Will countries launching their own cryptocurrencies affect bitcoin?

[deisik]

Yeah some countries are planning. I think India may launch its own. There were rumors about LaxmiCoin a few years back. Instead of legalizing bitcoin they may launch their own.

This is what all countries are going to do. They are not to ban Bitcoin or anything like that but bitcoin is not going to displace national currencies, this is not going to happen. Goverments will take advantage of this technology to create a "digital version" of national currencies and I think this will be good for bitcoin adoption. People will get use to digital currencies and when they know about bitcoin and realise that it can help them to keep their privacy in their transactions they will give it a try

People repeat the same nonsense year after year

All countries already have "digital versions" of their national currencies. In this way, they don't need to create anything since electronic money transfers (since this is what digital currency ultimately boils down to) existed decades before Internet itself was born. And what's more, the amount of digital fiat in most (if not all) countries by far exceeds the amount of cash in circulation. You seem to be posting from a very backward place or just severely uninformed (no offense intended)

[1715267707]

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[1715267707]

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[btctousd81]

i wont be surprised if each country and their government launches their version of bitcoin or any other crypto coin based on the blockchain.

it will have good a effect on bitcoin, if its not related to bitcoin and cant do exchanges with bitcoin with that currency.,
but if its totally autonomous currency then it will have bad effect on bitcoin, if a whole country's population starts using their coin, then there is noy much reason to use bitcoin.

but that's just my thinking. and i may be wrong.

thanks

[SingAlong]

i wont be surprised if each country and their government launches their version of bitcoin or any other crypto coin based on the blockchain.

it will have good a effect on bitcoin, if its not related to bitcoin and cant do exchanges with bitcoin with that currency.,
but if its totally autonomous currency then it will have bad effect on bitcoin, if a whole country's population starts using their coin, then there is noy much reason to use bitcoin.

but that's just my thinking. and i may be wrong.

thanks

I think Bitcoin would be the international digital currency while the cryptocurrencies launched by respective countries will function like a national or local currency. I still think that Bitcoin will serve as the major platform of exchanges and transactions because of its unique characteristics that can't be found on those cryptocurrencies.

[bartolo]

Yeah some countries are planning. I think India may launch its own. There were rumors about LaxmiCoin a few years back. Instead of legalizing bitcoin they may launch their own.

This is what all countries are going to do. They are not to ban Bitcoin or anything like that but bitcoin is not going to displace national currencies, this is not going to happen. Goverments will take advantage of this technology to create a "digital version" of national currencies and I think this will be good for bitcoin adoption. People will get use to digital currencies and when they know about bitcoin and realise that it can help them to keep their privacy in their transactions they will give it a try

People repeat the same nonsense year after year

All countries already have "digital versions" of their national currencies. In this way, they don't need to create anything since electronic money transfers (since this is what digital currency ultimately boils down to) existed decades before Internet itself was born. And what's more, the amount of digital fiat in most (if not all) countries by far exceeds the amount of cash in circulation. You seem to be posting from a very backward place or just severely uninformed (no offense intended)

My fault. When I said "digital versions" I should have specified that I was talking about "blockchain digital versions", I mean, they will create some kind of coin/token backed by fiat money a 1.1 ratio.

[radamiel]

Although some states legalize bitcoin, but I think the state will not make its own cryptocurrencies, remember that free cryptocurrencies, are decentralized. Let alone each country already has its own national currency, which is more easily controlled price

[szpalata]

I think no, it won't just affect bitcoin that easy.  Some countries are already adopting and launching their own cryptocurrencies but it has nothing to or affect bitcoin.

Yes it is very independent of Bitcoin just as their local fiat currencies, they don't have any direct influence on Bitcoin and as such no matter how many cryptocurrencies that the various governments around the world are going to launch it won't affect Bitcoin.

[Prodigan786]

I voted for no because countries launch their own currency it may be affect altcoins but not bitcoin because it's having limited supply and also it is the original form of crypto currency

[Ravion]

A couple of countries have launched their own cryptocurrencies and some are planning to do so. The governments know that bitcoins can't be completely centralized and hence creating their own fully centralized version of cryptocurrency. Legalising bitcoin and making it a part of a country's financial structure is in no doubt beneficial for bitcoins growth, but instead using blockchain technology to roll out their own digital currency and ultimately banning bitcoins, would it affect bitcoins progress? What do you think?

