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

[Abiky]

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.

That's certainly true, mate. Crypto's popularity has been largely attributed towards the success of Blockchain technology in general. Governments have noticed how powerful the technology is for maintaining the integrity of transactions. The Blockchain's most successful application is finance (Bitcoin). Slowly but surely, governments have been conducting a research in order to launch a digital currency of their own. They're still skeptical about Blockchain tech, but they're doing their best in order to make a robust system that's bound to improve our economy for the better. I wouldn't be surprised to see a world in the future where central Banks distribute digital Fiat currencies to their citizens. Physical cash will no longer exist, as we enter an era where everything exists in the digital realm.

With a proper regulatory framework for existing cryptocurrencies (like Bitcoin and Ethereum), governments can control their level of growth so they could launch their own solutions without interruptions. Dealing with a government-issued digital currency will prove to be beneficial not only to worldwide countries, but also to the environment as well. I believe that most governments will resort to an energy-efficient consensus algorithm such as BFT or even PoS. While not every country has access to the Internet, that could change soon as technology progresses over time.

Nonetheless, government-issued cryptocurrencies may be the way of the future after all. But it's up to the people whenever they will adopt this new kind of money easily or not. Just my thoughts

[jerrison]

I do not consider the government issued cryptocurrency as the way forward as the aim of blockchain is to eliminate trust systems and also decentralize systems. When the government creates a cryptocurrency, the logically have control to an extent over the cryptocurrency as its all monitored. Cryptocurrency shouldn't be created by government to ensure its true decentralization

[pedpedped101]

The aim and goal of government issued digital currency will be a direct opposite of the real cryptocurrency we have always known. It will not support the vision of Satoshi, because it has always been against the agenda of government.
Government wants control. They want what will be under their power and make people do what they want.

[rodel caling]

It could be possible that Government-issued crypto will become part of our future since others would prefer it especially on the business

sector which are bound by regulations and needs to be compliant. I also assume a mix of these state crypto's together with other legacy

coins go hand in hand that will form part of our immediate future!

Perfect regulation is the key government support crypto's why? Because government want to control crypto how it works as taxable and control the crypto volality as new form of money, but I am not against into regulation if that way is the key for the future of the digital currency become useful in worldwide.

[cahbagus555]

The aim and goal of government issued digital currency will be a direct opposite of the real cryptocurrency we have always known. It will not support the vision of Satoshi, because it has always been against the agenda of government.
Government wants control. They want what will be under their power and make people do what they want.

I think the purpose of the government to make its own cryptocurrency is to replace the outstanding banknotes and switch to digital technology. Crypto from the Government will not be a competitor of Bitcoin or other altcoins because it is stable coin

[VDraci]

I have a feeling that only centralized coins and tokens will be backed by the government,the only positive effect i expected from this is better adoption because there will be regulations if government will get involved,this on the other hand won't disturbed the existence of decentralized digital currencies

[masterrex]

The major idea of cryptocurrency is the decentralization thats why it was gaining popularity and support globally. if those Government issue cryptocurrency doesnt work in decentralized manner will i dont think it will prospered much for global uses. but if the local population on that specipic country who issue that cryptocurrency was suppotive to the project i think it will be another story, centralized cryptocurrency issued by government for their own purposes and uses maybe it will considerable in the future.  

[jcarlo]

The major idea of cryptocurrency is the decentralization thats why it was gaining popularity and support globally. if those Government issue cryptocurrency doesnt work in decentralized manner will i dont think it will prospered much for global uses. but if the local population on that specipic country who issue that cryptocurrency was suppotive to the project i think it will be another story, centralized cryptocurrency issued by government for their own purposes and uses maybe it will considerable in the future.  

If each government publishes its own cryptocurrency, I think it will be used for domestic purposes or to replace paper money. With cryptocurrency made by itself, the government can control the amount of money circulation so that it can control inflation or monetary

[Doranile432]

To be frank we still have millions of people that are not into crypto yet because of lack of regulations,they belief that government involvement will give guarantee over funds they invest on ICO or other projects fundraising ideas and moreover scammers and hackers won't be able to run away freely anymore even if they get scammed but to me government is a corrupt entity

[jazmuzika217]

I think government will not do that because it is risky and people will not recognized and patronized because all we know that if the government will launched their own crypto their are so many terms and condition that we need to do and need to follow. And the real essens of using crypto is having hassle free transactions.

[jyotianand01]

Any government can issue cryptocurrencies but the rules of the issuing country will regulate those. Those will not anonymous like other crypto currencies and have an influence of the government policy and they fully controlled by issuing country.

[calandra78]

there are regulations governing crypto issued by the government. and it will definitely be good for the development of crypto in the future, especially for the countries that publish it.

this is my thinking, if the government issues their crypto. that means there is an orientation if crypto will be used as an alternative for future money from the country. there are cost savings in making their banknotes and coins. if managed properly, we are truly in the best time of crypto development.

