptocurrencies and creating a weapon. weapon indeed need a really advanced technology to create the good ones while making cryptocurrency can be done even by an individual, i've seen someone who offering a service to make coin and he surely doing it by himself whilst country consist of million people

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[delliaerd]

I think this is a step that is not right, if every country or government makes its own cryptocurrency, then other countries would not necessarily accept it so that it makes no difference with the ordinary currency, better a few countries join to create a cryptocurrency so that can be used globally.

Just like European union. I think most of the countries must be thinking about that as the trend about online business and shopping is spread in rapid pace, they must be thinking to facilitate their people providing them good online opportunities. But for this, their country specific cryptocurrency will not help. Only bitcoin must be a right solution.

I am agree. Bitcoin dissemination is really fast becouse online bussines is loves bitcoin. Bitcoin is really appropriated for their business. I think it is really possible for government to create their own cryptocurrency. They wants enough control of their people money for economics reason or anything else. But you are right bitcoin must be a right solution. Bitcoin was proof it self as the strongest cryptocurrency.

[Positid]

I think this is a step that is not right, if every country or government makes its own cryptocurrency, then other countries would not necessarily accept it so that it makes no difference with the ordinary currency, better a few countries join to create a cryptocurrency so that can be used globally.

Just like European union. I think most of the countries must be thinking about that as the trend about online business and shopping is spread in rapid pace, they must be thinking to facilitate their people providing them good online opportunities. But for this, their country specific cryptocurrency will not help. Only bitcoin must be a right solution.

I am agree. Bitcoin dissemination is really fast becouse online bussines is loves bitcoin. Bitcoin is really appropriated for their business. I think it is really possible for government to create their own cryptocurrency. They wants enough control of their people money for economics reason or anything else. But you are right bitcoin must be a right solution. Bitcoin was proof it self as the strongest cryptocurrency.

Government has full control on what they do since they would not need to consult the masses for their decision. Here's the thing, they can create their own crypto currency but not the same features of bitcoin, they cannot be decentralized like what we have been enjoying with bitcoin.

[xxxccc]

Yes. It is good for them, no more world debt, no more inflation. But they will put DLN Driver's Licence Number in the first digits of the cryptocoin addresses to identify the users.

[BitcoinHodler]

there are so many things wrong with a government created cryptocurrency. first of all what cryptocurrencies offer is decentralization not only for mining and making of new coins but also in holding and handling all your money and transactions and if you take it out of the cryptocurrency then it would be only an extra useless thing that is burning away resources!

that is why i think one of the things where banks talk about blockchain is only their internal transactions and adding more security to that not actually creating a new currency similar to bitcoin.

[PokerFace3]

Here's the thing, they can create their own crypto currency but not the same features of bitcoin, they cannot be decentralized like what we have been enjoying with bitcoin.

Don't you think that type of currencies are already existing but without cryptography features ? Your fiat in electronic format is nothing but your country's own online-currency (obviously without decentralization feature). So there will be no point when governments come with their own cryptocurrency. People will still love bitcoin.

Government has full control on what they do since they would not need to consult the masses for their decision.

No. In democracy / republic, governments must need to listen to people's opinion. Else, people will select new government in next term.

[abayan]

I think this is a step that is not right, if every country or government makes its own cryptocurrency, then other countries would not necessarily accept it so that it makes no difference with the ordinary currency, better a few countries join to create a cryptocurrency so that can be used globally.

Just like European union. I think most of the countries must be thinking about that as the trend about online business and shopping is spread in rapid pace, they must be thinking to facilitate their people providing them good online opportunities. But for this, their country specific cryptocurrency will not help. Only bitcoin must be a right solution.

I am agree. Bitcoin dissemination is really fast becouse online bussines is loves bitcoin. Bitcoin is really appropriated for their business. I think it is really possible for government to create their own cryptocurrency. They wants enough control of their people money for economics reason or anything else. But you are right bitcoin must be a right solution. Bitcoin was proof it self as the strongest cryptocurrency.

Government has full control on what they do since they would not need to consult the masses for their decision. Here's the thing, they can create their own crypto currency but not the same features of bitcoin, they cannot be decentralized like what we have been enjoying with bitcoin.

Yeah your are right. The thing is they could create another crypto but sort of it is not like bitcoin that is decentralized but government can control you or sort of they have a power to make you use their crypto and not bitcoin. Like other countries banning bitcoin.

[Shenzou]

it is most certainly that our world has become so attached to the internet and it became a very vital thing in our lifes , every thing we do we do it with internet, so it is not a surprise that we no longer use fiat money but instead we use cryptocurrency, and in this case governments will not switch to bitcoin but instead will create their own currency because bitcoin is something that they control and people fear what they can't understand.

