The Government-Backed Digital Dollar (USD)

[Abiky]

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.

That could be another possibility of launching a legitimate digital version of the US Dollar. While the US government is quite skeptical about crypto and Blockchain technology, it could change its stance in the future as it sees other countries launching their own digital Fiat currencies. China has already announced that it will be doing this, so I'd bet the United States will work on its own digital currency for the world to stay in power. Otherwise, it'll be left behind as China becomes the most largest economy in the world. I believe that a digital version of the US Dollar would live in a privately-owned Blockchain, than a public one since this way the government would be able to do as it sees fit. Maybe they'll end up adopting Ripple's XRP Ledger for this purpose, or they will allow Facebook's Libra to become the next digital dollar for the world.

Nonetheless, with the emergence of stablecoins and Facebook's announcement of Libra, the US government will have no choice but to join the Blockchain industry in its entirety. It could take a couple of years from now before we'll be able to experience a digital version of the US Dollar, but we'll get there sooner or later. What matters is that Bitcoin will be a part of our daily lives either directly or indirectly. After all, Blockchain technology is a real game changer when it comes to mainstream finance. Just my thoughts

[atjiat]

That could be another possibility of launching a legitimate digital version of the US Dollar. While the US government is quite skeptical about crypto and Blockchain technology, it could change its stance in the future as it sees other countries launching their own digital Fiat currencies. China has already announced that it will be doing this, so I'd bet the United States will work on its own digital currency for the world to stay in power. Otherwise, it'll be left behind as China becomes the most largest economy in the world. I believe that a digital version of the US Dollar would live in a privately-owned Blockchain, than a public one since this way the government would be able to do as it sees fit. Maybe they'll end up adopting Ripple's XRP Ledger for this purpose, or they will allow Facebook's Libra to become the next digital dollar for the world.

Nonetheless, with the emergence of stablecoins and Facebook's announcement of Libra, the US government will have no choice but to join the Blockchain industry in its entirety. It could take a couple of years from now before we'll be able to experience a digital version of the US Dollar, but we'll get there sooner or later. What matters is that Bitcoin will be a part of our daily lives either directly or indirectly. After all, Blockchain technology is a real game changer when it comes to mainstream finance. Just my thoughts

If the United States creates its own national cryptocurrency, then it may not be able to be a stable coin, unless of course it is supported by the dollar.  At least in the cryptocurrency market, there is already Tether, where USDT practical is the digital equivalent of the dollar.  In addition, if we take into account the G8 cryptocurrency report, it was about stable cryptocurrencies that were positive statements that do not pose a threat to people and the state’s economy.

[wack slacker]

This is a fairly sensitive topic.  Facebook failed to negotiate with the US government about creating its own currency, Libra.  On the other side of the globe, China is working hard to create the yuan based on Blockchain technology.  I am waiting to see if the Chinese economy will be like if they put CNY into operation.  If successful, the US government must change its mind to catch up with China.  I have witnessed the transition from cash to non-cash from applications like Alipay, Wechat ... of their country.  Currently, China's neighbors are learning that.

[Cred Win]

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.

Yes, government made money will still suffer from inflation and other long-term issues even if it lives on a blockchain. If you want your wealth to have credibility, please use the types (BTC) without endless expansion of supply.

[whyrqa]

This is a fairly sensitive topic.  Facebook failed to negotiate with the US government about creating its own currency, Libra.  On the other side of the globe, China is working hard to create the yuan based on Blockchain technology.  I am waiting to see if the Chinese economy will be like if they put CNY into operation.  If successful, the US government must change its mind to catch up with China.  I have witnessed the transition from cash to non-cash from applications like Alipay, Wechat ... of their country.  Currently, China's neighbors are learning that.

I have always been convinced that the government in many states does not want to use cryptocurrency as a means of payment, because they can lose control of the financial sector of their state.  Each government, in order to avoid any problems and solve the tasks at the expense of the financial well-being of its citizens, creates inflation and prints new banknotes of the national currency.  How they will deal with digital currency is unknown.  Perhaps the national cryptocurrency will also be subject to similar fraud and manipulation by the government.

[EdvinZ]

I think the US will be one of the first to launch its own national digital dollar. After all, this country is known for its high-tech developments. So launching a national digital payment system will not be difficult for the US. The difficulty is only in some disagreements between politicians, but they are likely to come to a consensus.

[Shasha80]

I was surprised to see a country as big as America that is too strict with cryptocurrency, whereas usually America is a country
leading the way when it comes to technological advances. But about cryptocurrency they behave differently, even launch
Libra is still complicated. They don't learn from China, which have started making their own cryptocurrency, if this is the way
in the future, the possibility that America will be left behind by China could really become a reality.

[atjiat]

I was surprised to see a country as big as America that is too strict with cryptocurrency, whereas usually America is a country
leading the way when it comes to technological advances. But about cryptocurrency they behave differently, even launch
Libra is still complicated. They don't learn from China, which have started making their own cryptocurrency, if this is the way
in the future, the possibility that America will be left behind by China could really become a reality.

Despite the democratic structure of American society, economic and financial corruption and corruption have flourished in government.  The difference between the USA and China is that any manipulation of an official in China is punishable by law and very often the death penalty is imposed on such officials.  The Chinese government leads the country in a completely different way and they always fight against various manifestations of inflation so that their national currency is appreciated.  If there is a national cryptocurrency, then its purpose will by no means be at odds with the views and actions of the Chinese government, unlike the US government, which see bitcoin as a threat to itself.

[SaShiRaJaVu]

I was surprised to see a country as big as America that is too strict with cryptocurrency, whereas usually America is a country
leading the way when it comes to technological advances. But about cryptocurrency they behave differently, even launch
Libra is still complicated.

You have to understand the difference here, it is a new financial market and that too not restricted to a certain region or a country and it is not that easy to come up with a regulation that is global and it is not a huge surprise that the authorities are taking time to regulate. The launch of Libra will have major implications in the market because if they have the permission then expect all the multi national companies coming up with the same concept and it will affect the fiat market and hence they have to take everything under consideration to regulate something.

[Abiky]

This is a fairly sensitive topic.  Facebook failed to negotiate with the US government about creating its own currency, Libra.  On the other side of the globe, China is working hard to create the yuan based on Blockchain technology.  I am waiting to see if the Chinese economy will be like if they put CNY into operation.  If successful, the US government must change its mind to catch up with China.  I have witnessed the transition from cash to non-cash from applications like Alipay, Wechat ... of their country.  Currently, China's neighbors are learning that.

I think that the US is waiting for other mainstream countries to adopt their own digital currencies before launching the "Digital Dollar". If China takes the lead by launching its own "digital yuan" before the US starts developing the "digital dollar", then things will become fierce in the mainstream world. The US would not allow other countries to take the lead in economic superiority, leading them to adopt Blockchain technology in its entirety.

Now, the real question is when will the US become friendly towards crypto and Blockchain tech in general? As long as it imposes strict regulations against the industry, I don't see it going anywhere. Other countries like the UK, Malta, and even Japan have been extremely friendly towards crypto as they know it's the future of money. They're not as stringent as the US is, where it believes that crypto is only used for money laundering and tax evasion. If the US had an "open mind" it would realize that there's more to crypto than meets the eye. When put to good use, crypto and Blockchain technology can improve our economy like never before.

But be aware though, that if the US doesn't react quickly, the USD might lose its status as the reserve currency of the world. Only then, US' supremacy will come to an end, leaving China (or any other country) as the largest economy of the world. I hope that I'm wrong and that someday will be able to see an official announcement of the US government related to the wide-spread use of its "digital dollar" worldwide. Just my opinion