Countries with their own cryptocurrency, Ecuador, China, Singapore just tested digital dollar via Ethereum blockchain, Palestine is planning to launch their own currency and and a few countries are studying the blockchain technology closely.

IMO, governments legalising bitcoins is the best way to achieve mass recognition. On the other hand, if more countries launch their own digital currencies and proclaim bitcoin as illegal then that would definitely halt bitcoins growth, but only temporarily. Banning internet is altogether on a different level than banning bitcoins. So the growth would be halted, but the internet money would bounce back.

Streisand effect.

The Streisand effect is the phenomenon whereby an attempt to hide, remove, or censor a piece of information has the unintended consequence of publicizing the information more widely, usually facilitated by the Internet.

In what way do you mean, will it affect Bitcoin? There are actually two different ways to ask this question. The first is, will people prefer to use government-issued digital currencies instead of Bitcoin? And the other is, will governments wage a war against Bitcoin so that they can be the only provider of digital money, and so people will have to use their digital currency?

The answer to the first question is; for the people who want the government to be involved in the economy, with regulations, price fixing, taxation, and public spending, those people will probably choose to use government-issued digital currency. The people who don't want the government to be involved in the economy and don't want taxation and public spending (people who want there to be a real free market, with the price of money entirely determined in the free market), those people will choose to use Bitcoin.

The answer to the second question is, the future of Bitcoin will ultimately be determined by the people. Even if it were banned many people would continue using it.

[SvenBomvolen]

They'll be centralized shitcoin's so I doubt they'll be anywhere near as successful as bitcoin. Effectively they'll just be like online banking in whatever currency the country uses. In other words they'll be a load of dog crap.

I think those local crypto will be connected with national fiat currencies and their price on the world market. Bitcoin will stay dominating no doubt, but only the future will show what effect national crypto will have.

[espante]

They'll be centralized shitcoin's so I doubt they'll be anywhere near as successful as bitcoin. Effectively they'll just be like online banking in whatever currency the country uses. In other words they'll be a load of dog crap.

I think those local crypto will be connected with national fiat currencies and their price on the world market. Bitcoin will stay dominating no doubt, but only the future will show what effect national crypto will have.

Agreed its natural to connect it to their fiat currency otherwise whats the point in creating a digital blockchain currency. I guess it depends how well these national currencies do if they have any effect at all. I'm not sure one can conclusively say bitcoin will dominate but for sure there will be a mixture of current cryptos and fiat based ones.

[deisik]

Yeah some countries are planning. I think India may launch its own. There were rumors about LaxmiCoin a few years back. Instead of legalizing bitcoin they may launch their own.

This is what all countries are going to do. They are not to ban Bitcoin or anything like that but bitcoin is not going to displace national currencies, this is not going to happen. Goverments will take advantage of this technology to create a "digital version" of national currencies and I think this will be good for bitcoin adoption. People will get use to digital currencies and when they know about bitcoin and realise that it can help them to keep their privacy in their transactions they will give it a try

People repeat the same nonsense year after year

All countries already have "digital versions" of their national currencies. In this way, they don't need to create anything since electronic money transfers (since this is what digital currency ultimately boils down to) existed decades before Internet itself was born. And what's more, the amount of digital fiat in most (if not all) countries by far exceeds the amount of cash in circulation. You seem to be posting from a very backward place or just severely uninformed (no offense intended)

My fault. When I said "digital versions" I should have specified that I was talking about "blockchain digital versions", I mean, they will create some kind of coin/token backed by fiat money a 1.1 ratio.

But what's the purpose of that?

If it will be a decentralized coin (something likely dubbed as "people's money"), they will be just starting another altcoin, which makes no sense since there are already quite a few altcoins sticking around (and even more kicked the bucket by now). If it will be centralized, then the whole idea makes no sense since they already have fiat which is by definition as centralized as fuck. There is simply no use for blockchain technology as far as fiat currencies are concerned

[bartolo]

Yeah some countries are planning. I think India may launch its own. There were rumors about LaxmiCoin a few years back. Instead of legalizing bitcoin they may launch their own.

