The world that all money have become crypto currencies issued by government

[nicster551]

It is said that central banks plan to release their own curypto currency in some countries,for example Japan.
I know it is quite extreme, but I consider the world that coin and bill currently circulated are abolished, and only the curypto currency issued by the central bank circulates.
I think there are some merits and demerits of this system.

Merit for goverment
· Promotion of utilization of blockchain and smart contracts in various infrastructures
· Reduce the cost of issuing coins and bills
· It is possible to prevent money laundering and crime because of catching a money transaction
· It is possible to confirm the history of deposits and withdrawals of funds and possible to reliably catch taxable objects
· Bribery can be eradicated

deMerit for goverment
· Increases a risk of hacking
· It takes cost to update various infrastructure such as payment systems
· Defining the total supply amount makes it impossible to measure to prevent deflation, and If it does not, it will become inflation
· When equipment is destroyed due to a disaster, it will not function as an exchanging means
· Bribery is eradicated

Merit for user
· There is no need to carry cash
· Reduce the cost required for payment settlement
· Easier transfer of assets in inheritance
· Since transactions are recorded on the blockchain, accounting and tax returns are simplified


I think there are other merits and demerits, so I'm happy if you suggest other ideas.

By the way, do you want to live in such a world? I do not want to live in such a world that I can be monitored by the goverment, no matter how convenient it is.

It will happen indeed in the future, but there are many sectors and problems we may want to solve before everyone in this world could ever start using cryptocurrencies.

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[mostkey]

The bank will be stronger than before if it wants to launch a new crypto under the auspices of the local government, centrally it often becomes the pros and cons in the crypto world where each has an advantage that considers and hopes that crypto is always decentralized on the other hand banks always oppose all reasons with security, it is a scheme that has been read because they want global control even though it is complicated to follow lust only with power.

[HabBear]

It will happen indeed in the future, but there are many sectors and problems we may want to solve before everyone in this world could ever start using cryptocurrencies.

How can you be so certain?

It's not just sectors that need to get in line, it's whole government leaders - those that hold the leadership and those that are in the wings waiting to seize it. Think about the political wrangling that goes on today to just maintain our status quo with a bit of change here and there. It's significant. The mudslinging, the back room deals, the lobbying, the money driven decision making. Then you drop a proposal in the middle of all that which removes the control of the financial system from all of those power brokers - what do you think will happen? It'll be anarchy by the mot powerful, meaning outlawing the use of blockchain technology for cryptocurrency.

[frowsiter]

You know what this is kind of feeling where you are attached to something a lot and eventually you start thinking that it is the only last thing that should be out there in the world. It doesnt work like that mate, central banks may create a crypto currency some day but you know what, they will never ever be able to set up better infra structure than the fiat traditional system. Its you and me who are engaged in the crypto currency but not the whole world. I guess it will take ages to to understand the crypto currency mechanism for most of the generalised people and thus one the time it may just left out as useless currency. Thats not easy to adopt something new so fast, otherwise oil, gold, silver would have been the currency of this world already.

[Kakmakr]

We call these coins "GovCoins" and they are the worst idea, ever conceived. We already know governments are manipulating fiat currencies and now people want them to control and manipulate Crypto currencies too? Fiat currencies are being printed and devalued at a astronomical rate, effectively turning it into "toilet paper" money.

Just imagine what will happen, if governments had control over Crypto currencies and were able to change the supply, with a push of a button. <Not even having to print anything> 

[senin]

I am not sure if the national bank will release its own crypto, because so far there are many national banks that continue to contradict cryptocurrency, although it does not rule out the possibility that many countries that support crypto like Japan will implement it.

By the way, do you want to live in such a world? I do not want to live in such a world that I can be monitored by the goverment, no matter how convenient it is.

I personally don't mind living like that monitored by the government, because I feel enough concern if I have to deal with the bank, because the funds I get are almost completely and more than crypto. So if the government and bank will release their own crypto, then that is a very good step I think because I as a crypto user no longer need to worry about something, because so far national banks in my country are still opposed to cryptocurrency.

Well, that is something that is still a mystery for now, but I believe in the long run, this is something we will get to start seeing gradually with government and central banks utilizing the blockchain by integrating fiat on it.

