Government-issued cryptocurrencies...Are they the Future?

[flemmings02]

Government-issued cryptocurrencies will not solve any problem that fiat currencies can't solve, They is no need for any government-issued cryptocurrency because it is just another way for the goverment to keep tabs on citizens.

[xenomorphe1]

Yes, they are the future of cryptocurrencies. But i don't think we will see them being traded on current cryptocurrencies exchanges. And some governments can impeach the trading of thoses cryptocurrencies if they don't want to make friend with a country. People are still going to have to follow their government laws and that does prevent the use of certain cryptocurrencies like the Petro.

[Meysa_richa]

If a government has created its own Cryptocurrency currency, and if all elements of society and government agencies all support it, I am optimistic that the Cryptocurrency currency issued by the government has a good future.
what is difficult is to unite the opinions and support of every level of society to support the Cryptocurrency, because everyone has a different opinion, of course there will be pros and cons.

[gundala]

I don't know, I'm not sure about that. It could be that the essence of decentralization will fade. If the government decides to regulate cryptocurrency, I think it's just a change from the physical form of fiat to digital form, don't you think?

[kawetsriyanto]

Well, so far, there are some issues of government creating their own cryptocurrency or uses the crypto as the digital currency such as the USA and also China. However, it is still in the process of planning.

I believe that it will not be only a plan, people are aware of the digital currency and the blockchain technology serves very interesting ideas to follow.
Therefore, sometimes, much more government from more countries will really create and consider their wn cryptocurrency to be used in their country, probably with different rules or as a stable coin.

[guoyu78]

One thing with cryptocurrency is that it has come to stay and if every government adopts the system and phase out cash, what will make it pass away over time? Except maybe there is another better system again that supersedes cryptocurrency which I don’t think we have any guru that is thinking of one for now, and even if we have it would still take time for people to get to know it.

So, cryptocurrency will never pass again, but creating different crypto is what I don’t understand, if they all create their own currency, how would they be able to transact with it again since they are not on the same network, I think what these countries ought to have done is to develop on already exposing cryptocurrency of bitcoin and look for a way to adjust their economy to it.

[r32godzilla]

Governments are now realizing that they already missed the best time to buy and regulate cryptocurrencies and they think that only way how to back into the game is to create the own cryptocurrency. But they do not understand what cryptocurrency and blockchain really means.

[enhu]

We'd be witnessing it all happen in the future. 5-10 years from now, we might be able to see most kids are only using their phones to conduct transactions on stores and paying stuff with the government issued coins.  Chinese "digital yuan" is probably one of the first that will be widely used because even today they are already into digital transaction over the counter.

[Abiky]

There is no doubt that we will start seeing a lot of governments issuing there own currency in digital format. Even countries like India is planning to issue a digital version of their own currency which will be known as digital rupee.

Sadly government controlled digital currencies will take over the Fiat market slowly but steadily in near future. But I would not call them as cryptocurrency, rather they will be just a digital representation of centrally controlled Fiat currency running on a private blockchain.

Remember, the rules of a private blockchain can be written for their owner's benefit. Probably the government will allow every Bank branches within their country to act as master nodes to maintain the scalability of the chain.

Technical challenges and the possibilities are a different story all together! But government controlled digital currencies will certainly take the centre stage of the economy within a few years of time.

One way or another, governments will issue their own digital currencies within the not-so-distant future. The inception of Blockchain technology, has caused many governments and central banks to explore ways on how to improve the existing monetary system. It's been proven that Blockchain provides unparalleled security and efficiency towards worldwide transactions. Despite its many limitations, we're getting one step closer towards experiencing a transition from physical to digital cash.

Which is why, it's becoming evident that government-issued cryptocurrencies are the way of the future. Somehow, central banks worldwide will adapt to an existent blockchain (either Ripple, IBM's World Wire Blockchain, or Hedera Hashgraph) or one of their own in order to distribute the new government-backed digital currency. With many countries devising their own solutions (India, China, and even Russia), it looks very likely that we won't be using physical cash anymore.

