Private Coins from banks and governments

[enhu]

Do you think that banks, governments and investment companies such as Goldman Sachs, JP Morgan and other will try to replace the decentralised coins and try to lure their clients to invest into their own private blockchains? What can be done to prevent that?

I don't think that banks and governments in other countries will make their own coins and try to replaced decentralized coins such as bitcoin because governments and banks in other countries don't have any intentions about bitcoin and other cryptocurrencies, so it is impossible to do such things. Also, governments and banks support fiat currency rather than cryptocurrency.

It is not impossible that government will release its own coin even the banks, we all know that some banks have their own coin listed in their local stock market, then they can make their own blockchains too, if they will do that they can regulate it by themselves , put taxes and they will circulate it very well, if it will happen theres no possibility bitcoin will be legalize  to that county.

The people that they can regulate are the ones who only uses their coins that would be too limited for banks. JP Morgan as far as I know had their own coin, I doubt any of us here used them already. For government coins, I guess there is a chance for people to use it. Though centralized it will still be enforce. China is close to releasing their own coin, I'm almost sure a lot of the countries will follow.

[Memminger]

They could try but I doubt that the people would prefer the “private blockchain” or rather the centralized one than a crypto that is decentralized where they have more freedom over their finances. Though they could use the blockchain technology well enough in order for then to process transactions faster but I’m a bit skeptical for them to launch a coin wherein the people would get a lesser control of their assets.

[carlfebz2]

Do you think that banks, governments and investment companies such as Goldman Sachs, JP Morgan and other will try to replace the decentralised coins and try to lure their clients to invest into their own private blockchains? What can be done to prevent that?

I don't think that banks and governments in other countries will make their own coins and try to replaced decentralized coins such as bitcoin because governments and banks in other countries don't have any intentions about bitcoin and other cryptocurrencies, so it is impossible to do such things. Also, governments and banks support fiat currency rather than cryptocurrency.

It is not impossible that government will release its own coin even the banks, we all know that some banks have their own coin listed in their local stock market, then they can make their own blockchains too, if they will do that they can regulate it by themselves , put taxes and they will circulate it very well, if it will happen theres no possibility bitcoin will be legalize  to that county.

The people that they can regulate are the ones who only uses their coins that would be too limited for banks. JP Morgan as far as I know had their own coin, I doubt any of us here used them already. For government coins, I guess there is a chance for people to use it. Though centralized it will still be enforce. China is close to releasing their own coin, I'm almost sure a lot of the countries will follow.

Government coins would be the same or be classified as e-fiat yet it would still have the same properties with fiat itself.So it would be still heavily centralized knowing that government do really oppose on things which cant really be controlled.If they do make their own private coins then majority of people will surely follow or make use of it.
They do much prefer on being secured rather than fully trusting or using into things that arent even certain.

[LeGaulois]

If the government and banks make their coins, it will only be based on the price of fiat money. But it will not replace it, because it is a violation of the law. Even though that happened, there was nothing that could be done to prevent it.

How something created by a government itself can then be considered outlaw? If they digitalize their local currency it's still a state currency, with all the legal frameworks that come with. Is there any chance that your local currency suddenly becomes an outlaw? No!
Even if a government decides to create another currency (digitalized) it will be backed by the previous one., and still controlled by the government or governmental institutions. No chance you will see a government declaring itself illegal.

Nowhere I read to create a coin to replace another one, but to create an alternative.

...

Private blockchain ≠ A new altcoin
Let's say banks create their own blockchain. Well, it doesn't mean they create a new coin. Just the fact they store data in a blockchain instead database

[Webetcoins]

Venezuela's private coin - the Petro, has gone nowhere (and the fools who invested in it have lost money).
The thing that underpins all currencies, whether fiat or cryptocurrency, is trust. Do you trust the governments issuing the coins, do you trust the companies issuing the coins.

I am not going to invest in any of the centralized coins in the market, i have invested my time in bitcoin and i have the fork coins with me and a few alt coins and i am happy with what i hold and we need a stable currency to hold the coins when i sell these coins as i am not trusting USDT or other stable coins we have now, other than that i am not trusting any centralized coins.

Same here. The idea of centralized coins is equal to killing the main idea of digital currencies. We all enjoy the decentralized nature of these coins. Having no central authority has been one of the reasons behind bitcoin being highly consumed by people. I would suggest you to stick with the non-regulated decentralized coins for your own anonymity, security and privacy. Governments can introduce their own coins but they cant replace the existing ones.

[davinchi]

Do you think that banks, governments and investment companies such as Goldman Sachs, JP Morgan and other will try to replace the decentralised coins and try to lure their clients to invest into their own private blockchains? What can be done to prevent that?

