The Government-Backed Digital Dollar (USD)

[Cherylstar86]

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

Every government on each country has it's own rules and regulations in which need to follow it in order to avoid conflicts. As the crypto currency become more demand throughout the world many users want to us it by transferring it from one place to another. Just like that your country legalize crypto currency and by travelling to other country you can't access due to it's not authorized. What I mean to say each of us must aware the different place as we want it as I'm still hoping that those country didn't legalize crypto currency will be legalize soon.

[airdnasxela]

There's a reason why they can't just adopt sudden changes like digital currency. I'm not sure and this is just my personal opinion but since USD is the world's reserved currency, and usd is involved in a lot of foreign exchange, I think if they adopt digital currency, not all countries can adopt it as well due to lack of technological capabilities and advancement.
Or maybe the government doesn't find it as that essential for now but maybe in the future they might adopt too.

[cutesgirl]

There's a reason why they can't just adopt sudden changes like digital currency. I'm not sure and this is just my personal opinion but since USD is the world's reserved currency, and usd is involved in a lot of foreign exchange, I think if they adopt digital currency, not all countries can adopt it as well due to lack of technological capabilities and advancement.
Or maybe the government doesn't find it as that essential for now but maybe in the future they might adopt too.

USD have been world currency payment with many countries use USD as payment for export and import transactions and many loan making by government in one country always use USD as currency payment value when receive loan and give payment later, for country borrow when USD have higher price and pay after USD in lower price look profitable.

[diazepam666]

There's a reason why they can't just adopt sudden changes like digital currency. I'm not sure and this is just my personal opinion but since USD is the world's reserved currency, and usd is involved in a lot of foreign exchange, I think if they adopt digital currency, not all countries can adopt it as well due to lack of technological capabilities and advancement.
Or maybe the government doesn't find it as that essential for now but maybe in the future they might adopt too.

USD have been world currency payment with many countries use USD as payment for export and import transactions and many loan making by government in one country always use USD as currency payment value when receive loan and give payment later, for country borrow when USD have higher price and pay after USD in lower price look profitable.

speaking about the greatness of US dollar is not a matter and for the cryptocurrency field we doesn't need that also. Whenever you wish to to invest on cryptocurrency you just need to forget about this table Fiat currencies because this all all their currencies are backed by federal and reserve banks.
banks are not at all helpful for the people in this world the only trying to scratch the uses who want to use it.

[khunyung]

There's a reason why they can't just adopt sudden changes like digital currency. I'm not sure and this is just my personal opinion but since USD is the world's reserved currency, and usd is involved in a lot of foreign exchange, I think if they adopt digital currency, not all countries can adopt it as well due to lack of technological capabilities and advancement.
Or maybe the government doesn't find it as that essential for now but maybe in the future they might adopt too.

USD have been world currency payment with many countries use USD as payment for export and import transactions and many loan making by government in one country always use USD as currency payment value when receive loan and give payment later, for country borrow when USD have higher price and pay after USD in lower price look profitable.

speaking about the greatness of US dollar is not a matter and for the cryptocurrency field we doesn't need that also. Whenever you wish to to invest on cryptocurrency you just need to forget about this table Fiat currencies because this all all their currencies are backed by federal and reserve banks.
banks are not at all helpful for the people in this world the only trying to scratch the uses who want to use it.

Banks are not trying to helpful, but useful (not always I agree)
If digital dollar would be backed by banks + it could be mined = boom
This combination can make Usd go straight up

[btcmurat]

A state-funded Blockchain money? Is that really necessary? What is the purpose of the bitcoin market anyway? To provide an alternative to the cumbersome structures of states. Bitcoin or a different project, I think states will not officially enter this business.

[Smitty Werben Man Jensen]

A state-funded Blockchain money? Is that really necessary? What is the purpose of the bitcoin market anyway? To provide an alternative to the cumbersome structures of states. Bitcoin or a different project, I think states will not officially enter this business.

Germany, Russia, China and Japan have entered this business, have you not read the news ?, China will launch a crypto currency next year, this indicates that the crypto currency is really favored by large countries, but America still hates it

[JeffBrad12]

A state-funded Blockchain money? Is that really necessary? What is the purpose of the bitcoin market anyway? To provide an alternative to the cumbersome structures of states. Bitcoin or a different project, I think states will not officially enter this business.

Germany, Russia, China and Japan have entered this business, have you not read the news ?, China will launch a crypto currency next year, this indicates that the crypto currency is really favored by large countries, but America still hates it

It's still not released yet though and just seems an experimental project to test out the effectiveness of cryptocurrency. however if it happen to succeed and bring benefit to the country other countries will surely follow considering how big china influence to its neighbouring country and crypto is already in many countries' concern

[cutesgirl]

Many transaction for import and export using USD as payment currency with many countries, when USD have been most popular payment using look hard for bitcoin become legal currency, always have way how to make many countries want to accept bitcoin as currency payment for every import and export transaction because can give benefit both seller and buyer.

