The Government-Backed Digital Dollar (USD)

[error08]

One thing to note is; money issued isn't by the government but central bank.
Although some are nationalized, many central banks are not government agencies, and so are often touted as being politically independent.
The critical feature of a central bank—distinguishing it from other banks—is its legal monopoly status, which gives it the privilege to issue bank notes and cash.
It's not an easy task to understand how all of it works which connected one and other things in the past after the world war, but basically the central bank is one of the kings in monetary policy which has proven detrimental to the economy due to high-interest rates and inflation. If they want to create digital fiat currency, probably hackers would be the biggest problem.

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[1715383986]

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[Clement Kaliyar]

If they want to create digital fiat currency, probably hackers would be the biggest problem.

If the government are planning to release a central coin then they will make sure to test everything and security will be main thing they will take care before release them and hence i will not worry about the security of the coin as it will insured as well even if something happens in the worst case scenario. Do we really need a government backed digital dollar is the main question, to be frank we do not need that as we already have fiat currency that is digital but the real question is are they planning to create a crypto based digital dollar , i am not expecting that anytime soon.

[asus09]

One thing to note is; money issued isn't by the government but central bank.
Although some are nationalized, many central banks are not government agencies, and so are often touted as being politically independent.
The critical feature of a central bank—distinguishing it from other banks—is its legal monopoly status, which gives it the privilege to issue bank notes and cash.
It's not an easy task to understand how all of it works which connected one and other things in the past after the world war, but basically the central bank is one of the kings in monetary policy which has proven detrimental to the economy due to high-interest rates and inflation. If they want to create digital fiat currency, probably hackers would be the biggest problem.

source

Many country depend their economic financial with United state and they have backed USD and dislike with other payment although giving much benefit like bitcoin become digital payment currencies, more than twenty years USD have been currency payment for buying and selling imported products using USD, other side with country have get loan from world bank have use USD as their payment transaction.

[oktana]

One thing to note is; money issued isn't by the government but central bank.
Although some are nationalized, many central banks are not government agencies, and so are often touted as being politically independent.
The critical feature of a central bank—distinguishing it from other banks—is its legal monopoly status, which gives it the privilege to issue bank notes and cash.
It's not an easy task to understand how all of it works which connected one and other things in the past after the world war, but basically the central bank is one of the kings in monetary policy which has proven detrimental to the economy due to high-interest rates and inflation. If they want to create digital fiat currency, probably hackers would be the biggest problem.

source

If they trust the Fed, it will not be difficult for them to only build relations with usdc through the MoU.

by providing the same immunity, their systems will form triangles that can complement each other. America is not like other countries which have to formulate from the beginning, they can take over a consortium of private parties under their jurisdiction without complicated process.

[crossabdd]

Most countries in the world use international money in USD. perhaps this is the main reason why Americans do not accept crypto and want to survive on real USD currencies. because USD control will weaken if it moves to crypto, world trade control will become free and America can no longer rule with its dollar. while other countries want to leave international currencies. America still maintains it. so it would be bad if America did not immediately accept crypto technology. I strongly support if each country has its own crypto currency.

[Getmon]

I strongly support if each country has its own crypto currency.

I don't support that each country will have its own cryptocurrency. Cryptocurrency in that case will become cheap and will not reflect or represent the real idea behind cryptocurrency. If every country will create their own cryptocurrency, the idea of a global currency disappears. The idea of a free currency that is beyond the control, manipulation, valuation, and ownership of a single country will die. The idea that cryptocurrency is open and free for all, not owned in any way, will end.

[TastyChillySauce00]

I strongly support if each country has its own crypto currency.

I don't support that each country will have its own cryptocurrency. Cryptocurrency in that case will become cheap and will not reflect or represent the real idea behind cryptocurrency. If every country will create their own cryptocurrency, the idea of a global currency disappears. The idea of a free currency that is beyond the control, manipulation, valuation, and ownership of a single country will die. The idea that cryptocurrency is open and free for all, not owned in any way, will end.