We know the world is gradually going digital, so there is no doubt, that at some point in the long run, we will have the governments all over the world, coming up with their own centralized digital currencies, which would probably eradicate paper currency anyway and then we will at least be able to get to see things done different. Nonetheless, it does not really make that much of a difference at the end because it will still be controlled.

The world becomes digital only up to a certain point. It cannot become completely digital and get rid of ordinary paper money. The euphoria of cryptocurrency will soon pass, it will not occupy a very large sector in financial relations. Cryptocurrency, like other types of money, has its advantages and disadvantages. As a result, the cryptocurrency will go along with other types of cash and non-cash money.
Centralized cryptocurrency also can not occupy a dominant value in any state. It will complement the usual money.

[realBitcoiner]

A governmental issued cryptocurrency would just be e-fiat.

That's what I think as well. Governments only have to tokenize fiat, which will grant them more control over their financial system than ever before. It's a plus in terms of convenience, but fiat will become even more centralized.

Technically speaking I am dealing with digital fiat already with how I barely touch the actual asset in physical form. I use my debit cards or my banking app to settle transactions on a daily basis.

People in Asian countries in the same way aren't dealing much with actual fiat anymore, it's mobile payment apps that dominate the market, and these will continue to take over with how convenient and fast it is.

People themselves won't notice much of a difference between transacting with digital fiat or tokenized fiat, their apps will make sure of that. The only thing they need to do is unlock their wallet so they can send and receive money.

I think there is a big difference between cryptocurrency and fiat. Fiat is only used for online transactions and cannot be used in local markets as regular currency, while crypto will give us both the facilities of online transactions and worldwide use for our daily needs and financial problems. The presence of crypto in the market will eliminate fiat currency.

[Kakmakr]

I am not sure if the national bank will release its own crypto, because so far there are many national banks that continue to contradict cryptocurrency, although it does not rule out the possibility that many countries that support crypto like Japan will implement it.

By the way, do you want to live in such a world? I do not want to live in such a world that I can be monitored by the goverment, no matter how convenient it is.

I personally don't mind living like that monitored by the government, because I feel enough concern if I have to deal with the bank, because the funds I get are almost completely and more than crypto. So if the government and bank will release their own crypto, then that is a very good step I think because I as a crypto user no longer need to worry about something, because so far national banks in my country are still opposed to cryptocurrency.

Well, that is something that is still a mystery for now, but I believe in the long run, this is something we will get to start seeing gradually with government and central banks utilizing the blockchain by integrating fiat on it.

We know the world is gradually going digital, so there is no doubt, that at some point in the long run, we will have the governments all over the world, coming up with their own centralized digital currencies, which would probably eradicate paper currency anyway and then we will at least be able to get to see things done different. Nonetheless, it does not really make that much of a difference at the end because it will still be controlled.

The world becomes digital only up to a certain point. It cannot become completely digital and get rid of ordinary paper money. The euphoria of cryptocurrency will soon pass, it will not occupy a very large sector in financial relations. Cryptocurrency, like other types of money, has its advantages and disadvantages. As a result, the cryptocurrency will go along with other types of cash and non-cash money.
Centralized cryptocurrency also can not occupy a dominant value in any state. It will complement the usual money.

Nope, I disagree with you on that. All money is digital <PayPal / Credit Cards / Debit Cards / Loyalty cards etc.> The "paper currency" is just a alternative form of payment for the people who struggle with technology. <uneducated> 

Bitcoin and other Crypto currencies will not complement fiat currencies, it will replace it in the near future. The fiat system is due for a upgrade and Bitcoin/Crypto currencies are the alternative solution for that upgrade. 

[wuvdoll]

The bank will be stronger than before if it wants to launch a new crypto under the auspices of the local government, centrally it often becomes the pros and cons in the crypto world where each has an advantage that considers and hopes that crypto is always decentralized on the other hand banks always oppose all reasons with security, it is a scheme that has been read because they want global control even though it is complicated to follow lust only with power.

Not just the banks, but the country in which the blockchain technology is adopted. Nonetheless, it would not really change much if we are referring to decentralization as the centralized aspect is something we most definitely will not stop seeing for now.

