The Government-Backed Digital Dollar (USD)

[Abiky]

After Facebook announced it's Libra digital currency, several countries have expressed their interest of launching a digital currency of their own. China has already announced that it'll be working on Blockchain technology for a digital version of the Chinese Yuan while other countries have done the same. Most recently, German banks have requested the European Union to launch a programmable "digital euro" that would replace the current monetary system (physical Euro). All these developments shows us that we're getting closer to a "cashless society" than we've thought.

While all of this is exciting, it seems that the USA will be left behind in the development of a blockchain-based "digital dollar" (USD). After all, the country has been known to be quite strict about the development of the crypto industry. With many fierce regulations against crypto and Blockchain tech, many mainstream crypto businesses and companies have decided to stop providing services to US citizens. Poloniex will no longer serve US customers, which greatly diminishes the adoption of crypto within the US. This makes me wonder whenever the US will allow a "Digital Dollar" to happen in the future or not? If it doesn't migrate to the digital realm, then I'm afraid that other countries will take the lead in the world's economy. It's a matter of being ahead in the latest technologies to obtain supremacy. If the US remains reluctant to accept Blockchain technology into its current monetary system, then it'll be left behind without a doubt.

What do you think?

[Quidat]

What do you think?

Who knows if one day they would announce that they would create their own digital dollar on least we expect.
We've known that US govt is really strict to cryptocurrencies but it wont really be limited generally in terms of blockchain tech
and things tied with it.They might possibly consider it but we dont know on when but for now they are just sticking up with their
own laws and terms.

[electronicash]

yes who knows.

but weren't USDT the first to have been created as stablecoin in crypto? it may not be backed by the government but its something they could track still since its centralize. its interesting to see if the blockchain of these government backed digital currencies are for open to public which the address of institutions are also being identified because if its gonna be that way, government are going to have a transparency, i don't think they'd like that.

[teosanru]

After Facebook announced it's Libra digital currency, several countries have expressed their interest of launching a digital currency of their own. China has already announced that it'll be working on Blockchain technology for a digital version of the Chinese Yuan while other countries have done the same. Most recently, German banks have requested the European Union to launch a programmable "digital euro" that would replace the current monetary system (physical Euro). All these developments shows us that we're getting closer to a "cashless society" than we've thought.

While all of this is exciting, it seems that the USA will be left behind in the development of a blockchain-based "digital dollar" (USD). After all, the country has been known to be quite strict about the development of the crypto industry. With many fierce regulations against crypto and Blockchain tech, many mainstream crypto businesses and companies have decided to stop providing services to US citizens. Poloniex will no longer serve US customers, which greatly diminishes the adoption of crypto within the US. This makes me wonder whenever the US will allow a "Digital Dollar" to happen in the future or not? If it doesn't migrate to the digital realm, then I'm afraid that other countries will take the lead in the world's economy. It's a matter of being ahead in the latest technologies to obtain supremacy. If the US remains reluctant to accept Blockchain technology into its current monetary system, then it'll be left behind without a doubt.

What do you think?

Wouldn't it be useless as it won't truly be a cryptocurrency. No matter what there is no chance in the world that US govt. wont keep regulation upon their currency which means chances are that they would know who owns how much and who is transacting with whom irrespective of calling the whole system decentralized. Secondly what about the demand supply issues? Cryptocurrency's power is in it's hard to mine quality which may not be a priority of currency which US govt. would develop as they would want something whose supply can be quickly created or destroyed. So one way or the other we would end making this cryptocurrency much like fiat only.

[hatshepsut93]

Governments and central banks were talking about digital national currency even before Bitcoin was a thing, yet we all see what came out of it - nothing. All these digital currencies don't exist even in project, all we have is statements from some official saying "yo, let's make digital currency". USA isn't lagging behind anyone, and I think it's actually smart for them to let others go first and then only develop a national digital currency if it is indeed beneficial for them. We actually have one example when such project failed - Venezuela's Petro.

[avikz]

Absolutely yes! Digital dollar is not just a mere possibility, it's an imminent future!

Majority of the developed nations will digitize their fiat system sooner or later because it has some major benefits if seen from the perspective of a government. It will offer them the power of supreme vigilance.

Supreme vigilance: if the entire fiat system is channelized through a digital platform, enforcement agencies will have complete visibility on what's happening on the economic front. Money laundering will be caught immediately. The chances of tax evasion incidents will be reduced to zero annd most importantly, financial crimes will be easier to catch and prove.

