Can the government or banks create their own crypto?

[8270thNinja]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

Check your spellings first.
Why would government create their own crypto with the sole purpose to destroy Bitcoin when they already have the power to ban it?.
'Legal Bitcoin' will be shady af, Bitcoin is already existing. This kind of move of any Government will be stupid,shady and questionable.

[barabut]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

At the end they can not remain indifferent to cyrpto currency and they will create one may be they did I don't know. If they need to do they have technology in their hand.

[harizen]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

Yes it's possible for government to create their very own cryptocurrency but I don't see it will have a purpose to defeat bitcoin.

In the first place, why they should defeat bitcoin? It doesn't make any sense honestly. They can just ban bitcoin in their respective country if they really want to get rid of bitcoin usages there then stick with the idea of continous upgrading of money payment system which is happening right now and results is very good especially with the current status of bitcoin network.

[carlfebz2]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

When we do make use of the word cryptocurrency then this thing signifies the decentralized way of thing and when government would decide to make on their own then its really possible since they do really capable on doing such thing. Knowing that our government or any government will really go into the things on where they would able to get some part or money.They can create their own centralized coin sooner or later but it will surely happen.

[aardvark15]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

Yes a government like the US government can create a blockchain based cryptocurrency as an official government cryptocurrency. It will be centralized and probably a closed ledger blockchain.

This differs from Bitcoin which is decentralized and an open ledger. For this reason, I don’t think a government controlled cryptocurrency can kill Bitcoin or any other decentralized altcoins.

Bitcoin is independent of bank and government control so there are people that will always prefer Bitcoin over any government currency which is really one of the main reasons Bitcoin was created to begin with.

[dali_masmoudi]

Of course it can but why ? You will tell me that it will have its own cryptocurreny and be able to put rules and manage it whatever they want ?
The concept of a crypto is having no limits and no one controls it. Banks should open an opprtunity to Bitcoin transactions but creating a new virtual money with no utility is really a bad idea.   

[yogg]

I think it's possible. We have witnessed, not that long ago, the change in currency for a whole area (the "Eurozone").
Why not make "crypto notes" ?

Humans are pretty strong to make anything out of paper nowadays so ... I don't see why this would be impossible.

You should all watch the serie called "Mr. Robot".


*SPOILERS*
In this awesome show, the hero brings down a part of the global credit and financial system. His actions affect one company mainly.
It's being slowly replaced by crypto currencies (since they run without the intervention of a human hand).

At some point, the said company start to mint it's own crypto coin and gets the government to declare it legal tender.
So they start to issue loans in this crypto currency.

[slate_main]

Sure, the governments and blue chip companies can create their own crypto, but we have had some long practice since 2009, and even the last few years, they have nothing on us  

[BitcoinPanther]

Government and Banks are free to create their own crypto and they are far more capable of doing it.  They have the knowledge (competent technical team), fund and authority.  But the reason why they are not doing it is because they need create a feasibility study and create all legal stuff around it, plus the law that will be debated for several years.  

[ismart1]

Some governments may create their coins to enforce some control towards use and general regulation of a crypto and effectively have their population to adopt it, but in no way it will be a threat to bitcoin as no currency in the real world can break the dollar, for example, so they actually can work to reinforce the validity of decentralized coin as the bitcoin. They will be as any altcoin that will always have the standard in bitcoin. Just as an example Euro was created and did not replace the dollar. Many coins are particular to some communities, in case a government creates a coin will happen the same.

[dg2010]

Yes, There is no doubt that Government and banks can create their own crypto. But those coins can be succeeded or not, they will be not sure. As you know, Bitcoin is the first crypto of the world. It has made the big trust in investors. With new coins is created by Government or banks, those coins can't convince investors like that.

[AverageGlabella]

I think they will attempt it and probably be very successful at it. There's one direction we are going and thats relying on the internet and thats why crypto will have such a big market value.

[BlueFlare Magazine Co.]

Yes. Waves or ERC20 token is all they will need.

[cryptocrusher]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

They certainly could and truthfully I see this happening one day, it would allow them to utilise the blockchain technology which could really improve some of their systems and what they can offer to clients. The question of course is would people use them or just stick to other coins that already exist?

[Creepings]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

They certainly could and truthfully I see this happening one day, it would allow them to utilise the blockchain technology which could really improve some of their systems and what they can offer to clients. The question of course is would people use them or just stick to other coins that already exist?

That is the point, people might suspect this kind of crypto currency as something so the government can control the uncontrollable or decentralized crypto world, which they can't obviously. People will just shrug the crypto off, some will obviously use them,but mostly, I don't think so.

[LeGaulois]

Of course, they can, at least nobody is stopping them to do. For example, JP Morgan (if I am not wrong) created Quorum, based on Ethereum to provides private smart contract execution and is patented.

I don't remember exactly about their project but it's not a crypto designed for the average Joe but focused on companies related to the finance niche.

edit: found it https://www.jpmorgan.com/country/US/EN/Quorum

[xBitHodler]

Yes, all the governments across the world can create their own cryptocurrency. Even we, ordinary citizens could create our own cryptocurrency but probably it wouldn't have any value. Paper money has value because it is backed by government. Unfortunately, we won't see any real national cryptocurrency anytime soon.

[xbl1008]

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

Its also lingering in my mind I think they are preparing for this because they know someday this crypto market will become the mainstream in the finance world and they can take preemptive measure when it does happen because bitcoin and other cryptos are really a bank killers.

[salihno71]

It is not so hard to create a cryptocurrency. Essential difference in case when government is behind it is that they would mine it and hold all the strings which basically means that it would not be much different from regular fiat.

[lucifochrome]

If there are ordinary people (Developers) can create cryptocurrency then most probably the government can create it the question is, will it get that much support from the community. bitcoin is worldwide and if every government create their own crypto then it is just the same as the traditional currency then it will not get that much support from other government. Besides why would they create one when bitcoin is already existent and they have a huge amount of bitcoin on hand where they can easily manipulate the market by dumping and buying.