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Author Topic: What do you think about crypto currency issued by the government?  (Read 2908 times)
Cryptomilz
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October 14, 2018, 11:18:01 PM
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 #21

It is said that central banks plan to release their own curypto currency in some countries,for example Japan..
 
How do you think about these crypto?

Government issued cryptos will one way or the other be centralized, everything about it will determined by the government, the supply, the price, transactions using it will hardly be anonymous as it's obtained in the decentralized world of crypto
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October 15, 2018, 01:41:33 AM
 #22

It is said that central banks plan to release their own curypto currency in some countries,for example Japan..
 
How do you think about these crypto?

Cryptocurrency naturally using decentralized system and i think if central banks or government issuing their own cryptocurrency, it just a digital money with blockchain technology and not a cryptocurrency

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October 15, 2018, 02:01:41 PM
 #23

It is said that central banks plan to release their own curypto currency in some countries,for example Japan..
 
How do you think about these crypto?

Cryptocurrency naturally using decentralized system and i think if central banks or government issuing their own cryptocurrency, it just a digital money with blockchain technology and not a cryptocurrency

I agree with your opinion that it is not cryptocurrency. It is a very convenient system for the government to catch transactions of funds, so it will make us be uncomfortable situation because we are always monitored by the government. But there is an inconvenient aspect for government too. Officials will not be able to receive bribes.

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October 15, 2018, 02:11:04 PM
 #24

for countries that receive crypto, they on average want to make their own coins. but for countries that refuse, the government continues to give negative news and threatens to close bitcoin exchangers. I think that while it does not harm the state, the government has no right to close the Bitcoin exchanger, because all the risks are borne by the bitcoin users themselves. so don't worry too much about the risk of losing from bitcoin investment, but the profit that can be gained from bitcoin investment. the government should know about it so that all countries accept bitcoin and make their own coins.

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October 16, 2018, 08:27:55 AM
 #25

It is said that central banks plan to release their own curypto currency in some countries,for example Japan..
 
How do you think about these crypto?

Cryptocurrency naturally using decentralized system and i think if central banks or government issuing their own cryptocurrency, it just a digital money with blockchain technology and not a cryptocurrency
That is actually the fact. So in that case, we might as well just call it a digital currency on the blockchain. One thing I am pretty certain of is that government will most definitely not want to bring about some decentralized system into the fiat space knowing the way they will be giving up control as a result of that.

Government will always still want to make economic policies, find a way to still control the way people spend and transact, but as things are, we all know this is something decentralization kicks out. The main benefit here would be for a government that is actually ready to kick against corruption using the transparency of the blockchain technology; and by ready, I totally mean every single part of it,.
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October 16, 2018, 08:59:50 AM
 #26

blockchain is decentralize. which means everyone can make  their own crypto. which include government. whether it will be widely accepted by public its another topic.
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October 16, 2018, 09:01:54 AM
 #27

When government want to accepted of bitcoin is become good news and issuef of making bitcoin price more higher, we have apreciate for government want to accepted bitcoin as transaction payment and could be more safety.
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October 16, 2018, 09:11:00 AM
 #28

that means there will be government intervention that will make the financial center with the crypto system and of course there will be no decentralized systems like bitcoin or other crypto currencies, and I think that systematically the same as fiat, crypto is not real physically.

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Ctn
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October 16, 2018, 09:31:12 AM
 #29

Government coin, ahh, that would be the most cheapest thing I might buy in the coming days. Lets pretend for a while that government ever issues their own coins then surely most of the people will buy it because they will have more trust over it. It will have solid proof of working and it may happen that it will be used everywhere in the public places for sure. All the government services might just be availed through it and thus its demand will always be high. This could be very very interesting coin and thus might just take down other crypto currency that we see today. But as I said this is just pretending but happening of this could be big judgement day.
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October 16, 2018, 11:14:38 AM
 #30

It is said that central banks plan to release their own curypto currency in some countries,for example Japan..
 
How do you think about these crypto?

Government issued cryptos will one way or the other be centralized, everything about it will determined by the government, the supply, the price, transactions using it will hardly be anonymous as it's obtained in the decentralized world of crypto
This is not even going to be one way or the other; it definitely will be centralized as there is no two other ways about it. We all know the thing governments generally all over the world have against not being in control which decentralization brings and I am very sure as time goes on, even as they tend to start getting into the space, they certainly would want to keep that control aspect intact which in that case, the only thing that would ever come out of government would be centralized.

However, it will be a good thing anyway as this should bring about some level of transparency when it comes to spending generally, straight from the leaders to the last person on the chain.
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October 16, 2018, 12:25:12 PM
 #31

That is the plan of some governments including some large international banks to issue their own virtual currency to counter the growing popularity of cryptocurrencies. Governments are use to control monetary policies and the economy so expect the virtual coin to be a centralized one so they can easily control the flow of transactions. The government might even urge its citizens to buy their centralized coins instead of the cryptocurrencies like bitcoin.