So not just US, you can expect all developed nation to issue their own digital currencies in future.

[hello_good_sir]

After Facebook announced it's Libra digital currency, several countries have expressed their interest of launching a digital currency of their own. China has already announced that it'll be working on Blockchain technology for a digital version of the Chinese Yuan while other countries have done the same. Most recently, German banks have requested the European Union to launch a programmable "digital euro" that would replace the current monetary system (physical Euro). All these developments shows us that we're getting closer to a "cashless society" than we've thought.

It's actually pretty interesting to see that Libra, a coin that was shot down by a lot of people, partners and the US government has sparked a trend in the world, and has likely been a reason to some of this happening so soon. Although I don't think we are going to see a cashless society, cash is still very useful for a lot of people, and instead, we might see something where governments transition from their currency to a virtual kind.

While all of this is exciting, it seems that the USA will be left behind in the development of a blockchain-based "digital dollar" (USD). After all, the country has been known to be quite strict about the development of the crypto industry. With many fierce regulations against crypto and Blockchain tech, many mainstream crypto businesses and companies have decided to stop providing services to US citizens. Poloniex will no longer serve US customers, which greatly diminishes the adoption of crypto within the US. This makes me wonder whenever the US will allow a "Digital Dollar" to happen in the future or not? If it doesn't migrate to the digital realm, then I'm afraid that other countries will take the lead in the world's economy. It's a matter of being ahead in the latest technologies to obtain supremacy. If the US remains reluctant to accept Blockchain technology into its current monetary system, then it'll be left behind without a doubt.

It does seem true, it's been left behind in the blockchain race, even though there are an abundance of companies in the US that are willing to work with blockchain, I'm 99 percent sure they must have some sort of undercover team working on it though.

[Kprawn]

You know that most of the Bitcoin developers originated from the USA right? The USA can quickly get some of these developers together to create

their own government coin. Ripple will be too glad to fulfill that role and Mike Hearn and his team are already geared to provide their surveillance

coin/technology that they are working on now. Nothing in Crypto currency is protected or intellectual property rights signed to one entity, so they

can just take what they want. If you ask me, then I will say the US are more than ready to launch a quick US version of Bitcoin. 

[cotton ball]

After Facebook announced it's Libra digital currency, several countries have expressed their interest of launching a digital currency of their own. China has already announced that it'll be working on Blockchain technology for a digital version of the Chinese Yuan while other countries have done the same. Most recently, German banks have requested the European Union to launch a programmable "digital euro" that would replace the current monetary system (physical Euro). All these developments shows us that we're getting closer to a "cashless society" than we've thought.

While all of this is exciting, it seems that the USA will be left behind in the development of a blockchain-based "digital dollar" (USD). After all, the country has been known to be quite strict about the development of the crypto industry. With many fierce regulations against crypto and Blockchain tech, many mainstream crypto businesses and companies have decided to stop providing services to US citizens. Poloniex will no longer serve US customers, which greatly diminishes the adoption of crypto within the US. This makes me wonder whenever the US will allow a "Digital Dollar" to happen in the future or not? If it doesn't migrate to the digital realm, then I'm afraid that other countries will take the lead in the world's economy. It's a matter of being ahead in the latest technologies to obtain supremacy. If the US remains reluctant to accept Blockchain technology into its current monetary system, then it'll be left behind without a doubt.

What do you think?

United state ask to other country keep adopt USD as currency payment for every transaction in the world and never take chance with other digital currency like Bitcoin, the United state have try to stop using bitcoin as investing assets and banned using bitcoin in their country, they ask many country for stopping their people use with bitcoin and back to the unusually transaction by USD but China have fight with using their own crypto.

[Dart18]

Is it being traditional of the US government or being Patriotic with the images in every dollar bill?
Are they just hard-headed?

They have their reasons. Trump is one which in disagreement about this. That is their President.
With half of the US citizen which believes him then I guess it will be difficult to change that kind of belief.
I don't really know what is going on in his mind but I do think it is deep.
There might be something that could affect their financial industry which Trump owns a large percentage of it.

