Do you think the idea of sovereign cryptocurrency is a good one?

[mexite]

Recently, one or two countries have experimented with cryptocurrency, issuing a national (sovereign) crypto backed by the government of the day, and to serve as a legal tender. We have the cases of Venezuela's Petro (supposedly backed by the State crude oil) and Republic of the Marshall Island's 'Sovereign' (SOV). Some States are also rumored to be getting set to issue their own crypto such as Dubai.
But as we know Bitcoin, the first world acclaimed cryptocurrency, was developed out of a radical scheme to break free of the excessive control of central authorities such as government, banks etc. So if countries should start issuing their own crypto, don't we think it's a ploy to get smart on people and still control our lives and finances using a tool that's supposed to liberate us?

An example comes to mind in the case of Petro issued by Maduro's government. The government restricted people from owning Bitcoin as it was prohibited to spend more than $50 worth of BTC per day. Instead the government wanted the people to adopt and use Petro, dictating what currency people should favor.
So I have reservations for this move. I see it as a ploy for the government to control us. The gimmick is "if you can't beat them, you join them". So if they won't ban cryptocurrency, then they make a centralized crypto, that will definitely infringe on people's privacy as the government would still be able to track how the e-cash moves on the blockchain.

Crypto is a looming revolution, its huge stone is gathering moss, if not now, many countries may buy this idea anytime in the future.

I have been thinking about this for a while now........what do you think? Do you think this would help the blockchain/cryptocurrency industry or not?
As for me, I believe it is contrary to the ideals of the founder(s).

Would you own sovereign cryptocurrency if your government issues one?

What's your take on this?

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[sunstrachaisawas]

what do you mean by that? i cant really understand lol. please help me enlighten

[tsaroz]

Government backed crypto and fiat turned into crypto would be a general trend in the next decade. Soon, every financial sectors including all currency would be on blockchain. Government needs to do it as if they don't, the ease of using crypto would make everyone to dump fiat and national financial bills.
So, in one way or another, crypto is coming from the government itself.

[iTradeChips]

In my own opinion what I think is basically what people want is to have investments in the decentralized nature of crytocurrencies and that is what is special about bitcoin and many altcoins that are decentralized in nature. Countries that wants to join the bandwagon might and I think might have difficulties convincing real crypto investors to invest in their currency unless they have good programs that would allow anonymity and have good cryptography.

[Argoo]

Government backed crypto and fiat turned into crypto would be a general trend in the next decade. Soon, every financial sectors including all currency would be on blockchain. Government needs to do it as if they don't, the ease of using crypto would make everyone to dump fiat and national financial bills.
So, in one way or another, crypto is coming from the government itself.

The existing national currency will not go anywhere, it will always be the main form of financial payments, since the national currency of states is part of the state and it interacts with the state economy. Cryptocurrency can fulfill only a supporting role in the financial sector of the state. Do not overestimate the role of cryptocurrency.
On the other hand, cryptocurrency is still developing and continues to search for its niche among means of payment. This seems to be a very lengthy process and we should not rush here.

[flemmings02]

what do you mean by that? i cant really understand lol. please help me enlighten

It means a cryptocurrency by a know central authority or governmental rule, it could a cryptocurrency proposed and regulated by government local, state or even federal government.

[jack8989]

I will definitely not use the government currency. because it's no different than using fiat money with credit cards.
What I like about cryptocurrency is security and speed. I don't like the government interfering with my income and spending every day.

[leea-1334]

I can never understand this concept of sovereign crypto because,,, is crypto not already sovereign? Who controls Bitcoin, and who governs its laws and how the network works? The community,,, by itself and regardless of nationality, race, economy, etc.

This is the true sovereign concept of money!

[mexite]

what do you mean by that? i cant really understand lol. please help me enlighten

I mean a cryptocurrency that is issued by the  national government of a country as a means of legal tender.  An example is the token called "sovereign" issued by Republic of the Marshall Island. It's one coinmarketcap.com.

[mexite]

Your concerns are well known.I agree that the cryptocurrency was originally created as a counterweight to traditional financial institutions.But let's remember how the Internet was created.It was originally created for military purposes.Now it is used by absolutely everyone.It is the same with cryptocurrency. (I don’t know about the military purpose), but the principle is the same.Many people are beginning to use cryptocurrency. And governments see this. They make decisions accordingly based on the current situation.In General, I think there is nothing wrong with the fact that governments are thinking about creating their own cryptocurrencies.They will be able to fully coexist with other cryptocurrencies.

Let's assume all countries decide to have their own form of national crypto, don't you think they may end up outlawing the use of BTC and other non-sovereign cryptos within their jurisdiction?
Governments always want to have control over the lives of their citizens, else there would be no need for it.