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

[squog]

I think they'll make their own coin doon enough. They use their national budget to back up this coin and would definitely impose a higher tax on transactions that use coins other than their own. Pretty sure all this will happen once we see adoption from other countries and see that their economy is actually doing great.

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[Kemarit]

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?

Its not a question of when, government has been interested on creating a state back-up coins. We already seen Petro from Venezuela, Rubble from Russia, then there's J coin from Japan, E-krona for Sweden and Estcoin for Estonia and so on. So it currently happening. Its the question of will this coins be successful? or will it enjoy the support of crypto communities?

I'm seeing that one reason why governments are creating their own coins is for tax purposes. They know that crypto is unstoppable, and they're having a hard time trading their citizens owning crypto for tax purposes. So they come up with the idea, since crypto is still in its hype and people are really interested, to join the picture, but with a good leverage, high taxes.

I don't think it will threaten bitcoins or altcoins at all though, people still prefer decentralizes coins not unless governments force you get their own crypto if you wanted to transact with them like Venezuela to force citizens to use Cryptocurrency Petro to buy passports.

[hoverdrone]

I don't see why should the banks and governments create their own Cryptocurrency except for some ephemeral fear of mission out on a new technology. Existing financial system is well-established and tested for decades, there are no signs that it will (or must) be replaced by Blockchain based currency. Fiat is relatively easy to regulate, while Crypto provides totally different features - decentralization is the opposite of control. I wonder how they'll implement taxation, for instance. All in all, I'd say fiat is more bank-oriented while Crypto is customer-oriented.

[ghermghuda]

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?

No i don't think so. If they try creating their won cryptos, it'll mean first of all that trust is in crypto. Thereby driving in more people and that'll naturally make Bitcoin blossom.
Secondly, governments always like stable this and so they'll make sure their coins are stable whereas many would be interested in BTC that can grow in worth.

[StarofBTC]

The question is not if it would happen but when; and the answer is when people start accepting crypto currency and start forgetting Fiat. Countries would line up to create their own coin so that they could still habe a hand in controlling their economyfor themselves. They can manipulate prices and blockchains because it is their own.

True, because at one point or the other we are definitely going to see this happen. We are already seeing it happen actually; as we have seen some countries trying to take the bold step, although not in a way that would require applaud.

Even before we start seeing some level of usage in the space as well as adoption, I am pretty sure, gradually, the government will start seeing to the use of blockchain technology and in this case, they will definitely end up coming with their own centralized currency on the blockchain, try to implement a cashless age, and of course, there will be no need for the printing of money anymore.

[davinchi]

Some of the countries already created their own coin but not too successful, because when the government create a coin then the coin will be a centralised coin which will be almost like fiat, bitcoin and alt coins got a different unique feature, so the existence of new coin won't disrupt anything, to be honest we don't need any new coin, the crypto market already flooded with tons of coin that got no value

It cannot be successful because they actually or probably had an ulterior motive when creating it. For instance, take a look at the political sentiment surrounding Petro coin by Venezuelan government, I just simply see it just as any other bullshit I can ever imagine, and if this is the way most government want to be coming up with some silly idea.

I am sure, people have gotten smarter over the years not to ever fall for rubbish like that as far as I am concerned. Although, at the end, whatever will come from the government will still remain centralized as it will be same old fiat, just that this time, it is on the blockchain.

[adzino]

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 hope they don't. Even if they do, we shouldn't consider them as crypto currencies. Those coins we be under full control of the government. Thus they will be totally centralized. Why would we need centralized coins when we already have fiat currency? Those government created coins would just be scheme to deviate people from adopting the true form of crypto currencies.

[owlman]

As we can see, at the moment there is already an example of the fact that the country has created its own cryptocurrency - this is Venezuela and its token Petro. I do not think that this coin or some other one could pose a threat to bitcoin.
It is too early to say that banks will create their own cryptocurrencies, because the banking system and the domestic economy must change, but no one is ready for this.

[Agapelove]

I din't think every country would create their own cryptocurrency. As of now, they are thinking of how to regulate cryptocurrency as well as how could these cryptocurrency help the government earning either by collecting taxes from these transactions or help the people to earn money.

[hiameneven]

I think they'll make their own coin doon enough. They use their national budget to back up this coin and would definitely impose a higher tax on transactions that use coins other than their own. Pretty sure all this will happen once we see adoption from other countries and see that their economy is actually doing great.

Eventually they will. It is the smartest way of spending or using money in any way. Banknotes are definetly a thing of the past and the banks or goverments of the world spending billions of dollars each year just to keep the IT department going for the tech side of their money run business'. This means if they mean to improve upon their current systems they will eventually start to use blockchain no matter what they are using right now, it could be the highest technology available to human race but it still is not as good as blockchain peer to peer system keeping track of it.

