Country backed coins, a good idea?

[musta5a]

What do you guys think in a near future there gonna be coins like "Bit-America" or "Canada-coin", backed up by public assets, would that be a good idea

there wouldn't be much of a difference between those currencies and actual Dollar etc. Just the technology would be different, but centralization would have remained.

[yourmomy]

Cryptocurrencies are now in trend, and no one will be surprised if governments will issue their own coins instead of the usual currency. At the same time, the whole basic idea will be lost. This currency will not be such as bitcoin or any altcoin. After all, it will be controlled by the state. Then it makes no sense.

[ericmalik]

i think it's not a good idea because governments can control it. and the most benefit comes from them,not us.

[demonist]

The main exclusivity of the cryptocurrency is that it is not regulated by anyone including the state. Country-coin will be the same on the Euro and the dollar on the blockchain.

[Rishabh riyz]

What do you guys think in a near future there gonna be coins like "Bit-America" or "Canada-coin", backed up by public assets, would that be a good idea

Each country having its own national crypto currency , well we have the exact same situation now but the only difference is that now it is in form of physical fiat money and what you are seeking is in form of digital currency.

[mutrang23]

What do you guys think in a near future there gonna be coins like "Bit-America" or "Canada-coin", backed up by public assets, would that be a good idea

This is a good idea, and maybe it will happen in the future, if a big country backs coin then great things will happen. Big countries have a lot of financial power so they will help their coin beat Bitcoin and it will certainly attract all investors.

[diodora]

In my opinion, this is not a good idea especially for crypto community and existing coins. Those countries will ban other coins to promote their own coin.

[Cacingkemi]

The existence of coin in the state can be said to be good if all countries do it cause the ease of buying a product can be done instantly I mean,crypto can be manipulated at a centralized value and this is a bad devastation to our trade in case it can cause harm to players with large capital like government This case can be said there are two parts good and bad.

[fernandoaleixo]

No, they're the only one who will benefit at all. Manipulation of the price will be at peak and a centralized cryptocurrency? No, this will break the whole concept of cryptocurrency. Look at what had happened Petro token of Venezuela's government. Its an example of how a corrupt government of some countries took advantage of their powers when dealing with their so-called own-made crypto/token.

The Venezuelan coin is really a good example what many government coins can end up being! A huge scam, legalized by their own estabelishment!

[yoseph]

It will be a good idea for the governments but not so great for us..
They will be able to manipulate them as they please just as the current fiat currencies are and be able to track you even more than before..

I will not have the features that the likes of Bitcoins and the other cryptos have like decentralization and anonymity because once the government created this, they would sure want to be in control of their own coin.

[Dudeperfect]

Yes, some governments are trying to launch their own cryptocurrencies but I don't see much excitement in it because even in that case, governments won't let us control our money like decentralized cryptocurrencies and that's against the core ideology of decentralization. Governments will keep the control with themselves so there won't be any fundamental change there.

[VitKoyn]

What do you guys think in a near future there gonna be coins like "Bit-America" or "Canada-coin", backed up by public assets, would that be a good idea

Russia already have this, they created a cryptocurrency backed by their own currency, and some other countries. And people that will earn using it should pay taxes while the supply can only be distributed by the government. So what I mean is if governments will create their own cryptocurrency, they will surely make it a centralized one, in that case they can still control the flow of the money, opposite from the original concept of cryptocurrency which is being decentralized. And of course they will benefit from it because they will put huge taxes to people that will earn from it.

[coinluisa]

It will be a good idea for the governments but not so great for us..
They will be able to manipulate them as they please just as the current fiat currencies are and be able to track you even more than before..

That's true it's not good for us because theres possibility that the government manipulate the market. It's alright if they do that but no hiding agenda because once they know how the crypto works it maybe cause always crashing of the market.

[jmiro1]

I don't think so. The idea of crypto coins is to be decentralized. Centralizing it by a particular region would not be a good idea. I think crypto coins are meant tp be world wide. Just naming them for a country would not make it easy to accept through out the world.

[dmty.0809]

Is the coin created only for their own country? If it can be traded for public and the price is relatively cheap maybe I will agree. and withdraw it there will be trade competition with other coins

[Nezerlan]

What do you guys think in a near future there gonna be coins like "Bit-America" or "Canada-coin", backed up by public assets, would that be a good idea

The world is gradually tilting towards this plan. Governments don't want to be left out of decision-making and control of their currencies. So they might employ this style of creating country-backed coins. It is good for the government but not so good for cryptocurrency as it banishes the idea of a decentralized market

[btcluisdiki]

In my understanding, I do not think it will be good for a country to enter and make their own cryptocurrency in the market since it could be just the same as fiat money which is dictated and controlled by the government. The only difference is that it is a digital currency but having the same function as the fiat money.

[ultra insting]

I think that's a good idea if there is a coin that is supported by his country in terms of security and the law may be reliable but I am afraid because of the coin that is supported by his country it will arise many of these requirements and it is the same as banknotes that have become the currency of the world and filled with rat rats politics thus creating new corruptors

[aoluain]

Its goint to replace cash in the future and its as good or bad an idea as fiat is.

If and when governments implement it people wont have a choice but to accept it
It will become the financial norm. I dont like it because all buying and spending will
be traceable by governments.

People will see the negative sides to this and move to bitcoin

[waynechong1995]

Wouldnt that be just a national currency, if a country offer or agreed upon backing up a crypto that just a form of strategy to strengthen their economy, much like I rmb a country that used crypto as medium for their oil barrels in which is like mehh, but definitely price are much more stable and investors wouldnt lost intetest in matter of weeks, even months