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

[naidray]

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

Also another plus would be the limitation if we could. Laws change all the time, politics change, hell the people change in the world so it wouldn't be a set on stone type of thing but if lets say there was a set amount of dollar coin for example by the government that would help a lot.

Eventually rich could have all the dollar they want on the earth because the amount is increasing all the time with new prints constantly however if there was an amount that was purely set and not moving any higher than rich people would end up buying stuff and paying for them which would eventually make them go down a tiny bit whereas people who are dead poor would have a chance at survival. Much better option for everyone in the world, having a limited amount of money that's not going up is definitely a great news for poorer people and bad news for the rich.

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.

This has been discussed many times here.A government backed cryto will not ensure any of the freedom, we are now enjoying with bitcoins. That is the core benefit of adopting a decentralized system.

[Faeton]

The fact is that most countries are trying to make their stablecoin, mostly supported by fiat money.

The real question is who is going to use such a coin? The average person doesn't have any need to use a cryptocurrency created by the government, they can use their cash and if they want to use a digital currency they can just use their debit and credit cards, and people like us that have adopted cryptocurrencies have no need to use those coins either because we have bitcoin.

Therefore, the centralized cryptocurrency of individual states will only be an addition to the national money, centralized cryptocurrency can not replace the national money, it simply does not make sense. They will give the national money additional cryptocurrency features. This will be another form of money and we do not yet know how it will take root in society.

[higgidave]

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.

I've heard that many country are making there own cryptocurrency and the fact is they're similar to there fiat currency.

[spongegar]

It is true to an extent. I'd think that the central banks and governments will just treat crypto currency as any other currency they could control because I'm pretty surr they won't be issuing an ICO for the whole nation but back it up with the country's value to make the coin stable. This in turn will be in their control of course.

[duoduoshigexiaozhu]

I think this is a development trend. In the next two years, many governments will issue their own coins. It is necessary to know that there is a close relationship between the blockchain and the coins. To embrace the blockchain, coins must be set up.

[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.

I don't really mind if things were to get cashless society but I guess we still need banks and our Governments for us to get our loans and other needs.

[Theb]

To embrace the blockchain, coins must be set up.

This isn't entirely true. If you want the government to have a good relationship with blockchain or the cryptocurrency industry they must find a way to (legally) bond with them in terms of legislation and regulation. Creating their own state-issued cryptocurrency is really not part of any way of blending in with blockchain as this state issued coins are only based on their personal interest with the market. Just take a look at how the RBI (India's Central Bank) is handling things by removing the competition (exchanges & cryptocurrencies) and limiting the cryptocurrencies allowed in their country just to make way with their own state-issued cryptocurrency, this example of India just shows that they really don't care about the adaption of the market as they are keen on having the whole demand focused on what they are only offering.

[timerland]

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.

The biggest advantage that I could think of for the government themselves to implement this system would be that they would have a much stronger grasp over the economy, as they would be able to track and manipulate each and every transaction and token/currency that circulates around the blockchain due to the centralized nature of the currency blockchain that they've set up.

Obviously for citizens, all the advantages of cashlessness would apply. Increased convenience, etc. Almost exactly the same as electronic banking, no difference here for the end user.

But you have to ask yourself - is this necessarily something that you'd like to adopt - a centralized cryptocurrency that is issued by the government? Wouldn't that be the same as any other fiat currency, just spawned in a different format? To me, it makes much more sense to hold onto decentralized alternatives than to jump on board national cryptos like the Petro, even if it was issued by a more trustworthy government.

[patarfweefwee]

Countries and governments issuing their own crypto currency is an obvious political and economic move to rrmain in control of their monetary assets. They wouldn't even need an ICO. They could always back up the coin long enough to be self sustaining and they could even issue perks to anyone who uses it with tax exemptions and what not.

[ausbit]

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

Also another plus would be the limitation if we could. Laws change all the time, politics change, hell the people change in the world so it wouldn't be a set on stone type of thing but if lets say there was a set amount of dollar coin for example by the government that would help a lot.

Eventually rich could have all the dollar they want on the earth because the amount is increasing all the time with new prints constantly however if there was an amount that was purely set and not moving any higher than rich people would end up buying stuff and paying for them which would eventually make them go down a tiny bit whereas people who are dead poor would have a chance at survival. Much better option for everyone in the world, having a limited amount of money that's not going up is definitely a great news for poorer people and bad news for the rich.

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.

This has been discussed many times here.A government backed cryto will not ensure any of the freedom, we are now enjoying with bitcoins. That is the core benefit of adopting a decentralized system.