Who wouldn't like to do that? I don't think they like that bitcoin is taking the business out from their hands. So if they do see the opportunity to attract investors to themselves they would do just that and convince investors that theirs is much better and would benefit them. JP Morgan already has their own cryptocurrency, so they will also want investors to go for it and not bitcoin, they want something they would benefit from, if not they wouldn't have created their own coin.

if many countries have used cryptocurrencies I am sure all countries will join in developing their own cryptocurrency, the government has the power to make a cryptocurrency without having to be affiliated with any party.

I don't think I know any government that has done that, it's still fiat and other electronic forms of payment like PayPal. The government doesn't see cryptocurrency as a good idea, so they are not going to create another. I suppose that things will be as they are and not change.

[AjithBtc]

Venezuela's private coin - the Petro, has gone nowhere (and the fools who invested in it have lost money).
The thing that underpins all currencies, whether fiat or cryptocurrency, is trust. Do you trust the governments issuing the coins, do you trust the companies issuing the coins.

I am not going to invest in any of the centralized coins in the market, i have invested my time in bitcoin and i have the fork coins with me and a few alt coins and i am happy with what i hold and we need a stable currency to hold the coins when i sell these coins as i am not trusting USDT or other stable coins we have now, other than that i am not trusting any centralized coins.

Same here. The idea of centralized coins is equal to killing the main idea of digital currencies. We all enjoy the decentralized nature of these coins. Having no central authority has been one of the reasons behind bitcoin being highly consumed by people. I would suggest you to stick with the non-regulated decentralized coins for your own anonymity, security and privacy. Governments can introduce their own coins but they cant replace the existing ones.

We can't say it as killing of digital currencies. Already we've got more centralized cryptocurrencies into usage. Even with those in the market bitcoin stands high. When it comes to banks and governments creating their own cryptocurrency they always look for it to be under control.

For this there will be centralized authorities to make necessary decisions. So knowing the needs of common people governments and banks will create private coins which will be mostly stablecoins. This isn't gonna disturb the market of other cryptocurrencies.

[Findingnemo]

If the government and banks make their coins, it will only be based on the price of fiat money. But it will not replace it, because it is a violation of the law. Even though that happened, there was nothing that could be done to prevent it.

Banks may not completely controlled by government but its just a part of it so if there is a new coin created by banks which will be followed only if there is approval from government.But yes creating blockchain for transactions doesn't change anything other than the way they store the transaction and data.If someone created their won coins then its called as private and it will be no more from government.

[cutesgirl]

When bank and government have completed learning with bitcoin we can try for looking with other costumer how their will transfer their money assets, the old bank look not happy with bitcoin and altcoin as investing payment, Government want to allow bitcoin as transaction payment to make online have best potential for investing.

[abhiseshakana]

Banks and governments have strongest relationship if you ask me. They both help each other and care less about people. Both desire to take control over common people. Due to same motives, it is not shocking to see them being the besties. Banks can only create coins if governments will allow them and they will again succeed in their goals. Best is to go with bitcoin, decentralized coins, no fear of being controlled, instead of waiting for any private coin.

In my opinion, the bank and the government are separate entities and have a conflict of interest rather than a common interest.

Talking about the Central Bank, usually the central bank is an independent institution outside the government. This special status and position is needed so that the Central Bank can carry out its role and function as a Monetary Authority more effectively and efficiently. it's just that consultative coordination is still needed with the Government, because the tasks of the Central Bank are an inseparable part of overall national economic policies.

Financial sector development, especially changes in the composition or structure of the banking system, are expected to bring positive changes to the national economy. Why? Because financial institutions, especially banks have a very important role in the movement of the economy. Banks are more synonymous with profit or accumulation of wealth while the government is to ensure the security and welfare of its people.

The full use of cryptocurrencies, especially bitcoin is something that is not possible at this time because the generation that is still alive today the majority do not understand internet access and what is financial technology, let alone what is e-wallet, sometimes they have difficulty in using atm.

[Palider]

can they replace the decentralized coin? I think they will find it difficult to do so because decentralized coins have advantages because you are free of government tax, (depending on whether you inform the authorities) Secondly you only have access to your wallet at decentralized coins and banks are totally unable to do this because they are also using our funds for another project.

[panganib999]

Do you think that banks, governments and investment companies such as Goldman Sachs, JP Morgan and other will try to replace the decentralised coins and try to lure their clients to invest into their own private blockchains? What can be done to prevent that?

Now that cryptocurrency is going mainstream, obviously banks and other big corporations are going to try make their own crypto. There were rumors of Amazon making a new coin, and such. There is no way to stop this, or rather the need to stop this. Most likely these coins will fail like the thousands of other shitcoins.

I don't banks and other big corporations could make it possible to make their own cryptocurrency becauae yhere would be a lot of things, disapproval, and obstacles that will get on their way and need to deal with before making it a succesful currency. Plus the government won't allow it since this will go against the country's currenciea and that is the least thing the government would want, to have competitors in terms of their money. That would be too much for them to handle if ever since they are also facing bitcoin's effect on USD.

