The Government-Backed Digital Dollar (USD)

[Hallmader]

Whatever currency, may it be a simple digital dollar or a blockchain-based cryptocurrency, for as long as it is government-backed will have no future. That does not represent the real philosophy behind the cryptocurrency that is being promoted and started by Bitcoin. It will have to be decentralized and anonymous or else it will be nothing at all. It will have to be open source, transparent, and has a limited supply or else it is just as useless as the USD.

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[Shenzou]

I think that many think that it is kind early for them to jump into creating a centralized government based crypto, while it is still a new concept, especially with most of the crypto supporters not agreeing with this kind of currency, Countries like China is trying to take the risk because if it succeed it will pay off and they will take teh lead in the market, and the US is just playing it safe and watching from a distant but i am sure as soon as they see profit in it they will jump on the train as well.

[murat131]

Can anybody explain me for that govs needs own crypto?

[SaShiRaJaVu]

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.

In the next five years we will see many countries launching their digital currencies and it will be another shit storm battle and the weakest one dies off, if people need to purchase those they need to implement a regulation so that you could purchase products with the digital coins and if they regulate bitcoin then they will be able to use it to purchase bitcoin and the decentralized market with those centralized coins.

[leavolnhals]

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?

This will be soon. but the way they treat libra is right. Because a business becomes too large and uncontrollable it becomes a slow and very dangerous bomb, which can threaten the financial and political situation of the United States.
But in the future, they will certainly study and set up electronic dollars as soon as they realize there is high demand. Anyway, I still trust Americans in technology, they have a lot of smart minds.

[wack slacker]

I don't know when they will create their own digital currency but now China has created their own cryptocurrency.  I just think that China's creation of their crypto is just against Bitcoin and satisfies the Chinese people's desire to own crypto.  Whether or not the United States creates a replacement USD currency is not important because their economy is too large, and if creating crypto, only the Fed has the right to create it under the permission of the US government.  If the United States has its own cryptocurrency representing the USD, the global crypto market will flourish.

[Getmon]

I don't know when they will create their own digital currency but now China has created their own cryptocurrency.  I just think that China's creation of their crypto is just against Bitcoin and satisfies the Chinese people's desire to own crypto.  Whether or not the United States creates a replacement USD currency is not important because their economy is too large, and if creating crypto, only the Fed has the right to create it under the permission of the US government.  If the United States has its own cryptocurrency representing the USD, the global crypto market will flourish.

China's cryptocurrency is not yet existing. It is probably against Bitcoin but it is certainly not the people's desire to own their own crypto. It is more of the country's desire to create their own crypto knowing that it is going to be the future of money. And they cannot allow other crypto to be the main currency within their territory.

The economy of the US is large but so is China's. If the US will create its own crypto and the Fed has the only power over it, it is going to be much worse in the totalitarian country of China.

[CristianOff]

The reason we are moving towards a cashless society is because the government can track everything compared to cash payments. This may project our society into "the next stage" but at the expenses
of privacy. It's the same concept as we did with smartphones

[el kaka22]

The sad part is, if they control a currency it is still centralized and it doesn't really make that much change from the current one. I mean whats the difference between regular dollar that is under control of USA or FED and a digital stable coin that is still controlled by USA or FED? Seriously there is absolutely no difference. After all isn't most money in dollar form is in digital bank accounts right now (or shares, dividends, forex and so forth?) so all in all the dollar is as digital as it gets.

We don't like just because it is digital, I mean there are MMORPG games that has game currency as well that is digital, do we use them like this? No. We like bitcoin because it is decentralized and under no one's control. Not much we could do if they want to build one but I rather them not doing it.

[barbara44]

Are you sure about cashless society? Do you think that having a digital version of the currencies we are using today will stop the use of paper money? It's not going to happen like that. You need to do your research properly. Digital money is only going to make transactions easier, we won't be making use of long processes to send money abroad, that's the reason for digital money. When you have a digital money you can then redeem it for the real one in banks.

JP Morgan Chase have already created a prototype cryptocurrency, you should check out their website to know more about it. If that turns out to be a success other Banks will do the same. I believe that as time goes on and we begin to have digital currencies there will be special wallets dedicated to it, other online payment processing companies like PayPal might be part of it in building a wallet that will allow users to receive the crypto version of every currency and then redeem it to their bank.

[uray]

The reason we are moving towards a cashless society is because the government can track everything compared to cash payments. This may project our society into "the next stage" but at the expenses
of privacy. It's the same concept as we did with smartphones

Privacy is the biggest issue when all the government start pushing their digital coins, if those digital coins will help the crypto market by helping the investors to invest in the market without much hassle then people will be using them, if not i highly doubt anyone will be using unless the government spend a lot of funds promoting the coin with offers.

[Tylev]

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?

This will be soon. but the way they treat libra is right. Because a business becomes too large and uncontrollable it becomes a slow and very dangerous bomb, which can threaten the financial and political situation of the United States.
But in the future, they will certainly study and set up electronic dollars as soon as they realize there is high demand. Anyway, I still trust Americans in technology, they have a lot of smart minds.

I already read the information that the US government announced the possibility of creating its own stable coin, which will actually be a digital dollar. In the United States, they finally realized that this market segment could soon be busy and they could stay on the sidelines of world technological progress. Even in India they already want to create their national stable coin, and it was the Reserve Bank of India, which is the main opponent of a decentralized cryptocurrency, that came up with this initiative.
The number of stable coins is growing and now it is the world states that begin to issue their national stable coins. This is a contradictory tendency for a decentralized cryptocurrency, however, I think that this will not be worse.