[X-ray]

I think this is a step that is not right, if every country or government makes its own cryptocurrency, then other countries would not necessarily accept it so that it makes no difference with the ordinary currency, better a few countries join to create a cryptocurrency so that can be used globally.

Just like European union. I think most of the countries must be thinking about that as the trend about online business and shopping is spread in rapid pace, they must be thinking to facilitate their people providing them good online opportunities. But for this, their country specific cryptocurrency will not help. Only bitcoin must be a right solution.

I am agree. Bitcoin dissemination is really fast becouse online bussines is loves bitcoin. Bitcoin is really appropriated for their business. I think it is really possible for government to create their own cryptocurrency. They wants enough control of their people money for economics reason or anything else. But you are right bitcoin must be a right solution. Bitcoin was proof it self as the strongest cryptocurrency.

Government has full control on what they do since they would not need to consult the masses for their decision. Here's the thing, they can create their own crypto currency but not the same features of bitcoin, they cannot be decentralized like what we have been enjoying with bitcoin.

Yeah your are right. The thing is they could create another crypto but sort of it is not like bitcoin that is decentralized but government can control you or sort of they have a power to make you use their crypto and not bitcoin. Like other countries banning bitcoin.

They're not only could create cryptocoin but also can create a new digital money system because they're government and having the resources, both human resources and Technologies. creating digital money will not going to be a problem for them. but i'm sure that they will more likely to create a system that can be controlled by them

[stark101]

If government emits cryptocurrency, that could also be another kind of fiat, not a replacement, at least if you stick to a definition of fiat money like todays wikipedia: "Fiat money", at least until it does not consume so much energy, that it could be seen as commodity money. So it would be pretty be more question on what kind of cryptocurrencies countries going to implement and what for it would be used.

[SvenBomvolen]

If government emits cryptocurrency, that could also be another kind of fiat, not a replacement, at least if you stick to a definition of fiat money like todays wikipedia: "Fiat money", at least until it does not consume so much energy, that it could be seen as commodity money. So it would be pretty be more question on what kind of cryptocurrencies countries going to implement and what for it would be used.

   Government can make simple coin, they will distribute coins as they wish, government officials will do that. I think they will create special group for this, like they always do.
   It will be used for everything, and government will have higher control over their citizens, that is always their primary objective, too control us more.

[Factmine]

If government emits cryptocurrency, that could also be another kind of fiat, not a replacement, at least if you stick to a definition of fiat money like todays wikipedia: "Fiat money", at least until it does not consume so much energy, that it could be seen as commodity money. So it would be pretty be more question on what kind of cryptocurrencies countries going to implement and what for it would be used.

   Government can make simple coin, they will distribute coins as they wish, government officials will do that. I think they will create special group for this, like they always do.
   It will be used for everything, and government will have higher control over their citizens, that is always their primary objective, too control us more.

This is incorrect. Indeed there are corrupt governments but governments will only create these regulations on monetary matters for the benefit of their country. There is no way they can control people with coins or digital currency. They will use this to create a better control over how it is transacted but not how people use money. If governments create a digital currency then they will secure their citizens more when transacting and using their currency.

[serjent05]

If government emits cryptocurrency, that could also be another kind of fiat, not a replacement, at least if you stick to a definition of fiat money like todays wikipedia: "Fiat money", at least until it does not consume so much energy, that it could be seen as commodity money. So it would be pretty be more question on what kind of cryptocurrencies countries going to implement and what for it would be used.

I agree more or less government will move to cashless society that does not require a lot of wasting of hashing power .  And i never see even in my dream that government will be using bitcoin to replace fiat money, instead if they plan to create one , they will create a unique cryptocurrency for their own country, more probably no PoW or  PoS is needed.  They always want to be in control.  Bitcoin people should know the fact that bitcoin will never be accepted as national currency of a country.

[Fatanut]

If government emits cryptocurrency, that could also be another kind of fiat, not a replacement, at least if you stick to a definition of fiat money like todays wikipedia: "Fiat money", at least until it does not consume so much energy, that it could be seen as commodity money. So it would be pretty be more question on what kind of cryptocurrencies countries going to implement and what for it would be used.

I agree more or less government will move to cashless society that does not require a lot of wasting of hashing power .  And i never see even in my dream that government will be using bitcoin to replace fiat money, instead if they plan to create one , they will create a unique cryptocurrency for their own country, more probably no PoW or  PoS is needed.  They always want to be in control.  Bitcoin people should know the fact that bitcoin will never be accepted as national currency of a country.