However, we have to understand that in cases like this, even with the centralization, there is always a huge transparency which I believe will curb a whole lot of things and most especially when it comes to corruption, but the thing is even at points like this, it totally still depends on the government anyway but one thing I know for sure is that government will never accept decentralization as they always love the control.

[enhu]

Stable coins had been created already even the Gemini brothers have a stable coin. If governments are going to creating their own, it wouldn't be a crypto. They do have it already you can check it on Forex market. IIf you have noticed it already Forex brokers are also into cryptocurrencies these days, they now offer BTC, ETH adn XRP on their platform.

[Tecmessa]

I think it is hard for the government to offer a separate and exclusive cryptocurrency. It just makes the economy become chaotic and lack financial discipline.

[cluit]

It is said that central banks plan to release their own curypto currency in some countries,for example Japan.
I know it is quite extreme, but I consider the world that coin and bill currently circulated are abolished, and only the curypto currency issued by the central bank circulates.
I think there are some merits and demerits of this system.

Merit for goverment
· Promotion of utilization of blockchain and smart contracts in various infrastructures
· Reduce the cost of issuing coins and bills
· It is possible to prevent money laundering and crime because of catching a money transaction
· It is possible to confirm the history of deposits and withdrawals of funds and possible to reliably catch taxable objects
· Bribery can be eradicated

deMerit for goverment
· Increases a risk of hacking
· It takes cost to update various infrastructure such as payment systems
· Defining the total supply amount makes it impossible to measure to prevent deflation, and If it does not, it will become inflation
· When equipment is destroyed due to a disaster, it will not function as an exchanging means
· Bribery is eradicated

Merit for user
· There is no need to carry cash
· Reduce the cost required for payment settlement
· Easier transfer of assets in inheritance
· Since transactions are recorded on the blockchain, accounting and tax returns are simplified


I think there are other merits and demerits, so I'm happy if you suggest other ideas.

By the way, do you want to live in such a world? I do not want to live in such a world that I can be monitored by the goverment, no matter how convenient it is.

It will happen indeed in the future, but there are many sectors and problems we may want to solve before everyone in this world could ever start using cryptocurrencies.

You just sounded like you know exactly what would happen in the future. However, I believe at some point, we could end up getting to see this, and it would be an opportunity to bring some level of transparency into system of banking and governance as time goes on.

One way or the other, with the way governments in the countries all over the world are looking at the use case of blockchain technology and how they can benefit from it and for the fact that we are already having few countries proposing it, it would eventually spread.

[EllieBasti05]

Merit:
-Encouragement of the government to use cryptocurrency by using mainstream media and social media.
-Lessen until posssible Eradication of poverty by giving people small investment and teach them how to trade.
-Upgraded technological infrastructure.
-All transaction is traced.
-Centralized bank

DeMerit:
-Big funds needed for upgrade and maintenance.

Technology today is getting advanced but still there are people who are much more advanced the "Hackers"

For users:
-Hassle free no fall in line scenario.

[ghermghuda]

Yeah, the hacking issue is one great problem but it seems developers are now coding "well." I say so because the recent news have beenvoid f hack issues for sometime. It's been a while since i heard of a major hack, kike an exchange but as for personal wallet hacks, they happen each day and that's why we need to be careful.

[vixcious]

I really do not want the government to participate in this market. Because I know that this market is filled with sin and it is part of helping me become richer. Government intervention will make my transactions more difficult and my profits will certainly decrease.

[Snaic]

I think it is hard for the government to offer a separate and exclusive cryptocurrency. It just makes the economy become chaotic and lack financial discipline.

Do you think that cryptocurrency makes the economy chaotic and leads to a breach of financial discipline in it? This statement will be true only if the decentralized cryptocurrency is recognized as the main currency of the state and replaces the national money. Then chaos will indeed begin in the economy, given its high volatility.
If the decentralized cryptocurrency will go along with the national money, it can bring convenience to people and profit to the state.
I also believe that from the centralized cryptocurrency of individual states there will be no harm to another, decentralized cryptocurrency.