[senin]

Yes, governments will issue their own centralized and, as a rule, stable cryptocurrencies and I think that this will positively affect the development of the cryptocurrency market. This will be a practical combination of fiat and cryptocurrency benefits. On the one hand, in fact, governments will recognize and legalize cryptocurrencies by this, and on the other, through such a cryptocurrency, it will be easier for people to get acquainted and switch to the use of decentralized cryptocurrency. This will be a separate direction in the development of cryptocurrency.

[SirLancelot]

The aim and goal of government issued digital currency will be a direct opposite of the real cryptocurrency we have always known. It will not support the vision of Satoshi, because it has always been against the agenda of government.
Government wants control. They want what will be under their power and make people do what they want.

I think the purpose of the government to make its own cryptocurrency is to replace the outstanding banknotes and switch to digital technology. Crypto from the Government will not be a competitor of Bitcoin or other altcoins because it is stable coin

If we allow the government backed notes to survive, we may really never get to see bitcoin become global currency, and then there will be a little bit of stagnation in the development of bitcoin as regards prices, because those community that would have supported and concentrate on one market will have those markets too to choose from.

I personally do not support these government backed notes and the only way we may make sure that they don’t get to see the light of the day is when we don’t make use of it to accept it, at least they cannot force us to use what we don’t want except maybe they pass it into law which will create lost of clash of interest between nations as to which of the coin will be recognized as the major one worldwide like dollar is.

[Galley]

We have already seen the successful implementation of cryptocurrency by the state on the example of Venezuela. For the country, this was a kind of way out of the predicament of replacing its national currency. The country, therefore, is trying to circumvent various prohibitions and regulations. Then this is not a state decentralization of payments. Surely other countries use a positive experience for their own purposes. At least the process is running.

[Abiky]

I think the purpose of the government to make its own cryptocurrency is to replace the outstanding banknotes and switch to digital technology. Crypto from the Government will not be a competitor of Bitcoin or other altcoins because it is stable coin

Agree. Governments have seen how beneficial it is to implement their own digital currency on top of physical Fiat. Eventually, digital currencies will take over the world where we no longer need to use physical cash. The government will be able to keep track of every transaction activity within its own blockchain ledger. This proves to be a better surveillance tool than physical cash, as every transaction is transparent across the Blockchain. Of course, government-issued cryptocurrencies will be more of a stable coin than anything else as it resembles Fiat. There will be no difference in price, but in the design of money itself.

As such, both crypto and digital Fiat will exist alongside each other for years to come. People will use various forms of money just like it is right now. Considering how quickly the world has adapted towards the latest technologies, it's safe to say that a government-issued cryptocurrency is the way of the future. Better yet, Blockchain technology will not only serve its purpose well for transforming the world's economy, but it'll also disrupt many other areas such as transportation, healthcare, and supply chain management. But the transitional process from physical to digital Fiat might be a long one for sure. Just my thoughts

[irixo10]

We should know that everything created by the government needs to be under their control, so with them creating any coin it will still be centralized because they would like to monitor and control all users. So in my own opinion, I think Bitcoin will still be at an advantage over government issued coins owing to its total decentralized nature, in this case still being the future of cryptocurrencies; especially when users or people gets to know they can really own and manage their assets without the government having control over it.

[Teawhalee]

I don’t think government issues cryptocurrencies will have any effect or make any difference ! Government won't support anything that is not centralized because they want to control everything ! Now if they make a coin , that means they will control everything about it ! If this happens , we have lost everything !

[Onuohakk]

I think government will not do that because it is risky and people will not recognized and patronized because all we know that if the government will launched their own crypto their are so many terms and condition that we need to do and need to follow. And the real essens of using crypto is having hassle free transactions.

For sure. For a country to have their own crypto, it will surely have terms and conditions abiding it. Any transaction made with it, will be monitored. By so doing, they'll be able to control and manipulate the price easily  to their own favor

[TheClownSong]

Over the past years, we've seen how the Blockchain industry has grown to levels far beyond reach. Its first application was digital money (Bitcoin) within 2009. Then, its applications were expanded where now it's possible to prove ownership, store data in an immutable form, and even vote without the possibility of fraud or corruption. With the advent of smart contracts, Blockchain has become more powerful than ever.

Governments and central banks have realized the benefits of this new revolutionary technology, which explains why they've started to explore Blockchain tech more thoroughly. Now, some governments have announced plans to launch a digital currency of their own, while others have already done so. Venezuela has created its own digital currency called "Petro", while China is already designing its "digital yuan". Before we know it, physical cash will be no more as our money will be shifted towards the digital realm.

But, we'll have to see what the outcome of government-issued digital currencies will be as Blockchain technology is proven to have its own limitations (such as lack of scalability and privacy) which makes it terrible for mainstream finance.

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

If the government or the central bank publishes its own cryptocurrency, it is another form of digital money. It could be a future transformation of money even though it still depends on the central bank as a third party in every transaction or even maybe the government wants to eliminate the role of the central bank in the economy and this seems impossible.