I think most people have already accepted that for a fact. Even if we start having mass adoption, the government will still try their best to be in control. We don't know what they will do but they surely would take action (i.e. creating their own cryptocurrency, banning bitcoins). But it's still possible that the mass adoption would be so strong that the government would just give up and just accept the fact that people likes to use bitcoins and want to have a cashless world. Growth might be exponential but I doubt the people that are in this forum right now will live long enough to witness a cashless world.

[n0ne]

Several country governments were in a plan to create their own digital currency. This doesn't mean that they will be having features similar to bitcoin. The country's fiat will get circulated in the digital form, government will be controlling authority. Everyone can be tracked easily than using fiat. This helps government for better functioning.

[Dux2K]

Several country governments were in a plan to create their own digital currency. This doesn't mean that they will be having features similar to bitcoin. The country's fiat will get circulated in the digital form, government will be controlling authority. Everyone can be tracked easily than using fiat. This helps government for better functioning.

The only one that I read is Sweden they reduce use of paper money in last several years that is why they want this I didn't found any other but believe that there are

[stark101]

If government emits cryptocurrency, that could also be another kind of fiat, not a replacement, at least if you stick to a definition of fiat money like todays wikipedia: "Fiat money", at least until it does not consume so much energy, that it could be seen as commodity money. So it would be pretty be more question on what kind of cryptocurrencies countries going to implement and what for it would be used.

   Government can make simple coin, they will distribute coins as they wish, government officials will do that. I think they will create special group for this, like they always do.
   It will be used for everything, and government will have higher control over their citizens, that is always their primary objective, too control us more.

Yes of course they can, they have the power to make their cryptocurrency, but are they creating this to share or distribute to the people? No, they won't, we all know that there are many kind of people that runs the government, and we're very lucky if that government really care for his country, to the people living in it or they always think whats the best for them or shall i say whats the best for their self only.

[stark101]

If government emits cryptocurrency, that could also be another kind of fiat, not a replacement, at least if you stick to a definition of fiat money like todays wikipedia: "Fiat money", at least until it does not consume so much energy, that it could be seen as commodity money. So it would be pretty be more question on what kind of cryptocurrencies countries going to implement and what for it would be used.

I agree more or less government will move to cashless society that does not require a lot of wasting of hashing power .  And i never see even in my dream that government will be using bitcoin to replace fiat money, instead if they plan to create one , they will create a unique cryptocurrency for their own country, more probably no PoW or  PoS is needed.  They always want to be in control.  Bitcoin people should know the fact that bitcoin will never be accepted as national currency of a country.

Yes indeed, bitcoin can not replace the fiat money, instead bitcoin can become another way of earning money. On the other hand, bitcoin is another kind of fiat money, it will help to many users in many ways they want.

Yes government only thinks whats the best for them, and the people living in that particular country already knows that the government create that thing because they know that they can control and  can manage in their own perspective way with their own wants.

[Zadicar]

If government emits cryptocurrency, that could also be another kind of fiat, not a replacement, at least if you stick to a definition of fiat money like todays wikipedia: "Fiat money", at least until it does not consume so much energy, that it could be seen as commodity money. So it would be pretty be more question on what kind of cryptocurrencies countries going to implement and what for it would be used.

   Government can make simple coin, they will distribute coins as they wish, government officials will do that. I think they will create special group for this, like they always do.
   It will be used for everything, and government will have higher control over their citizens, that is always their primary objective, too control us more.

Yes of course they can, they have the power to make their cryptocurrency, but are they creating this to share or distribute to the people? No, they won't, we all know that there are many kind of people that runs the government, and we're very lucky if that government really care for his country, to the people living in it or they always think whats the best for them or shall i say whats the best for their self only.

If government would tend to create a cryptocurrency for their own i dont think that they could able to maximize its potential and for sure they will use it for themselves since people do would really prefer to use traditional fiat currency rather than a crypto or digital currency and if government would implement this thing nationwide then it will surely takes time to be adopted by  all of its citizens.

[Humvee998]

It maybe the last thing a government want, ever since the ancient kings who rules the world control the flow of money to control its people and it never changed up to now. Today if a government adopt blockchain technology to create their own cryptocurrency they are practically letting loose control of money and therefore the people for sure they dont like that to happen right? So if they create one for sure it will be like another fiat or digital fiat. One obvious reason they wouldn't fully adopt blockchain technology is that it will kill the whole banking industry of the country.
There is a news that China is going to start their own cryptocurrency (link below) but I think they don't know yet how it can be done, no details in the news.
But for the sake of argument, let say many countries developed their own derivatives of Bitcoin, for sure their crypto will be pegged to Bitcoin (like the USD of all fiats) and if that happens Bitcoin will still rule....

https://coinidol.com/china-creates-its-own-cryptocurrency/