Quite the contrary if each country have their own cryptocurrency that will further prove the idea that cryptocurrency could widely used and created by individuals and even government only if they want to really implement it. Crypto won't become cheap just because many country are creating their own. The opposite, it will bring a lot more adoption and therefore increase the legitimacy of cryptocurrency that could potentially drive its value and capitalization skyrocket.

[judaspriest]

Quite the contrary if each country have their own cryptocurrency that will further prove the idea that cryptocurrency could widely used and created by individuals and even government only if they want to really implement it. Crypto won't become cheap just because many country are creating their own. The opposite, it will bring a lot more adoption and therefore increase the legitimacy of cryptocurrency that could potentially drive its value and capitalization skyrocket.

I myself can not wait for big countries like Russia, the United States, China has its own cryptocurrency, 2020 we will see the development of the world of crypto currencies will be directed to China and Russia, if the United States is serious about making USD crypto currencies, I think USDT, USDC, and some other stable coins will have a real threat

[Abiky]

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.

Well, it's no secret that the US has been quite skeptical about crypto and Blockchain technology. Their strictness in the space, shows us that the world's most powerful country is reluctant in accepting crypto as Fiat's successor. According to Cointelegraph (link to article here), the Secretary of the Treasury of the United States (Steven Mnuchin) said that "he and Federal Reserve Chairman Jerome Powell do not anticipate the development of a national digital currency in the country". This demonstrates us that the United States doesn't see the possibility of launching its own digital currency within the future. If other countries manage to launch their digital currencies first, then US' supremacy might come to an end. It's a matter of which countries adopt the latest technologies first in order to stay in power and ahead of the game.

I'm afraid that US might be left behind other countries in the future, as they adopt Blockchain technology for their own benefit. The tech not only proves to be useful for finance, but other areas of the mainstream world such as healthcare, voting, transportation, real estate, and more. There will be a complete transformation of the world's industries via the adoption of Blockchain technology. Once other countries adopt Blockchain in every way, the US will be left behind as the "obsolete" country of the world.

Nonetheless, it's surprising to see how Facebook's Libra cryptocurrency has triggered a massive interest into worldwide countries in launching their own digital currency solutions. I'd bet that if it wasn't by Facebook's announcement of a stablecoin for the world, most governments wouldn't have cared about launching their own digital currencies at all. It shows that governments are afraid of Libra and don't want to lose power over their citizens. We'll see how everything unfolds in the future as slowly but surely people start using digital currencies for their own benefit. Just my thoughts

[Getmon]

I strongly support if each country has its own crypto currency.

I don't support that each country will have its own cryptocurrency. Cryptocurrency in that case will become cheap and will not reflect or represent the real idea behind cryptocurrency. If every country will create their own cryptocurrency, the idea of a global currency disappears. The idea of a free currency that is beyond the control, manipulation, valuation, and ownership of a single country will die. The idea that cryptocurrency is open and free for all, not owned in any way, will end.

Quite the contrary if each country have their own cryptocurrency that will further prove the idea that cryptocurrency could widely used and created by individuals and even government only if they want to really implement it. Crypto won't become cheap just because many country are creating their own. The opposite, it will bring a lot more adoption and therefore increase the legitimacy of cryptocurrency that could potentially drive its value and capitalization skyrocket.

Really? Let us try to take a careful look at the cryptocurrency world right at this moment. Let us not speculate on what is to come because that is beyond certainty. We cannot be sure if the future is really the one that we think of. Let us look at today. People, companies, institutions, etc are now creating their own cryptocurrencies. We have several thousands of them today. Now, do you consider it a successful condition? It somehow cheapened the quality of cryptocurrencies. It has proven that the creation of crypto is handy. It has proven also that there is possible money in it. But has it really proven that it greatly promotes adoption? No. It has even eroded the trust of so many people. It has even earned the ire of so many true crypto supporters. We are full of cryptocurrencies right now. Most of them are shitcoins already. Does the whole market cap grow because of them or their sheer number? Again, no.

[LUCKMCFLY]

I think the US has all the scenarios studied, and I think there may be a great and stealthy agreement with Mark and Libra from Facebook, the fact that they postpone their launch of the digital dollar for 5 years, is a clear and intelligent move, as it is known that Libra will have more acceptance worldwide than the cryptocurrency launched by a Country or a Bank, the fact of being a social network, people have more appreciation for it.