[wozzek23]

JP Morgan? I think though already created their own cryptocurrency - the JPM Coin? though it's currently not available to individual consumers. I saw the announcement on their site and they said it is still a prototype that will be tested with their institutional clients. I believe that after the test they will release it and it will be available to be used by everyone.

And for sure they will do anything possible to get people to make use of their own cryptocurrency, they won't be supporting Bitcoin. No business will leave theirs to support another, that never happens.
As for the government, I don't know this for sure, they might be against Bitcoin or maybe not, they are not being straight. As we can see, in some countries Bitcoin has been declared illegal, but still legal in other countries.

[riso2015]

can they replace the decentralized coin? I think they will find it difficult to do so because decentralized coins have advantages because you are free of government tax, (depending on whether you inform the authorities) Secondly you only have access to your wallet at decentralized coins and banks are totally unable to do this because they are also using our funds for another project.

I think they can't replace the decentralized coins, because they will always be centralized and need control
from the government and the Bank. If they make their own coins then the users are just their fans, not Crypto users.

[bitbunnny]

I think it's quite natural that governments and banks are experimenting with cryptocurrencies. That means testing existing ones but also creating new ones so that they can see how they behave, what is the influence in the market and similar. But their coins will not replace decentralized coins or have some significant influence, there is no reason for fear.

[Oneandpure]

Government want create their own crypto is good but have depend with bitcoin and altcoin, maybe want to keep the same price with bitcoin impossible because we can't give investor trusted if coin have higher price when open public selling, but if serious want to build own crypto maybe can have price above altcoin at next time.

[Webetcoins]

Banks and governments have strongest relationship if you ask me. They both help each other and care less about people. Both desire to take control over common people. Due to same motives, it is not shocking to see them being the besties. Banks can only create coins if governments will allow them and they will again succeed in their goals. Best is to go with bitcoin, decentralized coins, no fear of being controlled, instead of waiting for any private coin.

In my opinion, the bank and the government are separate entities and have a conflict of interest rather than a common interest.

Talking about the Central Bank, usually the central bank is an independent institution outside the government. This special status and position is needed so that the Central Bank can carry out its role and function as a Monetary Authority more effectively and efficiently. it's just that consultative coordination is still needed with the Government, because the tasks of the Central Bank are an inseparable part of overall national economic policies.

Financial sector development, especially changes in the composition or structure of the banking system, are expected to bring positive changes to the national economy. Why? Because financial institutions, especially banks have a very important role in the movement of the economy. Banks are more synonymous with profit or accumulation of wealth while the government is to ensure the security and welfare of its people.

The full use of cryptocurrencies, especially bitcoin is something that is not possible at this time because the generation that is still alive today the majority do not understand internet access and what is financial technology, let alone what is e-wallet, sometimes they have difficulty in using atm.

Banks and governments are separate entities but work together. All the banks of a country are controlled by its government. Anything that exists within the territory of some government, is at entire mercy of government or vice versa. They always help each other in keeping power. As far as the bitcoin goes, it is just a matter of time before this asset goes mainstream and gets worldwide acceptance.

[X-ray]

Government want create their own crypto is good but have depend with bitcoin and altcoin, maybe want to keep the same price with bitcoin impossible because we can't give investor trusted if coin have higher price when open public selling, but if serious want to build own crypto maybe can have price above altcoin at next time.

That is impossible, government cant just make a coin and expecting the price to compete with bitcoin. If w government is creating their own coin most of them will be backed up by real asset or fiat. It is basically the same as stablecoin where it is owned by a private company. Government cant outright create a coin with no back up because essentially they are just making a shitcoin then because it has no real vslue not to mention that it is owned by the government which could turn shady because, well it is from government and that oppose the main idea of why people choose crypto.

[cutesgirl]

Government want create their own crypto is good but have depend with bitcoin and altcoin, maybe want to keep the same price with bitcoin impossible because we can't give investor trusted if coin have higher price when open public selling, but if serious want to build own crypto maybe can have price above altcoin at next time.

That is impossible, government cant just make a coin and expecting the price to compete with bitcoin. If w government is creating their own coin most of them will be backed up by real asset or fiat. It is basically the same as stablecoin where it is owned by a private company. Government cant outright create a coin with no back up because essentially they are just making a shitcoin then because it has no real vslue not to mention that it is owned by the government which could turn shady because, well it is from government and that oppose the main idea of why people choose crypto.

Government can make their own crypto coin but how the future will make investor interested or not we can give solution, depend with how serious by government want to list with big exchange market and how many partner want to join with government coin. Today many country want created their own coin but never listed until now and we can invest which one government coin today.