[jackg]

I really do not want the government to participate in this market. Because I know that this market is filled with sin and it is part of helping me become richer. Government intervention will make my transactions more difficult and my profits will certainly decrease.

If the international governments will take a foul view on how you do things, maybe you should take another look at yourself and evaluate hwo you do do things in order to get a profit. If that thing is unethical or immoral, it's probably a good idea to question that before you get in too deep and you can still pull yourself back out again in case your anonymity slips or you make a mistake...

It's kinda the only reason we need governments to get involved so people stop thinking "oh yeah, bitcoin's that thing the people use on the dark web to try to get illegal drugs... pay off a hacker... etc etc".

Yeah, the hacking issue is one great problem but it seems developers are now coding "well." I say so because the recent news have beenvoid f hack issues for sometime. It's been a while since i heard of a major hack, kike an exchange but as for personal wallet hacks, they happen each day and that's why we need to be careful.

Hacks of the Bitcoin network and the bitcoin blockchain are in themselves very rare and usually don't affect people unless the yfiddle too much with the rules of how their bitcoin nodes function. If you set up a bitcoin node for a payment system and configured it badly, that's on you, there is no one else liable for the damages and maybe it means that you shouldn't fiddle in areas you don't really understand because you won't get very far (if people are starting out it's probably best to try to learn a bit about the currency in order to avoid having any major hacks happening on your system).
Wallet hacks from viruses are quite common however, most people should try to get some sort of antivirus (And make sure when you update your computer, it gets a signature from the publisher which is checked by the computer to ensure that the software is safe to be used and any damages incurred by it - by malicious intent - are the oweness of the software's creator).

[Bagaji]

If the Central bank of every country should issue crypto currency which will be controlled by the government at the end of the day it will be contrary to the main reason why crypto currency was originally created for, not minding the fact that such decision may bring about increase in crypto adoption and probably increase its market value. Decentralization is one of the main purpose for crypto currency existence and any thing contrary to that may take us back to where we were before the introduction of Bitcoin and crypto currency in general.

[bitcoinrays]

When a third party intervenes, what is the need for cryptocurrencies? I mean we do not need a lot of things like waiting for confirmations, mining, and other things.
P2P is the basis of cryptos, and without it, transactions are Digital money "based on blockchain" which is much slower than the current payment systems.
If you are trying to get the advantages of a misuse system, creating a government cryptocurrency is the best example.

Slow transaction process can be solved in the future. It is not a problem. The problem is this that crypto is not centralized and most of the governments do not accept cryptocurrency. If they issue crypto of their own it may be devalued because one country will not accept crypto of other country. The best solution is this that all countries accept and legalize bitcoin as their regular currency.

[geberger]

It is said that central banks plan to release their own curypto currency in some countries,for example Japan.
I know it is quite extreme, but I consider the world that coin and bill currently circulated are abolished, and only the curypto currency issued by the central bank circulates.
I think there are some merits and demerits of this system.

Merit for goverment
· Promotion of utilization of blockchain and smart contracts in various infrastructures
· Reduce the cost of issuing coins and bills
· It is possible to prevent money laundering and crime because of catching a money transaction
· It is possible to confirm the history of deposits and withdrawals of funds and possible to reliably catch taxable objects
· Bribery can be eradicated

deMerit for goverment
· Increases a risk of hacking
· It takes cost to update various infrastructure such as payment systems
· Defining the total supply amount makes it impossible to measure to prevent deflation, and If it does not, it will become inflation
· When equipment is destroyed due to a disaster, it will not function as an exchanging means
· Bribery is eradicated

Merit for user
· There is no need to carry cash
· Reduce the cost required for payment settlement
· Easier transfer of assets in inheritance
· Since transactions are recorded on the blockchain, accounting and tax returns are simplified


I think there are other merits and demerits, so I'm happy if you suggest other ideas.

By the way, do you want to live in such a world? I do not want to live in such a world that I can be monitored by the goverment, no matter how convenient it is.

It will happen indeed in the future, but there are many sectors and problems we may want to solve before everyone in this world could ever start using cryptocurrencies.

Creating there own currency would be useless since bitcoin has hug demand. Also if you exchange that currency you will surly pay some highly taxes since they would be centralized and government has power to control it price whenever they want.