Now the US said that Libra can launch its stablecoin if it complies with all financial laws and Mark had previously stated that it will seek to increase the US economy through Libra, in a nutshell the US is very lucky, otherwise CHINA has it that its main concern is Libra. For more information on the digital dollar here: Steven Mnuchin Does Not Expect US to Issue Digital Dollar in Next 5 Years, cointelegraph

[cutesgirl]

I think the US has all the scenarios studied, and I think there may be a great and stealthy agreement with Mark and Libra from Facebook, the fact that they postpone their launch of the digital dollar for 5 years, is a clear and intelligent move, as it is known that Libra will have more acceptance worldwide than the cryptocurrency launched by a Country or a Bank, the fact of being a social network, people have more appreciation for it.

Now the US said that Libra can launch its stablecoin if it complies with all financial laws and Mark had previously stated that it will seek to increase the US economy through Libra, in a nutshell the US is very lucky, otherwise CHINA has it that its main concern is Libra. For more information on the digital dollar here: Steven Mnuchin Does Not Expect US to Issue Digital Dollar in Next 5 Years, cointelegraph

United State always want to backed their cash money USD become most popular payment transaction use around the world, how ever with new digital payment like bitcoin will stop there to keep competitor US become on the top list payment transaction, until today United State government not give allowed for Libra coin become legal in their country because afraid with their people move from USD to Libra.

[blckhawk]

Even with their clear intents to restrict cryptocurrency usage, I highly doubt that they would not make their own digital fiat. They might even be starting doing R&D and might be close to announcing it without us knowing. A great superpower wouldn't let all these advancements just slip up their hands, they would be surely catching up with other countries. It's either intentional delay, or it's just that the current administration running the government doesn't want digital currencies maybe because of political reasons, personal, or even be their pride to hold what their first stand against such currencies.

[Apened]

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?

Simply they will going to be left behind if they will allow that to happen something like we never expect that US will be that to strict with the regulations about crypto but sooner or later they might accept it or not they will have no other choice when futures comes in the market like in china as pf many people there are already using e payments systems more than their cash or fiat.

[abhiseshakana]

Simply they will going to be left behind if they will allow that to happen something like we never expect that US will be that to strict with the regulations about crypto but sooner or later they might accept it or not they will have no other choice when futures comes in the market like in china as pf many people there are already using e payments systems more than their cash or fiat.

There is nothing simple about America. America was the country that won the second world war and as a barometer of the world economy when the dollar was made a global currency.

America is a country that has a wait and see attitude towards cryptocurrency. Although many countries have adopted and legalized bitcoin, the United States has a skeptical view of bitcoin. Today the world sees America as anti-cryptocurrency because of the view of Trump as the country's leader who is a barometer of the world economy.

If we investigate further, the IMF which is identical as a tool of American interference in other countries with its debt instruments has signaled approval that the central bank should issue fiat-based digital currencies.

https://www.imf.org/en/News/Articles/2018/11/13/sp111418-winds-of-change-the-case-for-new-digital-currency

Blockchain technology can provide a serious impetus for the transition to a new lifestyle. A society without cash is no longer a Utopian dream and because each country faces unique circumstances surrounding the use of cash and the adoption of e-money. Cryptocurrency can offer a real alternative to other forms of payment, but it is not wise for central banks to offer fully anonymous digital currencies because they will potentially create a safe space for criminals. Digital currencies supported by central banks can help promote financial inclusion, security and privacy in payment systems as a cheaper and more efficient alternative to cash. USD-based stable coins are the safest way to follow the flow of digital economic and financial technology without threatening the interests of the United States.