[Hamphser]

It is funny and ironic at the same time because i think they really want the majority of the people to support them. It's not bad to support our own government as long as there is no violation in our own security and privacy. But the fact that they want to know everything from you is kind of irritating stalking skills. Bitcoin is still the best choice if you want to have your own bank.

[shield132]

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?

What about to think a little bit more about cashless society? It has it's pros and cons. Government will take full control of your money, is it that good? You won't be able to save some money privately, government and bank institutes will know it. I think creating digital currencies by government has another meaning too, after creating that they will try to have monopoly on it and may ask us: no more bitcoin or altcoin. Idk, maybe I think wrongly but at the moment that's my idea about this subject.
Btw USA isn't that bad regarding to cryptocurrencies, for example they accepted taxes to be paid by bitcoin in Ohio state which is in "beta" mode.
In overall it will be different what they say and what they'll do. China was starting to hate bitcoin but changed their mind, India banned bitcoin and they may change their mind too as it seems.

[Abiky]

It is funny and ironic at the same time because i think they really want the majority of the people to support them. It's not bad to support our own government as long as there is no violation in our own security and privacy. But the fact that they want to know everything from you is kind of irritating stalking skills. Bitcoin is still the best choice if you want to have your own bank.

I know right? Most governments want to deploy their own digital currencies just to obtain a greater degree of surveillance over people's transactions. Of course, Blockchain technology brings many other benefits to them that are hard to ignore. The mere fact that transactions are blazing fast and cheaper in a Blockchain than in traditional systems of today, encourages worldwide governments to quickly adopt a digital currency of their own.

The main trigger of government-issued digital currencies has been the announcement of Facebook's Libra cryptocurrency. We've seen a deeper level of interest among the world's renowned countries because of this. China has already made a statement of Blockchain technology, Russia did some time ago, while German banks have already asked the European Union to develop a digital version of the Euro. Now it's up to the US, to announce it's own digital version of the dollar (USD). So far, the US has been quite strict when it comes to crypto and Blockchain technology. With many fierce regulations, most crypto companies and startups have left the country. Even the President of the US, has spoken negatively about cryptocurrencies in general. With these actions of the US, it looks very unlikely that it'll adopt its own digital version of the dollar soon (unless there's pressure from other countries that have adopted digital currencies of their own).

Nonetheless, time will tell us whenever the US will stay ahead of the game or not. With increased interest from other countries into launching digital currencies of their own, time may be running out for the US to adopt Blockchain technology for its own benefit. Just my opinion

[Cherylstar86]

It is funny and ironic at the same time because i think they really want the majority of the people to support them. It's not bad to support our own government as long as there is no violation in our own security and privacy. But the fact that they want to know everything from you is kind of irritating stalking skills. Bitcoin is still the best choice if you want to have your own bank.

Each government on different country have there own way by having share on the crypto currency world but somehow it makes us so frustrating as they want a share even a single move that we make in crypto currency community. My point is that they will even do something just to have a share like by providing taxes. Well, we have nothing to do about that as long as they will never stop us by being part here in digital world.

[huige007]

It is funny and ironic at the same time because i think they really want the majority of the people to support them. It's not bad to support our own government as long as there is no violation in our own security and privacy. But the fact that they want to know everything from you is kind of irritating stalking skills. Bitcoin is still the best choice if you want to have your own bank.

Each government on different country have there own way by having share on the crypto currency world but somehow it makes us so frustrating as they want a share even a single move that we make in crypto currency community. My point is that they will even do something just to have a share like by providing taxes. Well, we have nothing to do about that as long as they will never stop us by being part here in digital world.

Let us just face the truth of the governments, n matter what country it belongs to. All of these authorities want to keep the public and masses their slaves by holding economy in their hands. They are thieves with logic that is you cannot even call them thieves. For instance, taxation is a way to accumulate money with logical reasons while this system has never benefited people in any way. Digital currencies like bitcoin are the escape from this trap.

[abhiseshakana]

Can anybody explain me for that govs needs own crypto?

I will explain from the perspective of the government why the government launched its own coin stables.

Back to the nature of a country, that the state has an obligation to protect its citizens. Ensuring fairness and security in transactions in a country. No citizen except the state can monopolize the financial system. Imagine if the financial system was held by individuals, the nature of the state was questioned.

So it is clear that this protection and security factor is the goal and necessity of a country to guarantee it. Each citizen has their rights and it is important to remember that every right in one individual is related to the rights of other individuals and the state is obliged to protect it.

For example in the case of taxation, Imagine if there are taxpayers involved in taxation crimes or tax evasion, then the Directorate General of Taxes institutions will have difficulty freezing the relevant assets because the state authority does not have the authority.

The stable coin was made by the government as a form of the government's careful response to the cryptocurrency trend. The adoption of full bitcoin carries more threats than profits according to the government. On the other hand blockchain technology promises transparency and various benefits. So that the win-win solution taken by the government is launching a stable coin.

[Ozero]

The US government will soon create its own stable dollar-based coin. This has already begun to be discussed in the government. The prospect of the emergence of a global private stable coin Libra really pushed the world states to create their own national stable coins. Therefore, the appearance of such coins is natural. It seems that they will create serious competition for a decentralized cryptocurrency as a means of payment.

[meliodas]

This makes more sense rather than trusting other companies or projects that offer stable coin or digital dollar because when a government backed something then there is an assurance that everything is under control and we have nothing to worry about because government can track everything so there is no way for scammers to fool the users of government backed digital dollar.