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October 16, 2018, 12:27:08 PM
 #32

It is said that central banks plan to release their own curypto currency in some countries,for example Japan..
 
How do you think about these crypto?
The trouble is definitely the both worlds do not collide together. If the governments or the banks of those governments try to somehow make it work for both crypto currencies and the regular fiat currencies there will definitely be a conflict of interest. First of all the crypto currencies the governments push would be highly centralized currencies, which goes against the idea of the bitcoin and followed coins to begin with. Combine that with the fact that the banks will probably own almost all of it and just let it go whenever they need money to increase funds for the government, it would be horrible boat to get in.
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October 16, 2018, 12:35:37 PM
 #33

As for a government issued crypto, look to China and its drive towards cashlessness because that's what it would look like.
Yeah, thanks but no thanks.  I think most societies are moving toward being cashless, but my impression is that this is being driven by citizens and not government, i.e., people much prefer to use either debit/credit cards or their phones to pay for everyday things and at least in the US it's not being promoted by the government. 

One of the biggest advantages bitcoin has over other electronic forms of payment is that it's relatively anonymous.  Not completely anonymous, but far more so than a debit card is--and it's not issued by the government or the banks.  I've read some threads on the forum about government-sponsored crypto, and I can't say I'd be a big fan of that if it was introduced in my country.  It would be just another way for the prying eyes of gov't to see what you're buying or who you send money to.  At least with cold, hard cash there's no real way to tell where it's going to unless you track serial numbers on the paper currency.  And hell, there's no way at all to track coinage that I know of.

We'll see what happens with China.  I'm glad the experiment is being done over there and not in Europe or N. America.  I don't think it's a good idea from a privacy standpoint and I'm hoping it never catches on.

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October 16, 2018, 12:52:33 PM
 #34

That is the plan of some governments including some large international banks to issue their own virtual currency to counter the growing popularity of cryptocurrencies. Governments are use to control monetary policies and the economy so expect the virtual coin to be a centralized one so they can easily control the flow of transactions. The government might even urge its citizens to buy their centralized coins instead of the cryptocurrencies like bitcoin.

This is what I think as well. They may regulate the usage of cryptocurrencies by just letting the people exchange the government-issued cryptocurrency into fiat and if people wanted to buy bitcoin then they should buy first their cryptocurrency before they can exchange it to bitcoin. In that way, they can still monitor the transactions and know the people who are buying and selling those coins because they would have to enforced KYC as well.

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alroys
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October 16, 2018, 01:58:11 PM
 #35

Of course it will be very good, and certainly will be accepted by the community, because the issuing is the government. And of course, if this Bitcoin can be accepted by a government, then bitcoin will be very developed in the country. Therefore, one of the most important factors in the development of Bitcoin is the government's participation in it. The government created Cryptocurrency, it must be crowded.

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October 16, 2018, 02:32:46 PM
 #36

I think there are two possibilities, the first is that the government has begun to develop blockchain technology for the financial system and the second is that the government is trying to divert people's attention to move to crypto which they can manage.
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October 16, 2018, 02:43:42 PM
 #37

Those are not real crypto-currencies. Those are just digital versions of the fiat currency, similar to Paypal or Skrill. A crypto-currency should be decentralized. It can't be issued by any central bank.

A digital version of a country's fiat makes sense, and could be the first step to cryptocurrency adoption, don't you think? If they could digitized their fiat, it's only a matter of time until they start using bitcoins as well, or creating their own crypto for real.
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October 16, 2018, 03:27:54 PM
 #38

It is said that central banks plan to release their own curypto currency in some countries,for example Japan..
 
How do you think about these crypto?
I think that would be a great thing. Because they will be the ones who make the Crypto market better than ever. Our Crypto market should be protected and fair. If the government joins the Crypto market, the market will become better and investors will not worry about being cheated.

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October 16, 2018, 03:51:25 PM
 #39

It is said that central banks plan to release their own curypto currency in some countries,for example Japan..
 
How do you think about these crypto?
  If the banks release their own crypto I think they are aiming to keep control of the economy and we will not like it. If their currency is used by many people, the economy will return as before, no longer free trade as before.
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October 16, 2018, 04:10:38 PM
 #40

Yeah, thanks but no thanks.  I think most societies are moving toward being cashless, but my impression is that this is being driven by citizens and not government, i.e., people much prefer to use either debit/credit cards or their phones to pay for everyday things and at least in the US it's not being promoted by the government. 

That's what blows my mind. I can't believe people aren't thinking this through. Paranoia aside, basing an entire country's spending on the dependability of a couple of card companies and a handful of banks is fooking barking.

In the UK there've been multiple moments of chaos when banking has crapped out.

At least Western cashlessness is a bit more segregated than the Chinese version. There most people spend through their Wechat account which basically offers up every detail, thought and preference of your entire life. The ideal place to turn off the taps.

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