This is what all countries are going to do. They are not to ban Bitcoin or anything like that but bitcoin is not going to displace national currencies, this is not going to happen. Goverments will take advantage of this technology to create a "digital version" of national currencies and I think this will be good for bitcoin adoption. People will get use to digital currencies and when they know about bitcoin and realise that it can help them to keep their privacy in their transactions they will give it a try

People repeat the same nonsense year after year

All countries already have "digital versions" of their national currencies. In this way, they don't need to create anything since electronic money transfers (since this is what digital currency ultimately boils down to) existed decades before Internet itself was born. And what's more, the amount of digital fiat in most (if not all) countries by far exceeds the amount of cash in circulation. You seem to be posting from a very backward place or just severely uninformed (no offense intended)

My fault. When I said "digital versions" I should have specified that I was talking about "blockchain digital versions", I mean, they will create some kind of coin/token backed by fiat money a 1.1 ratio.

But what's the purpose of that?

If it will be a decentralized coin (something likely dubbed as "people's money"), they will be just starting another altcoin, which makes no sense since there are already quite a few altcoins sticking around (and even more kicked the bucket by now). If it will be centralized, then the whole idea makes no sense since they already have fiat which is by definition as centralized as fuck. There is simply no use for blockchain technology as far as fiat currencies are concerned

Those coins will be centralized, that´s for sure, and controlled. I guess the banks will play a key role. They are researching on blockchain technology time ago. About the purpose my guess is that goverments are seeing the potential o cryptocoins and want to "offer" population "their" coin so they will be able to control the movement of money, I am sure that there will be no privacy or anonymity with these coins.

[hinatashoyou]

If each country launches their own cryptocurrencies, then what is the difference with fiat, each country has its own currency, can be controlled and regulated, if only make digital money, they do not need to launch their own cryptocurrencies, simply use their currency but in digital form , Such as credit or debit card

[erikalui]

Till the people who are trading in bitcoins still continue to use it, it's not going to affect the currency. There were few countries that banned bitcoins as they noticed their citizens dropping the use of their fiat currency and using bitcoins which could harm their own economy. With bitcoins it's not the same and even if every country launches a similar cryptocurrency like bitcoin while the market of bitcoin remains the same, there won't be any change.

[deisik]

Yeah some countries are planning. I think India may launch its own. There were rumors about LaxmiCoin a few years back. Instead of legalizing bitcoin they may launch their own.

This is what all countries are going to do. They are not to ban Bitcoin or anything like that but bitcoin is not going to displace national currencies, this is not going to happen. Goverments will take advantage of this technology to create a "digital version" of national currencies and I think this will be good for bitcoin adoption. People will get use to digital currencies and when they know about bitcoin and realise that it can help them to keep their privacy in their transactions they will give it a try

People repeat the same nonsense year after year

All countries already have "digital versions" of their national currencies. In this way, they don't need to create anything since electronic money transfers (since this is what digital currency ultimately boils down to) existed decades before Internet itself was born. And what's more, the amount of digital fiat in most (if not all) countries by far exceeds the amount of cash in circulation. You seem to be posting from a very backward place or just severely uninformed (no offense intended)

My fault. When I said "digital versions" I should have specified that I was talking about "blockchain digital versions", I mean, they will create some kind of coin/token backed by fiat money a 1.1 ratio.

But what's the purpose of that?

If it will be a decentralized coin (something likely dubbed as "people's money"), they will be just starting another altcoin, which makes no sense since there are already quite a few altcoins sticking around (and even more kicked the bucket by now). If it will be centralized, then the whole idea makes no sense since they already have fiat which is by definition as centralized as fuck. There is simply no use for blockchain technology as far as fiat currencies are concerned

Those coins will be centralized, that´s for sure, and controlled. I guess the banks will play a key role. They are researching on blockchain technology time ago. About the purpose my guess is that goverments are seeing the potential o cryptocoins and want to "offer" population "their" coin so they will be able to control the movement of money, I am sure that there will be no privacy or anonymity with these coins

And what did come out of that?

I've heard such talks for years already but I haven't yet seen such a "coin" for real. And if it is centralized, who and how will be mining it if we talk about the blockchain technology? And why would they waste resources (electricity, labor, equipment) if they can just draw figures in the spreadsheet on their servers? Apart from that, how do you picture people "transacting" with this coin if it is issued by government and it won't be fiat? In other words, how will it be different from fiat, in practice?