[riso2015]

I am very confident that the United States will make a digital dollar or a their own cryptocurrency in the future. It aims to compete with countries that have already made their own Crypto, especially competing with China. So for those of you citizens of the United States you will get a "Digital Dollar" soon from now.

[imstillthebest]

I am very confident that the United States will make a digital dollar or a their own cryptocurrency in the future. It aims to compete with countries that have already made their own Crypto, especially competing with China. So for those of you citizens of the United States you will get a "Digital Dollar" soon from now.

what about usdt/tether ? the coins sounds like a dollar but i dont know if it built by u.s citezens or simply came from the country of america or not  .

if not i guess they will create thier own crypto based currency just like what other country did because that is the new trend thats happening thesedays and one of the country i remember do that is china  but i dont know they made that for  competition but they made that possible in order to transform the way people transact  .

[Abiky]

Germany, Russia, China and Japan have entered this business, have you not read the news ?, China will launch a crypto currency next year, this indicates that the crypto currency is really favored by large countries, but America still hates it

Many of the world's most powerful countries have already started to work on digital currencies of their own. The only one that will be left behind is the USA if it continues to be skeptical about crypto and Blockchain technology. When that happens, expect China to take over the world as it'll dominate our economy as we know it. Once the US realizes that China is too powerful, it'll could decide to launch its digital version of the USD. But then, it'll be too late.

Of course, no one knows what will happen in the future. Maybe the US will decide to launch its own digital currency once it sees other countries doing the same. After all, the US wants to retain its supremacy within the mainstream world. It's a good idea to transition the United States Dollar into the digital realm, as it's the world's reserve currency. Blockchain technology brings a lot of benefits that are hard to ignore. Efficiency and low costs are one of the reasons why many governments have considered creating digital currencies of their own. Ever since Facebook has announced its Libra stablecoin, most governments have committed themselves to launch digital versions of Fiat in the least time possible. This is mostly because they're afraid that crypto will take over the world's economy in the future.

Nonetheless, a government-backed digital dollar may not be far from becoming a reality. People need to show interest in it though, for the United States to start replacing physical cash (USD). Older generations may find it hard to use digital currencies, but newer ones will quickly adapt to the trend. In the end, the process of transitioning from physical Fiat into digital will be a slow and steady one. Just my thoughts

[justdimin]

Maybe they won't make a "government backed" version of it but maybe they will do a wall street backed version of it which would basically be the same thing. I mean the important part is to have a currency that is valuable and spendable everywhere and pegged to usa and trusted that it will never fail right?

Wall street is exactly that, those dudes literally made money out of thin air in the past 30-40 decades and whenever they failed government saved them so if a currency is backed by wall street it is indirectly backed by the government as well for the reason wall street can't be failed. If that happens we could see something quite strong in the crypto world, we have something very tiny for that for example, USDC which is backed by circle which is owned by some wall street company I forgot.

[btcmurat]

How can a government-supported Cryptocurrency benefit us? Because we are looking for a decentralized structure. So I think so. The existing structures of the states are very cumbersome. Government institutions are too big to solve some problems. A more democratic structure is needed. A new order with a volunteer community. I don't think states are going to get into this.

[tartibaya]

Let me tell you a story. Or rather an adventure.

The World Trade system used to be based on the States. Now we have Large companies. There are even individuals who do business across the sea. In this case, the monetary systems of the states can be destroyed. Behind it might be a Blockchain-based currency with a State-size power. However, companies like Facebook can do this. Not the state but as strong as the state!

[jameshugo17]

A state-backed crypto coin doesn't make sense to me. Why would they need something like that? They're already printing money in central banks. Also what such a currency will add to the states. I think crypto coins will be more interested in private companies. They will be involved in developing a system of their own. They even entered. Libra, for example.

[Bellarg]

I dont know why people want digital fiat currencies so much. Is it really change anything? Maybe only swift payments

[slashz9]

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.

yes many countries are competing to make their own currencies, can be seen from China and may be followed to other countries if it is smooth, but yes the difference will be clear, because the average coins made by each country take the basic of stablecoin namely coins that are based on fiat currency itself such as USD, YUAN, KRW, and others depending on the country.
so bitcoin and other alts will still be there because the value is volatile.

[Ozero]

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.

I have already heard that the US government intends to issue its stable coin. In general, already about 70 percent of all states intend to issue their stable coins. Therefore, we can say that indeed, people can use stable coins of different states more than decentralized cryptocurrency. It is quite possible that the era of stable coins will soon come, which in any case will be used together with the national money of states.

[kotik085]

Yes, this was supposed to happen and the fact that Libra will soon enter the crypto market and then deploy its scales.