Nonetheless, this will take some time before it becomes a reality since many people are still accustomed towards using physical cash. Old generations will find it hard to adapt towards the new monetary system, while that won't be the case with new generations (millenials). Not to mention, there are some countries worldwide which lack Internet access. Which is why, I believe that the progress of implementing government-issued digital currencies will be a slow and steady one. Just my thoughts

[LUCKMCFLY]

We'd be witnessing it all happen in the future. 5-10 years from now, we might be able to see most kids are only using their phones to conduct transactions on stores and paying stuff with the government issued coins.  Chinese "digital yuan" is probably one of the first that will be widely used because even today they are already into digital transaction over the counter.

You are absolutely right, in addition China has been studying all this technology for 5 years, of course, this does not mean that they will accept Bitcoin completely and give it Freedom to negotiate, they develop this currency to establish with a China own network and create a cryptocurrency very different from the others, something like what Russia seeks to develop, however China has presented great concern about the launch of Libra, because they will treat it as one more currency so that it does not affect its economy and create some kind of imbalance in their economy, in fact they have requested to follow up once Libra is launched.

[fonzie_vite]

I think centrally controlled govt backed currencies are the worst idea ever. I will never be convinced it's a good idea.

Governments partnering with crypto companies to leverage blockchain and cryptocurrencies to solve some problems? That is a great idea!

Check out Vite. They're currently working with the City of Syracuse to design a P2P micro loan program which I think is fantastic!

https://ourcity.syrgov.net/2019/01/city-of-syracuse-announces-three-startups-selected-to-participate-in-ground-breaking-startup-in-residence-program/

[johnwhitestar]

I think centrally controlled govt backed currencies are the worst idea ever. I will never be convinced it's a good idea.

+1
The governments would need a centralised currency, if not they are risking to lose control, and the most important feature of the cryptocurrencies is decentralisation.
 

[poketis22]

I believe that there is no future for state cryptocurrencies, as they do it for their own benefit, and created the blockchain so that people would become free and independent of the state system. Therefore, if state cryptocurrencies begin to develop, this can badly affect the main goal of the blockchain!

[voltesbit777]

Nowadays, cryptocurrency are now becoming popular so much all over the world. Little by little some of the country so far they are adopting the system of digital currency which is crypto. And some they've already regulated it just like here in my country Bitcoin, Ethereum, Bch, and XRP are all well known here in my home town. Therefore, this shows that the government here are wholeheartedly regulating the crypto currency at the moment.

[dcomomal]

Let just see what would happen with the first one. Chinese government has already announced their backed digital currency, but it has nothing familiar with crypto right? Another stable coin that would be controlled by government without decentralisation.

[jagaban]

One of the pivotal tenets of cryptocurrency is transparency gotten from its blockchain foundations. Now, that said, can the government be fully trusted to be transparent with creating their own cryptocurrency? With the way the government is run where I live, I will say an emphatic NO!

[Tylev]

Coins issued by governments of different states will be another direction in the development of cryptocurrency. Yes, it seems that this coin will exist for a long time and will be in demand, as it will combine non-cash money with some of the advantages of cryptocurrencies. It is stable coins of states that are well suited for use by business structures.

[||bit]

I think they are just a phase.Government-issued cryptocurrencies are no way to go. Maybe a way for the government to get some quick cash but nothing else.And government of which country was the important one.When the government like UK, Canada made this one.You can inverse with blindly.Because the economy of such country won't spoil in a short period. So you can cash out any time.

[enhu]

We are moving forward to adoption and if governments are indeed going to release digital currencies, its going to help to fast track the adoption. Digital Yuan is very much of a promising, I would really be looking into the future whether we replace the names of the people in our fiat bills probably satoshi. 

I think they are just a phase.

Government-issued cryptocurrencies are no way to go. Maybe a way for the government to get some quick cash but nothing else.

If Venezuela are doing it, there is no stopping a country form doing it to radically change things for the better.

[AndRE177]

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Nonetheless, do you think that government-issued cryptocurrencies are the future? Or will it be just an idea that will pass away over time?

I am sure that the coins created by governments and banks will not pursue the same values that were laid down by the founders of the first coins.
It is unlikely that they will want to give us all freedom and equality, they will try to drive us under the hood like now with banks. Therefore, I do not expect good from bank and government coins.