[krishnapramod]

Yeah some countries are planning. I think India may launch its own. There were rumors about LaxmiCoin a few years back. Instead of legalizing bitcoin they may launch their own.

This is what all countries are going to do. They are not to ban Bitcoin or anything like that but bitcoin is not going to displace national currencies, this is not going to happen. Goverments will take advantage of this technology to create a "digital version" of national currencies and I think this will be good for bitcoin adoption. People will get use to digital currencies and when they know about bitcoin and realise that it can help them to keep their privacy in their transactions they will give it a try

People repeat the same nonsense year after year

All countries already have "digital versions" of their national currencies. In this way, they don't need to create anything since electronic money transfers (since this is what digital currency ultimately boils down to) existed decades before Internet itself was born. And what's more, the amount of digital fiat in most (if not all) countries by far exceeds the amount of cash in circulation. You seem to be posting from a very backward place or just severely uninformed (no offense intended)

My fault. When I said "digital versions" I should have specified that I was talking about "blockchain digital versions", I mean, they will create some kind of coin/token backed by fiat money a 1.1 ratio.

But what's the purpose of that?

If it will be a decentralized coin (something likely dubbed as "people's money"), they will be just starting another altcoin, which makes no sense since there are already quite a few altcoins sticking around (and even more kicked the bucket by now). If it will be centralized, then the whole idea makes no sense since they already have fiat which is by definition as centralized as fuck. There is simply no use for blockchain technology as far as fiat currencies are concerned

Those coins will be centralized, that´s for sure, and controlled. I guess the banks will play a key role. They are researching on blockchain technology time ago. About the purpose my guess is that goverments are seeing the potential o cryptocoins and want to "offer" population "their" coin so they will be able to control the movement of money, I am sure that there will be no privacy or anonymity with these coins

And what did come out of that?

I've heard such talks for years already but I haven't yet seen such a "coin" for real. And if it is centralized, who and how will be mining it if we talk about the blockchain technology? And why would they waste resources (electricity, labor, equipment) if they can just draw figures in the spreadsheet on their servers? Apart from that, how do you picture people "transacting" with this coin if it is issued by government and it won't be fiat? In other words, how will it be different from fiat, in practice?

There could be two reasons why a government would want to launch their own cryptocurrency:

1. To limit the usage of bitcoins by their citizens.
2. Solely because they want to upgrade their financial system through blockchain technology. They know it has future and are well aware that this technology could be implemented in many fields, what better place than to launch a cryptocurrency.

https://www.cryptocoinsnews.com/singapores-central-bank-tokenizes-dollar-via-ethereum-blockchain/

Singapore tested digital dollar via private electrum blockchain.

A working interbank transfer prototype on a private Ethereum blockchain network based on proof-of-concept (PoC)

We look forward to the next phases of our project which will develop trial applications for securities settlement and cross-border payments

Credit/debit, ATM, and other online payment options could be termed as electronic payment systems but from electronic to fully digitalize fiat, government needs cryptography/blockchain technology. Would it be similar to fiat? Yeah, centralized and it would share some major properties with fiat? Would it be similar to cryptocurrencies? Yeah, if blockchain technology is involved then there should be some similarities.

Most of the countries are going cashless now. Paypal is centralized, but still it has a huge user base solely because majority of people prefer convenience over being anonymous. A government backed cryptocurrency would get a lot of media attention + if it does have cryptocurrency properties then ease of access and quicker transactions would make it more preferable than credit/debit card + if it is available for day-to-day use it would get popular.

This is just simple logic, bitcoin is decentralized and the other centralized like fiat. People who want to use a decentralized pseudonymous currency would always stick to bitcoin and those who are using fiat might see a government backed cryptocurrency as something superior than credit/debit cards or other means of online payment system.

So in short, government would just be upgrading its financial system through the launch of its own cryptocurrency and it has no direct correlation with bitcoin, but indirectly it might slow down bitcoins growth to a small extent.

[HeRetiK]

I believe it when I see it. I'm still not sure what the point behind a govermental cryptocurrency / centralized blockchain is. Most fiat is already virtual anyways.

[deisik]

Yeah some countries are planning. I think India may launch its own. There were rumors about LaxmiCoin a few years back. Instead of legalizing bitcoin they may launch their own.

