Goverments creating digital currencies - Threat or Opportunity?

[Eclipse26]

Governments creating their own digital currency can rapidly increase the adoption of digital currency but not the one we like, like Bitcoin. If government tries to create their own, they won't let their people to use decentralized cryptocurrency because it will be a threat to what they have created. It's an opportunity to recognize decentralized crypto but once it gain so much attention and most of the attention diverted to decentralized than their own digital currency, the government can possibly start to strictly regulate decentralized crypto.

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[Oilacris]

Some governments recently try to create their own crypto currencies (e.g. China), according to reports. Some welcome this as a good step towards mass adoption of cryptocurrencies, others don't like it. Still, the crypto media welcomes this and we should consider whether this is good news in general or not.

What would be your opinions be on this? Should more and more governments create their own digital currencies and introduce them to their population or should we not support the creation of digital currencies made by governments?

Crypto or coins made by the government is just like 100% fiat although it can be called e-fiat instead.We know the difference

between decentralized and centralized ones thats why telling digital currencies made by government doesnt really fit that criteria.

Threat or opportunity? None of the above yet this is just like fiat.

[Aying]

If this will not going to manipulate all people in their country then it is good to use a government crypto currency. however, government is have the powerful rights to trace our transaction and if this happen they will limit us to use a certain amount of money they will control our usage everyday or month, year. we know that government had the dark side to control its people. but we will see, because there is still bitcoin to balance everything in digital world.

[abeecrypto]

I have always thought it will come down to this. It’s all good. If the government decides to venture well into cryptocurrency, either by creating their own or not, it will not only improve the confidence in the market but also create more boost in the awareness.
It will be wise to accept the introduction of governmental cryptocurrencies. That way, they could accept the present cryptocurrency market more.
Only time will tell what people want; the government crypto or the others.

[ronbennett_]

Thanks for all the answers. I agree with all of you that it is both a threat and an opportunity. Unfortunately, only time will tell us what will really happen.

[The Cryptovator]

Sound like centralization, if a government create their own crypto-currency then likely it would centralized. But it would positive for overall crypto economy. I don't think there is much threat for current crypto economies. When national crypto-currency will launched I think at the same time crypto-currency will legal for a country. There would trouble about financial freedom, because government will monitor you when you will use their currency. Anyway, we would realized the fact if any government create their own. Before that we can't say anything.

[Wexlike]

Sound like centralization, if a government create their own crypto-currency then likely it would centralized. But it would positive for overall crypto economy. I don't think there is much threat for current crypto economies. When national crypto-currency will launched I think at the same time crypto-currency will legal for a country. There would trouble about financial freedom, because government will monitor you when you will use their currency. Anyway, we would realized the fact if any government create their own. Before that we can't say anything.

it definitely is centralized. No sane government or central bank would give away their power to create or destroy money and put stimulus on the economy.

This is why a decentralized approach won't work in central bank world. The population still thinks that these people are neutral and not political, which couldn't be further from wrong. Especially with politicians like Christine Lagarde at the top, this statement of neutrality can't be true anymore with a french puppet on top of a central bank.

Crypto currencies serve a very different need, and that is to diversify from your local currency to a world wide market, although much thinner in volume and market cap.  Talking back about government issues crypto currencies, I don't believe they need a crypto in its fancy name. Most of the cash is already digital and it will only get worse in the future.

[djsugar]

See if you talk about the utility of cryptocurrency in the form of low fee in case of inter countries transactions, transparent records and fast transactions, then yes, these state owned cryptocurrency would outrun Bitcoin.
But Bitcoin is more of a promise to give people a decentralized form of currency system. This made people support it as a community. No state owned currency can take away that advantage from Bitcoin and replace it.

[karanggatak]

in my opinion the existence of government-made cryptocurrency will be a good opportunity to promote cryptocurrency to everyone. the government can easily order its citizens to use government-made cryptocurrency. and if some people already know cryptocurrency then I'm sure next they will know bitcoin and altcoin. and then will use and invest in bitcoin and altcoin.

[LUCKMCFLY]

~snip~

Governments will not lose the opportunity to generate liquidity for their economy in any way, the difficult thing is that they can succeed, the case of China is undoubtedly one of the most controversial, however, compared to Libra, they have proven to have a great fear.