[CryptoBry]

USA may not be pioneering this move towards currency digitalization but eventually it will adopt into it when many countries have already successfully entered the game. Now, being not the pioneer, USA can be spared from the many mistakes that the pioneer will eventually be making, so this can in fact be an advantage. The strength of the digital version of any currency is still dependent on the strength of the real fiat currency, the one backing the digital. I am sure that central banks are now seeing this digitalization move as an opportunity to be able to control the fiat money movement and the chance to just produce the digital money almost with no cost plus these digital currencies can be tracked and controlled, the best joystick for control-leaning governments. With that scenario, should we not be happy that USA is not on the lead?

[Hydrogen]

All these developments shows us that we're getting closer to a "cashless society" than we've thought.

While all of this is exciting, it seems that the USA will be left behind in the development of a blockchain-based "digital dollar" (USD).

The reason bankers and the wealthy are throwing mountains of capital and political leverage behind mass adoption of cashless societies is the greater control it offers. If they illegalize cash and paper money. Then they have complete control over monetary transactions. They could ban demographics whose politics, opinions or views they dislike and there would have no other system they could utilize to buy or sell things. That's the motive behind the large campaign pushing "cashless society" as an ideal.

You can see something similar happen with internet personalities that are banned from social media, instagram or youtube. That's the future the rich and powerful want for money. To create a cashless frontier where they can simply ban anyone who doesn't adopt their values, politics or lifestyle.

[Wexnident]

In the end, isn't it just a coin without it's physical matter? BTC was famous, growing, invested on, and believed to replace fiat is because it isn't controlled by anyone, backed by the miners mining them, and is safe to say that no one could probably obtain ownership of them. Plus, once the mining era is done, BTC basically has a limited supply, avoiding the issue of inflation which is caused by the ability of the current fiat system to basically just keep printing money.

I'm not particularly sure how countries would even plan on letting their coins flow in the world, but I see no difference with the current fiat except that its a virtual currency. Plus, it lost its entire purpose the moment the government made them, since it's basically defined as being monitored by then.

[audaciousbeing]

After Facebook announced it's Libra digital currency, several countries have expressed their interest of launching a digital currency of their own. China has already announced that it'll be working on Blockchain technology for a digital version of the Chinese Yuan while other countries have done the same. Most recently, German banks have requested the European Union to launch a programmable "digital euro" that would replace the current monetary system (physical Euro). All these developments shows us that we're getting closer to a "cashless society" than we've thought.

While all of this is exciting, it seems that the USA will be left behind in the development of a blockchain-based "digital dollar" (USD). After all, the country has been known to be quite strict about the development of the crypto industry. With many fierce regulations against crypto and Blockchain tech, many mainstream crypto businesses and companies have decided to stop providing services to US citizens. Poloniex will no longer serve US customers, which greatly diminishes the adoption of crypto within the US. This makes me wonder whenever the US will allow a "Digital Dollar" to happen in the future or not? If it doesn't migrate to the digital realm, then I'm afraid that other countries will take the lead in the world's economy. It's a matter of being ahead in the latest technologies to obtain supremacy. If the US remains reluctant to accept Blockchain technology into its current monetary system, then it'll be left behind without a doubt.

What do you think?

To think that the United States will be left behind is something that I have not seem to phantom and it won't come as a surprise should they also announce their own digital currency which might even surpass the countries that seem to take the lead here. Facebook would go ahead with the backing of the United States and when they combine forces, it just go way ahead of any national digital currency that is either out there or about to launch. I have a feeling that because of the current political landscape that have engulfed the entire space in the States, there is hardly any room for news or announcement but that does not mean that serious research and development is going on underground.

[jseverson]

All these developments shows us that we're getting closer to a "cashless society" than we've thought.

The world is a lot closer to this than we think. Sweden and China are increasingly going cashless, and contrary to what most crypto enthusiasts think, it doesn't necessarily have to be done on the blockchain, or have anything to do with crypto at all.

If the US remains reluctant to accept Blockchain technology into its current monetary system, then it'll be left behind without a doubt.

This will only be true if a blockchain-based or crypto-like national currency would be as important as you project. As China and Sweden demonstrates, digital fiat is already a thing, which leads me to question the significance, and even use case, of a national crypto. We all know that China is challenging the US for global supremacy, and the fact that the US doesn't feel the need to announce a competitor to China's own crypto implies that they don't think it's important for the global race. China's own crypto could very well be just a tool to apply even more control on their citizens without any global use or impact whatsoever. Either way, all we can really do is wait and see.

[sunsilk]

The Chinese stable coin has already been announced to the website of Tether and it's going to be CNHT. This broke the news of crypto ban to the country years ago and this is a good progress not just for them but for the crypto as a whole.