This is what all countries are going to do. They are not to ban Bitcoin or anything like that but bitcoin is not going to displace national currencies, this is not going to happen. Goverments will take advantage of this technology to create a "digital version" of national currencies and I think this will be good for bitcoin adoption. People will get use to digital currencies and when they know about bitcoin and realise that it can help them to keep their privacy in their transactions they will give it a try

People repeat the same nonsense year after year

All countries already have "digital versions" of their national currencies. In this way, they don't need to create anything since electronic money transfers (since this is what digital currency ultimately boils down to) existed decades before Internet itself was born. And what's more, the amount of digital fiat in most (if not all) countries by far exceeds the amount of cash in circulation. You seem to be posting from a very backward place or just severely uninformed (no offense intended)

My fault. When I said "digital versions" I should have specified that I was talking about "blockchain digital versions", I mean, they will create some kind of coin/token backed by fiat money a 1.1 ratio.

But what's the purpose of that?

If it will be a decentralized coin (something likely dubbed as "people's money"), they will be just starting another altcoin, which makes no sense since there are already quite a few altcoins sticking around (and even more kicked the bucket by now). If it will be centralized, then the whole idea makes no sense since they already have fiat which is by definition as centralized as fuck. There is simply no use for blockchain technology as far as fiat currencies are concerned

Those coins will be centralized, that´s for sure, and controlled. I guess the banks will play a key role. They are researching on blockchain technology time ago. About the purpose my guess is that goverments are seeing the potential o cryptocoins and want to "offer" population "their" coin so they will be able to control the movement of money, I am sure that there will be no privacy or anonymity with these coins

And what did come out of that?

I've heard such talks for years already but I haven't yet seen such a "coin" for real. And if it is centralized, who and how will be mining it if we talk about the blockchain technology? And why would they waste resources (electricity, labor, equipment) if they can just draw figures in the spreadsheet on their servers? Apart from that, how do you picture people "transacting" with this coin if it is issued by government and it won't be fiat? In other words, how will it be different from fiat, in practice?

There could be two reasons why a government would want to launch their own cryptocurrency:

1. To limit the usage of bitcoins by their citizens.
2. Solely because they want to upgrade their financial system through blockchain technology. They know it has future and are well aware that this technology could be implemented in many fields, what better place than to launch a cryptocurrency.

https://www.cryptocoinsnews.com/singapores-central-bank-tokenizes-dollar-via-ethereum-blockchain/

Singapore tested digital dollar via private electrum blockchain

As to me, it is a strange way to limit the use of decentralized cryptocurrencies

Did you read about it somewhere or it was entirely your own fantasy to somehow justify the original claim? Other than that, I don't really see how blockchain can help governments. Note that the question is not about money transfers as such (which is what your link is about), it is about creating a new government currency based on the blockchain technology which would circulate along with a local currency. I guess you will have to explain how this "upgrade" could make the existing fiat systems both more efficient and effective

[krishnapramod]

Yeah some countries are planning. I think India may launch its own. There were rumors about LaxmiCoin a few years back. Instead of legalizing bitcoin they may launch their own.

This is what all countries are going to do. They are not to ban Bitcoin or anything like that but bitcoin is not going to displace national currencies, this is not going to happen. Goverments will take advantage of this technology to create a "digital version" of national currencies and I think this will be good for bitcoin adoption. People will get use to digital currencies and when they know about bitcoin and realise that it can help them to keep their privacy in their transactions they will give it a try

People repeat the same nonsense year after year

All countries already have "digital versions" of their national currencies. In this way, they don't need to create anything since electronic money transfers (since this is what digital currency ultimately boils down to) existed decades before Internet itself was born. And what's more, the amount of digital fiat in most (if not all) countries by far exceeds the amount of cash in circulation. You seem to be posting from a very backward place or just severely uninformed (no offense intended)

My fault. When I said "digital versions" I should have specified that I was talking about "blockchain digital versions", I mean, they will create some kind of coin/token backed by fiat money a 1.1 ratio.

But what's the purpose of that?

