Can the government or banks create their own crypto?

[Sanglotslongs2]

They will use the brand name "crypto" for sure but it will not be anything like that. A centralised netwrok that'll be all. They will try to be innovative at th same moment that they will delete cash money. No worry, open source project will be here too gain new user from this new liberty removal 

[gustaf.berg]

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.

that is right. if they have the technology and proper people they can do it.

[bitart]

They will use the brand name "crypto" for sure but it will not be anything like that. A centralised netwrok that'll be all. They will try to be innovative at th same moment that they will delete cash money. No worry, open source project will be here too gain new user from this new liberty removal 

I don't think they will call it 'crypto' because if government creates something, it needs to be accepted by all the average people too. People without proper technological or financial (or crypto ) knowledge will be afraid of the new government issued coin if it's called crypto money or similar... They probably will issue it 'silently'. Maybe, in the first round, they will let only the banks use that and if it's successfull, then they will let people use it. They will probaly call it the 'digital' money instead of crypto.

[conceivedspoon2]

Yes. The government of China and Switzerland are examples of this subject. Government and banks can create their own cryptocurreny but have an exchange with bitcoin. There is not cryptocurrency that will not have its exchange with bitcoin due to the fact that it has been here before them and moreso because of its acceptabilities and structures.

[Ranly123]

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 difenately, they have all the power and resources to create there own cryptocurrency or even cryptography. The problem is, can they beat the growth of bitcoin. Knowing that bitcoin already established its point in cryptocurrency. Can they encourage investors to invest in the cryptocurrency that they made. There are lot of aspects to be considered in order to develop something and replace bitcoin on top.

[GreenBits]

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?

First off, understand that no one said that the government doesnt already have a pretty serious stake in bitcoin. I say "the" but I  mostly mean the "United States government". Beyond that, hell to the yes, and look at Russia. Cryptos are not quite as bulletproof as folks on the forum would have you believe; there are few things in life that can stand the full might and power of an established government. pretty much the only way we will get state sponsored promotion of adoption is if they release a coin of their own; this wont be a soonish thing, as governments are still getting their jollies off of running fiat economies (at the moment, it is easier to control a fiat money supply, since making new money is simply printing on new scraps of paper. when they figure out it is even easier to obscure the numbers when you are dealing with 1s and 0s, so help us God).

[jekjekman]

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?

Of course each country in the world can create their very own cryptocurrency if they want but I don't that it will surpasses what Bitcoin already achieved because imitating can't drive a thing to a success or even steal the spot of the original one not unless it will offer a great choices and convenient to its users.

Why is it the question is always to defeat, take place, remove, etc.. even though Bitcoin was made for the better good and not meant to destroy Fiat currency. Modern technologies was made for people to use it and not to destroy someone else's lives but it is true that there are businesses that will be obsolete because of it and modernization is inevitable.

[DuaLipa]

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 can create their own crypto for sure. This is not somethin new. Let me state it like this, I don't think they will take bitcoin and integrate it into their own systems. Instead of doing this, they will try to implement their own crypto so that they will feel 100% safe.

[Kelvinid]

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 can create their own crypto for sure. This is not somethin new. Let me state it like this, I don't think they will take bitcoin and integrate it into their own systems. Instead of doing this, they will try to implement their own crypto so that they will feel 100% safe.

I agree.They can really create their own crypto if they wish too.But not totally popular than bitcoin nowadays.They can create own crypto but if almost all of the people are not interested to invest,i'm sure it will not lasts longer,unlike what bitcoin did.

[romecheo]

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?

There is no restriction for making cryto currencies, anyone if they wanted can have their own design, own purpose digital currencies. What really matters are, is it worth to create something like Bitcoin, is it going to be popular and trusted as Bitcoin?

[javadsalehi]

If governments want to create a cryptocurrency and control the transactions and buyers and sellers, that won't be cryptocurrency any more. A cryptocurrency must be decentralized.

[lvincent]

Yup government can create their own cryptocurrency but i think some people will not gonna invest on it cause one of the most interesting thing about bitcoin is it being decentralized means no one is controlling it if government create their own crypto it means they always they will take advantage of others i mean banks are good but based on my experience the profit is too small so for me it's not worth it

[Jedzkie050617]

Yup government can create their own cryptocurrency but i think some people will not gonna invest on it cause one of the most interesting thing about bitcoin is it being decentralized means no one is controlling it if government create their own crypto it means they always they will take advantage of others i mean banks are good but based on my experience the profit is too small so for me it's not worth it

It's right, government can create their own currency but it takes time before it will approved, many business establishment will affected if only the government will run their own crypto currency and besides it is a small number of people will gonna part of it, unlike bitcoin is all over the world that will have a privileged. Also, bitcoin the decentralized was being occured which is highly secured and no government is being part of it. I would say maybe, government might be able to be part of bitcoin era but, I believed it will good for many as a good economy for the nations progress.

[sammrheza]

yes they can make it if they want , but I think it will be internal only ? not traded like another coin...

[ice18]

Yes they can create if they want but not to defeat bitcoin, blockchain technology is very useful for transparency of money transactions involves in one government thats why every country must create their own crypto just to be used for government purposes like paying of taxes, distribution of funds, this is to avoid corruption and all transactions can be traced in a public ledger.  

[entrepmind23]

Let's be brutally honest here, if the government did release their own coin why would anyone trust it? It's not likely to be decentralized, and if it is then we are making progression. Maybe, banks will try a version of a cryptocurrency in the future, probably something which acts like shares and pays out on that.

 

Government would create cryptocurrency with an aim to go with the flow with what is happening now in the cryptocurrency world or as what OP said to "destroy" bitcoin and make a legal one which is under their control. Yes sure some of the governments already welcome cryptocurrency with open arms but there are some who are still closing their doors to it because they don't want to lose their control. If all the governments would agree to something which is not good for the current bitcoin then they would just create their own and of course they will work together with the banks who control the cash flow.

[bakunawaaa]

Interesting question. But it is true that anyone can create their own crypto currency given that they have money to do it that is. For governments around the world as well as banks can afford to create their own crypto currency, so I think the better question is whats in it for them if they do decide to create their own crypto currency.

On hind sight, countries already habe digital currencies, in the form of their fiat money being in bank accounts. Credit and debit cards make it a virtual transaction the same with online platforms of transfer. So maybe the reason why they do not want to create their own crypto currency is because of the blockchain technology it is based on. It being very difficult to regulate and being decentralized means it is devoid of control, and governments are allergic to that.

[Dart18]

They can create their own. They have the resources, the people and the money so it is just an easy task. But to defeat bitcoin?
Nahhh. I dont think they can do. It might be a good competition but they will just do it again with all the power and control and who wants that if you are already exposed to bitcoin which made you think about freedom.
It will be non sense anymore.

[JTASSOCIATES]

Good Idea each and every country government and banks create their own cruptocurrency will be a health completion among them and there will be no issues in accepting bitcoin. As bitcoin will consistently perform well till the government establish their cryptocurrency.

[ivanst776]

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.

Yes they can because bitcoin or any other digital currency has been made by somebody, so why not the governments and the banks can make their own cryptocurrency? It is possible and easier for the governments to make their own cryptocurrency and implement it in their respective countries because the people of that particular country will accept their official cryptocurrency without any hesitation.