After they start to transfer into blockchain which is the wise choice they will realize upon the own coin idea and the benefits of it. They could use their own coins for a while to give away to loyal customers and see how it does on public and than it could overreach on everyone gradually.

[Snaic]

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?

Over time, governments will certainly create their own centralized cryptocurrency. Recently there was news that the central banks of 15 states, including China, Canada, Sweden, decided to release their own cryptocurrency. If we are confident in the advantages of decentralized cryptocurrency, then we have nothing to fear. Let them create, experiment. I see nothing wrong with that. Centralized coins will only attract people's attention to cryptocurrency in general and increase its confidence in it. Indeed, in this case, the state itself will create and use a cryptocurrency.

[Argoo]

I don't see why should the banks and governments create their own Cryptocurrency except for some ephemeral fear of mission out on a new technology. Existing financial system is well-established and tested for decades, there are no signs that it will (or must) be replaced by Blockchain based currency. Fiat is relatively easy to regulate, while Crypto provides totally different features - decentralization is the opposite of control. I wonder how they'll implement taxation, for instance. All in all, I'd say fiat is more bank-oriented while Crypto is customer-oriented.

Central banks and governments will indeed eventually create their own centralized cryptocurrency if the decentralized continues to be successfully used and developed further. The centralized cryptocurrency of the states is the same national money, only in the digital shell. Thus, states will use blockchain technology for their national money. Their scope will be mainly limited to the borders of this state, although it can be used anywhere in the world.
For a decentralized cryptocurrency, it will even be useful, since the population will learn to use cryptocurrency and it will attract people’s interest in cryptocurrency in general.

[deisik]

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?

You are late to the party, bro (with your topic)

These topics were popular in 2015-2016 when Bitcoin started to rise but hadn't yet risen enough to reveal that it was all hype and speculation. Back then, rumors had been flooding the Net that the Chinese Central bank was going to create their own version of Bitcoin. I told that it made no sense. So if it didn't make sense then, why do you think it makes sense now when Bitcoin is losing value like shit?

[hxtop]

Even though goverments and banks create their own coins, they have to accept accept some major coins that we have now. There is a huge market which is created itself and this is something that can not be ignored easily. If we looked from bird's eye view, we could say that we are going to experience mostly positive results and that would make us satisfied.

[Seeker#9]

If the government will found out that there is a valid necessity to create their own cryptocurrency then they will going to create it. Venezuela their first government-madecryptocurrency called petro and it is backed by their country's oil reserve but many analysts believe it will going to fail because of poor management and misleading white paper. Cryptocurrencies that will be issued by wealthy countries have the big chance to succeed because they have enough capability of raising funds for their centralized coin.

[Xising]

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 would say that the odds are big, but currently, I would say many of them are holding out since they are still trying to eye and see if the market still has what it takes to rake out big returns. I mean, it's a government for sure, but nonetheless, it's also a business entity that is made to get revenue through different means to support its cause and its people. It would be an ineffective government if they would not find ways to make money, since such money is the key for them to lead their citizenry better. Maybe on the onset of cryptocurrency, many government would join the party, but now, since there are just so many inconsistencies happening in the market, I think that although the interest is still there, it should be with more caution now.

[Fundalini]

The odds are very low because there's no point in using an experimental currency when they have fiat. Moreover, using it poses more problems than solutions. Like how people prefer to use fiat for small instant micro transactions.

[Lexurdania]

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 government or central banks creating their own cryptocurrency, i dont think this will give effect to crypto price. Its different functionality, bitcoin is store of value and others coin mostly is utility token.

[manfredmann]

I don't see why should the banks and governments create their own Cryptocurrency except for some ephemeral fear of mission out on a new technology. Existing financial system is well-established and tested for decades, there are no signs that it will (or must) be replaced by Blockchain based currency. Fiat is relatively easy to regulate, while Crypto provides totally different features - decentralization is the opposite of control. I wonder how they'll implement taxation, for instance. All in all, I'd say fiat is more bank-oriented while Crypto is customer-oriented.

NO reason at all, I agree with you because the banks and the governments are centralized in form and design like this for the betterment of the many and not only for the few. If people are seeing that decentralized is good then I could agree with it but centralized system must be distinguished also because there is no absolute centralized or decentralized system. IF there is an absolutism then the result is surely a negative impact for the soceity.

[Pab]

There is some test of digital yen ongoing
Biggest will be digital Yuan i have been reading from legitimate sources that China is working on it.Circle stable coin will be something like us digital dollar
That kind of coins will be norm in some future i guess
It will cut trading costs