[AitorMarcos]

I don't see a single reason for any country NOT to develop its own digital currency (whether it is crypto or not).
Because this way govs can profit from: a) taxes b)miners
Both of it leads to govs's profit

[superman2019]

The US government is too strict on cryptocurrencies. But they have so many departments that it is difficult for them to achieve coherence. Unlike the United States in Europe, where it already uses the same currency for member countries, it is less difficult to implement the idea of ​​a decentralized digital currency. Similarly, in China, where leadership dictates its rules to everyone. Although this attitude of the USA surprises me. Aren't they afraid to keep up with the world

The USA has too many different interests, which prevents them from focusing on only one technical area. The digital coin from the government doesn’t seem like an ideal idea to me either. China will prove to be excellent in this area, but still it will not be the freedom of action that is expected from blockchain systems.

[WersicyMonree]

The US government is too strict on cryptocurrencies. But they have so many departments that it is difficult for them to achieve coherence. Unlike the United States in Europe, where it already uses the same currency for member countries, it is less difficult to implement the idea of ​​a decentralized digital currency. Similarly, in China, where leadership dictates its rules to everyone. Although this attitude of the USA surprises me. Aren't they afraid to keep up with the world

The USA has too many different interests, which prevents them from focusing on only one technical area. The digital coin from the government doesn’t seem like an ideal idea to me either. China will prove to be excellent in this area, but still it will not be the freedom of action that is expected from blockchain systems.

I agree. The EU has the euro, one coin for many countries, no one will worry if it becomes digital. The United States is heavily dependent on the issuance of fiat currency, it is it that gives them influence in the world. At the same time, they are very responsible in addressing security issues and combating money laundering. This inhibits them from the easy adoption of crypto. It is difficult to be a leader if you do not think over such important issues that other countries do not pay much attention to.

Sooner or later, but the United States will digitize its assets. Even the head of Bitcoin says that the tokenization of society is inevitable. Therefore, I am glad that already now there are projects like taklimakan where you can study cryptocurrencies directly from specialists who are involved in trade and investment. After all, the sooner the preparation of society for understanding the fundamentals of the digital industry begins, the faster the number of specialists willing to work in the industry will grow.

[educart]

The US government is too strict on cryptocurrencies. But they have so many departments that it is difficult for them to achieve coherence. Unlike the United States in Europe, where it already uses the same currency for member countries, it is less difficult to implement the idea of ​​a decentralized digital currency. Similarly, in China, where leadership dictates its rules to everyone. Although this attitude of the USA surprises me. Aren't they afraid to keep up with the world

The USA has too many different interests, which prevents them from focusing on only one technical area. The digital coin from the government doesn’t seem like an ideal idea to me either. China will prove to be excellent in this area, but still it will not be the freedom of action that is expected from blockchain systems.

I agree. The EU has the euro, one coin for many countries, no one will worry if it becomes digital. The United States is heavily dependent on the issuance of fiat currency, it is it that gives them influence in the world. At the same time, they are very responsible in addressing security issues and combating money laundering. This inhibits them from the easy adoption of crypto. It is difficult to be a leader if you do not think over such important issues that other countries do not pay much attention to.

Sooner or later, but the United States will digitize its assets. Even the head of Bitcoin says that the tokenization of society is inevitable. Therefore, I am glad that already now there are projects like taklimakan where you can study cryptocurrencies directly from specialists who are involved in trade and investment. After all, the sooner the preparation of society for understanding the fundamentals of the digital industry begins, the faster the number of specialists willing to work in the industry will grow.

Now the USA can drag out the process according to the rules of cryptography regulation, but this is being done consciously. Society is gradually ripening, as the theme of the day is being formed that digital currencies will be in demand everywhere. In my opinion, everything is going as it should, step by step to work out the legislative framework in order to allow the blockchain industry to effectively develop and prevent fraud

[davinchi]

What if they are working on that but have decided to keep it as a secret? You never know.
So with all these creating their own cryptocurrencies, does that mean stable coins are taking over now? What about volatile coins like Bitcoin and Ethereum, what will then happen to them when the time comes? Every country are planning on creating a digital version of their own currency and these digital currencies are mainly going to gain mainstream adoption, which will make them surpass the first cryptocurrencies we have now.

There are lots of people right now that are not interested in crypto, but when these comes, they will all start to be interested. I guess Bitcoin will just be seen as a digital gold and nothing else.