If it will be a decentralized coin (something likely dubbed as "people's money"), they will be just starting another altcoin, which makes no sense since there are already quite a few altcoins sticking around (and even more kicked the bucket by now). If it will be centralized, then the whole idea makes no sense since they already have fiat which is by definition as centralized as fuck. There is simply no use for blockchain technology as far as fiat currencies are concerned

Those coins will be centralized, that´s for sure, and controlled. I guess the banks will play a key role. They are researching on blockchain technology time ago. About the purpose my guess is that goverments are seeing the potential o cryptocoins and want to "offer" population "their" coin so they will be able to control the movement of money, I am sure that there will be no privacy or anonymity with these coins

And what did come out of that?

I've heard such talks for years already but I haven't yet seen such a "coin" for real. And if it is centralized, who and how will be mining it if we talk about the blockchain technology? And why would they waste resources (electricity, labor, equipment) if they can just draw figures in the spreadsheet on their servers? Apart from that, how do you picture people "transacting" with this coin if it is issued by government and it won't be fiat? In other words, how will it be different from fiat, in practice?

There could be two reasons why a government would want to launch their own cryptocurrency:

1. To limit the usage of bitcoins by their citizens.
2. Solely because they want to upgrade their financial system through blockchain technology. They know it has future and are well aware that this technology could be implemented in many fields, what better place than to launch a cryptocurrency.

https://www.cryptocoinsnews.com/singapores-central-bank-tokenizes-dollar-via-ethereum-blockchain/

Singapore tested digital dollar via private electrum blockchain

As to me, it is a strange way to limit the use of decentralized cryptocurrencies

Did you read about it somewhere or it was an entirely your own fantasy to somehow justify the original claim? Other than that, I don't really see how blockchain can help governments. Note that the question is not about money transfers as such (which is what your link is about), it is about creating a new government currency based on the blockchain technology which would circulate along with a local currency. I guess you will have to explain how this "upgrade" will make the existing fiat systems both more efficient and effective

Not fantasizing. I did not make any claim, it was just a question, a hypothetical one.

The Monetary Authority of Singapore (MAS) has successfully completed a proof-of-concept pilot to explore the use of blockchain for interbank payments. Partnering with a consortium of financial institutions, blockchain infrastructure was used to produce a digital currency issued by MAS and methods were tested to connect bank systems through distributed ledger technology. The technology will simplify the payment process, reduce time take for transactions, enhance transparency and system resilience and reduce the cost of long term record keeping. MAS is currently developing links from Singapore to other countries to enable DLT cross-border payments, and will test blockchain technology for bond trading. MAS is looking at this project as the first step in leveraging Blockchain to verify and reconcile trade finance invoices, verify the performance of contracts, keep an audit trail and deter money laundering.  

Time taken for transactions, transparency, system resilience, and reduction in cost of record keeping. All this is implemented into the existing fiat system by making it digital, guess it would be enough to "upgrade" the existing fiat system to make it more efficient and effective. Hope my explanation is satisfactory.

[deisik]

There could be two reasons why a government would want to launch their own cryptocurrency:

1. To limit the usage of bitcoins by their citizens.
2. Solely because they want to upgrade their financial system through blockchain technology. They know it has future and are well aware that this technology could be implemented in many fields, what better place than to launch a cryptocurrency.

https://www.cryptocoinsnews.com/singapores-central-bank-tokenizes-dollar-via-ethereum-blockchain/

Singapore tested digital dollar via private electrum blockchain

As to me, it is a strange way to limit the use of decentralized cryptocurrencies

Did you read about it somewhere or it was entirely your own fantasy to somehow justify the original claim? Other than that, I don't really see how blockchain can help governments. Note that the question is not about money transfers as such (which is what your link is about), it is about creating a new government currency based on the blockchain technology which would circulate along with a local currency. I guess you will have to explain how this "upgrade" could make the existing fiat systems both more efficient and effective

Not fantasizing. I did not make any claim, it was just a question, a hypothetical one

And what does it have to do with the creation of a new blockchain based government currency?

This is what the question is about if you missed the point. Further, it was said that "governments [...] want to "offer" population "their" coin so they will be able to control the movement of money". As you can see, this is quite different from what you say (the piece by the link you posted talks about money transfers, not making a new currency). Basically, what you say is inconsequential to the point that governments might want to create their own cryptocurrency. So why would they want that, i.e. create a separate coin based on the blockchain technology (apart from "limiting the usage of bitcoins by their citizens")?