What are the odds that the government/banks will truly create their own coin?

[0t3p0t]

We've all seen this phrase before: that the government and/or banks will more likely to create their own cryptocurrency, but what are the odds that they really will? How can we be sure that these two sectors will create their own coins eventually and will it even change the game if they do? If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead? Do we really need more coins?

If ever banks and the government will truly create their own coin, I think they will be treated like normal Altcoins and nothing is special about them and the fact that they are not decentralized just like any other cryptocurrency which investors and enthusiasts supported for privacy and security purposes.  I don't even see them as a threat to Bitcoin and one example in this discussion is Ripple and will soon add Petro of Venezuela which is a state owned crypto.

[charlotte04]

We've all seen this phrase before: that the government and/or banks will more likely to create their own cryptocurrency, but what are the odds that they really will? How can we be sure that these two sectors will create their own coins eventually and will it even change the game if they do? If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead? Do we really need more coins?

I think soon they will and probably we will never going to use a single currency for the whole world and people will only create such coins for themselves to use.

[Pab]

i know that China is working on digital Yuan
It is even kind of priority for them
China is already trading with Yuan with some countries including Germany so digital Yuan will make trading more easy
Good move by China if they will do that

[UconBit]

I wouldn't be surprised if banks do this as they are, after all, in the business of making money. There are already banks who are now accepting bitcoin so if they make their own coin, it's just part of the evolution of cryptocurrency.

[hatshepsut93]

They will create their own coins when Bitcoin will become much more popular, but people will understand that those are centralized, because they would already have seen tons of centralized coins on altcoin markets. So, governments and banks will definitely fail to takeover crypto, they should have tried to do this earlier, when the hype was high, but now and later it will be too late.

[Akpuv]

We've all seen this phrase before: that the government and/or banks will more likely to create their own cryptocurrency, but what are the odds that they really will? How can we be sure that these two sectors will create their own coins eventually and will it even change the game if they do? If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead? Do we really need more coins?

If you ask me regarding the banks, I will easily say that the odds are very high. The banks will definitely create their own cryptocurrencies to keep up with the competition. But as for the governments, they may just stick to their fiat currency instead of crypto.

[Menawi12]

I dont think government or central banks will creating their own cryptocurrency. I am believe there is no benefits for them because they already control money supply in market. But i am believe banks will adopt blockchain technology for their system

[zeingrind777]

If governments and central banks make their own cryptocurrency, Bitcoin and Altcoin will not be affected and will not be replaced by them. Because crypto coins they make are centralized. While Bitcoin is a decentralized and more efficient currency.

Agreed, but what if the government decided to regulate cryptocurrencies when they make their own coins? Surely it will affect the market, right?

What kind of regulation do you mean? If the government regulates crypto coin and BTC in your country, will you just leave it? I think you will not leave BTC and Altcoin if you really believe in the future of crypto coins that you have.

[Ozero]

Governments and banks will create their centralized cryptocurrency to take advantage of the cryptocurrency as a new means of payment. They can do this for a different purpose. I want to see how these coins will go and what will come of it. I do not think that they will threaten Bitcoin or other decentralized cryptocurrency. On the contrary, by these actions they will attract the attention of people to the whole cryptocurrency. And this is, in principle, good.

[Commotheon]

We've all seen this phrase before: that the government and/or banks will more likely to create their own cryptocurrency, but what are the odds that they really will? How can we be sure that these two sectors will create their own coins eventually and will it even change the game if they do? If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead? Do we really need more coins?

If ever banks and the government will truly create their own coin, I think they will be treated like normal Altcoins and nothing is special about them and the fact that they are not decentralized just like any other cryptocurrency which investors and enthusiasts supported for privacy and security purposes.  I don't even see them as a threat to Bitcoin and one example in this discussion is Ripple and will soon add Petro of Venezuela which is a state owned crypto.

I still do not understand what is the need for another coins, rather each country owns coins, when there is bitcoin which can fulfill the purpose of one world one currency.

[Blanca_Gregory]

Today, there are a lot of cryptocurrencies. Nothing will change if governments add some new cryptocurrencies to the market. They cannot threat bitcoin. Whether a government create a decentralized or even centralized cryptocurrency they make bitcoin more popular. Every one try to study about cryptocurrencies, first will know bitcoin.

If government-created coins will not be a threat to the crypto users, then why are some people against the government regulating bitcoins and altcoins? I mean, surely, if they created their own crypto, it would mean they'll start regulating the other cryptocurrencies as well. Won't it change the entire crypto world and market?

[Blanca_Gregory]

If governments and central banks make their own cryptocurrency, Bitcoin and Altcoin will not be affected and will not be replaced by them. Because crypto coins they make are centralized. While Bitcoin is a decentralized and more efficient currency. In addition, cryptocurrencies made by the government and bank are only a trend in one country and not globally.

I guess this makes sense, but is it really possible? That if and when they make their own cryptocurrency, theirs will be centralized while bitcoin and altcoins remain decentralized? Won't they try to regulate other cryptos as well?

[Koadharber]

If governments and central banks make their own cryptocurrency, Bitcoin and Altcoin will not be affected and will not be replaced by them. Because crypto coins they make are centralized. While Bitcoin is a decentralized and more efficient currency. In addition, cryptocurrencies made by the government and bank are only a trend in one country and not globally.

I guess this makes sense, but is it really possible? That if and when they make their own cryptocurrency, theirs will be centralized while bitcoin and altcoins remain decentralized? Won't they try to regulate other cryptos as well?

It is already happening on where there are already some countries(I forgot the name) which did eventually make their own coin as a replacement with their fiat.
Sounds too impossible but yes it is applicable but as being said this wont really be globally but would just still acts as a fiat on electronic form.Centralized and
Decentralized things will always be different on any angles.

[ocid]

I don't think banks and governments are able to create crypto themselves, because until now there have always been pros and cons between crypto and most of the existing governments. except if indeed crypto is able to be inaugurated by all countries I believe that banks and governments are able to create crypto themselves

[Maredus332]

It depends on what they choose to create. If the coin isn't decentralized, and they have their own blockchain then what's the point for creating another fiat currency? And if they want it to be like bitcoin, well, then it has to compete with bitcoin.

[Choswen645]

It doesn't matter whether the banks will create a coin or not. There is bitcoin and nothing else can replace it. Also the possibility of the governments to turn their interests to decentralized currency is very low.

[Grauhar69]

With the popularity of cryptocurrencies in the market, the opposing governments are on the verge of creating their own version of crytocurrencies. The downsides to these will be the lack of decentralization.

[Gwiladan211]

In my opinion it doesn't matter whether they make it or not and if they do make the coin it will have to compete with bitcoin or other altcoins.

[oppasong]

if the government and banks will work together in making new coins for the future, it will be difficult to happen because what is now is bitcoin and there are already many countries that legalize bitcoin as a future transaction.

[rosemary4u]

It is really possible to see many banks and governments creating their own coin in the near future. I believe blockchain technology is developing at a very fast rate and pretty soon, governments around the world would have no choice than to adopt this amazing world of blockchain technology. Hence I for see more cryptocurrencies as new projects emerges.