With the moves of US gov't, we don't know if they are just playing around and soon they'll also join the adoption. But I never thought of it that they'll be left behind specially when it comes to this kind of innovation.

[exstasie]

The reason bankers and the wealthy are throwing mountains of capital and political leverage behind mass adoption of cashless societies is the greater control it offers. If they illegalize cash and paper money. Then they have complete control over monetary transactions.

I think it's also governments who are heading off currency liquidity risks. Everyone is becoming increasingly worried about the next financial crisis and its effects on liquidity. When depositor money is locked inside the banking system (as opposed to cash), it's easier to prevent shocks to the economy. There are no bank runs in a cashless society.

[cosmofly]

After Facebook announced it's Libra digital currency, several countries have expressed their interest of launching a digital currency of their own. China has already announced that it'll be working on Blockchain technology for a digital version of the Chinese Yuan while other countries have done the same. Most recently, German banks have requested the European Union to launch a programmable "digital euro" that would replace the current monetary system (physical Euro). All these developments shows us that we're getting closer to a "cashless society" than we've thought.

While all of this is exciting, it seems that the USA will be left behind in the development of a blockchain-based "digital dollar" (USD). After all, the country has been known to be quite strict about the development of the crypto industry. With many fierce regulations against crypto and Blockchain tech, many mainstream crypto businesses and companies have decided to stop providing services to US citizens. Poloniex will no longer serve US customers, which greatly diminishes the adoption of crypto within the US. This makes me wonder whenever the US will allow a "Digital Dollar" to happen in the future or not? If it doesn't migrate to the digital realm, then I'm afraid that other countries will take the lead in the world's economy. It's a matter of being ahead in the latest technologies to obtain supremacy. If the US remains reluctant to accept Blockchain technology into its current monetary system, then it'll be left behind without a doubt.

What do you think?

In fact, America is a country that is ahead of the trend and they are very good at technology. For blockchain technology, they are still applied in many businesses producing or distributing products but they just do not support large enterprises entering a market full of manipulation. I think they were right to stop aggressively on the Libra project. If their country has a very large business that cannot control its cash flow, it may cause further harm in many other countries.

[desticy]

I think that in most of the announced cases, nothing further than the announcement will advance.
In any case, until the first precedent for the release of such a working and fully functioning product appears.

In my opinion, too strong a smell of politics hovers around such statements.
Now every country, one way or another, is trying to show that it understands the digital field no worse than others.

[Abiky]

Absolutely yes! Digital dollar is not just a mere possibility, it's an imminent future!

Majority of the developed nations will digitize their fiat system sooner or later because it has some major benefits if seen from the perspective of a government. It will offer them the power of supreme vigilance.

Supreme vigilance: if the entire fiat system is channelized through a digital platform, enforcement agencies will have complete visibility on what's happening on the economic front. Money laundering will be caught immediately. The chances of tax evasion incidents will be reduced to zero annd most importantly, financial crimes will be easier to catch and prove.

So not just US, you can expect all developed nation to issue their own digital currencies in future.

I hope so. After all, the US has been known to be quite restrictive when it comes to crypto and Blockchain technology. Even the President of the US have expressed his negative comments about digital currencies (mostly related to Libra). If other countries take the lead in adopting digital currencies of their own, then I see no other way for the US to survive with USD as the world's #1 reserve currency. I guess that once the US sees other countries launching their own digital currencies, it'll be forced to launch a digital version of the US Dollar within the mainstream world.

I have to agree that with Blockchain-based digital money, it becomes much easier for governments to be able to track malicious actors on-chain. Money laundering and other criminal activities will be reduced to a minimum due to the transparency of the underlying Blockchain ledger. Government-sensitive transactions, can be easily obfuscated via the use of privacy technologies like ZK-SNARKS or even Mimblewimble. Considering that our world is becoming largely dependent on the Internet, and electronic payments (like credit cards, etc.), it's likely that every country in the world will have their own digital currency within the not-so-distant future.

Nonetheless, time will tell us if a "Digital Dollar" will become a reality or not. Everything will depend on the US government itself in order to eliminate physical cash (USD) for good. With the US' collaboration, we could experience a cashless society sooner than we've thought. I believe that slowly but surely the US and other countries will start launching digital currencies of their own until physical cash is wiped out of existence once and for all. Just my thoughts