Venezuela is the only country I know that really works hard on their crypto currency. I mean there are other places that are doing something similar but not really care about it, just something similar to USDT instead of Petro. Venezuela knows that unless they manage to get their crypto currency valuable their own fiat currency is getting worse and worse every single day hence they will not be in a good situation. Crypto is their only way out.

If the crypto for them becomes a way out and they actually pull of an economical miracle and turn things around making the country better for the citizens and go back to at least mediocracy than they will be a proof for all other countries to follow their path and do the same. This will be a huge example of what crypto can bring to the table on a major scale.

[Betwrong]

Governments can, and most likely they will, issue their own cryptocurrencies, but they can't force all the people to use them. Fortunately, we are not living in North Korea, where that would be possible. Whatever new crypto is issued, Bitcoin is here to stay, and I think most people will prefer using it instead of cryptos issued by their governments. I think people overestimate the power that the governments have over us nowadays. In fact, it is much weaker than it was in 1950s, while many people think the opposite.

[Pattart]

I think this is a development trend. In the next two years, many governments will issue their own coins. It is necessary to know that there is a close relationship between the blockchain and the coins. To embrace the blockchain, coins must be set up.

Logically it's impossible, what is the use of fiat or local currency if they make a new currency from cryptocurrency?
I think when that happens, might there be chaos ? I think the government won't be able to do that..

[Dimon8]

I live in a country where the government has several times stated that very soon the national bank will issue an electronic national coin, which will be in circulation along with fiat. Similar statements were announced by the governments of Sweden, Canada, Japan and several more states. I think that the process of introducing national currencies has already been launched. I do not want to live in a digital society.

[East2011]

I this thing is impossible to happen. Because we all know that there are several countries that don't want cryptocurrencies. And they are banning the use of it.

[nur rochid]

I this thing is impossible to happen. Because we all know that there are several countries that don't want cryptocurrencies. And they are banning the use of it.

this possibility can occur, but requires a long time. today many developed countries legalize cryptocurrency, of course other countries will follow their steps, to use crypto, because there must be cooperation between the countries

[tactac]

I this thing is impossible to happen. Because we all know that there are several countries that don't want cryptocurrencies. And they are banning the use of it.

I think the government dislikes the crypto currency issued by others, and the crypto currency issued by himself is convenient for the government. Government can catch the flow of residents' funds and prevent tax evasion and money laundering.

[1Referee]

Governments can, and most likely they will, issue their own cryptocurrencies, but they can't force all the people to use them. Fortunately, we are not living in North Korea, where that would be possible. Whatever new crypto is issued, Bitcoin is here to stay, and I think most people will prefer using it instead of cryptos issued by their governments. I think people overestimate the power that the governments have over us nowadays. In fact, it is much weaker than it was in 1950s, while many people think the opposite.

I think governments can force banks and other financial services to swap their current 'digital fiat' for tokens by simply upgrading their infrastructure, which means that people *probably* won't even notice a difference. In the end, people either use their phone to pay through an app or their NFC enabled debit card. People never had much financial freedom anyway, so they will not see it as a step backwards. If it works, it works.

I'm certain that when we're like 5 years away from now, people will ask themselves why they don't hear much about the blockchain anymore, and why banks haven't implemented it yet, while in reality it has already been implemented silently years ago alread. Think about it, the efficiency gains they book will be kept to themselves, and you still have to pay legacy fees to fill up their pockets.

[shield132]

It has no idea if any govrnment create crypto currency, if we simply want electro money, then we have here visa/master card, online banking, paypal and so on. We have everything to manage our moneu. The main idea kf crypto is anonimity and decentralisation, it's far from every government because all they want is control on people. Imagine thief gives you gifts to steal much from you in future, it's similar situation.

[Indrawan77]

I think it's a bit funny to see the government try to release a crypto currency, the main idea of crypto currency is decentralised, crypto currency was created to gives freedom to the users, and then the government create a crypto that the function is the same with fiat that full of supervision, its not match with the crypto purpose, there are good side and bad side if crypto being released by the governments, but for sure the crypto released by the government wont be too popular compare to decentralised crypto

[BlueStackz]

So judging from the merits and demerits you have mentioned, do you think that have cryptocurrency as our main system of exchange would be a good idea? I don’t think so. And by the way, there is no need for you to be mentioning ‘no need to carry to cash’ cause even now I do go out without cash.

My card can serve for any purpose or even my phone cause I do transactions with it making use of bank app or services like PayPal which has my card linked to it. I don’t even think it can stop money laundering.