 The case that has had more failures, including injecting a large amount of inflation into the economy due to its use, is the case of Venezuela through the PTR, whose strategies to move it go very badly, both internally and in exports of oil, since they demand payment in PTR.

The positive thing to extract from these cases is that it will generate a massive mass adoption towards Bitcoin, which is not bad at all, the hope of some countries regarding creating their cryptocurrency is low due to centralization, that control through governments and Banking has always been present.

[BChydro]

The threat part depends upon which country you are living, if you are under a dictator rule then if every transaction is recorded and if watching porn or gambling will end you in jail then you will not take the risk in having those digital centralized coins, i will avoid them like a plague and i am expecting more countries coming up with their blockchain based digital currency and in the next 5 years we might see a lot of them and how long they can be successful is a big question.

[FLoving]

Some governments recently try to create their own crypto currencies (e.g. China), according to reports. Some welcome this as a good step towards mass adoption of cryptocurrencies, others don't like it. Still, the crypto media welcomes this and we should consider whether this is good news in general or not.

What would be your opinions be on this? Should more and more governments create their own digital currencies and introduce them to their population or should we not support the creation of digital currencies made by governments?

If any country want to start their digital coin then we have to welcome that because we have to let the governments to learn about the digital coins if they will learn it then they will also learn that bitcoin is not a bad coin and they will know that bitcoin is a more favorable coin and people like it. Then in the long term it is also possible that states adopt bitcoin to replace their own created coin.

[ice098]

Some governments recently try to create their own crypto currencies (e.g. China), according to reports. Some welcome this as a good step towards mass adoption of cryptocurrencies, others don't like it. Still, the crypto media welcomes this and we should consider whether this is good news in general or not.

What would be your opinions be on this? Should more and more governments create their own digital currencies and introduce them to their population or should we not support the creation of digital currencies made by governments?

If any country want to start their digital coin then we have to welcome that because we have to let the governments to learn about the digital coins if they will learn it then they will also learn that bitcoin is not a bad coin and they will know that bitcoin is a more favorable coin and people like it. Then in the long term it is also possible that states adopt bitcoin to replace their own created coin.

Actually those countries who have created and will create their crypto currency is not a threat because even if they created their own virtual coins, still nothing can beat bitcoin due to its performance and popularity. Those coins made by different countries will help the crypto world's economical status because it shows that the population here in the crypto world grows fast.

[spike420211]

This is definitely an opportunity for each individual state, especially for those whose economies depend on the dollar, to break away from it and become more independent by providing their own economy with their own currency. It is also possible to provide the currencies of other countries at the expense of their own, as the United States does with the help of the dollar.

[k@suy]

This is definitely an opportunity for each individual state, especially for those whose economies depend on the dollar, to break away from it and become more independent by providing their own economy with their own currency. It is also possible to provide the currencies of other countries at the expense of their own, as the United States does with the help of the dollar.

The other countries who have created the bitcoin is not a rival actually because they are doing that for the sake of their own economy. And even if they compete with bitcoin, they cannot win because there many have tried to defeat bitcoin but nobody wins because bitcoin is the pioneer coin and the best coin ever. Those newly made coins can help our economical status here in bitcoin.

[fiulpro]

Every step can go either way , it depends on the maker and the user .
I think I would consider it as an opportunity since one should understand that not only they are agreeing to this kind of currency but at the same time they are participating in the race .
People will have more options , now with options one should understand the currencies will strive to be the best one , therefore I think it would be an extremely good opportunity for them to improve.

[FlightyPouch]

Well, why not? Though the whole idea of this crypto currencies is not decentralized, I think it is a good opportunity to lead the advancement of technology when it comes to the field of currency. China is one of those countries that widely uses cards and not fiats anymore, I think this would be really the nexr step.

[d.kevin29]

Well, why not? Though the whole idea of this crypto currencies is not decentralized, I think it is a good opportunity to lead the advancement of technology when it comes to the field of currency. China is one of those countries that widely uses cards and not fiats anymore, I think this would be really the nexr step.

Yeah, why go the path Bitcoin paved when you could go even deeper in the sh*thole governments & banks have created together, right?

Advancement of technology shouldn't lead to more control. China is the worst example you could've said, given the level of control it imposes on its citizens. If that's what you want from the future, I'm out.. Aren't we here to try avoiding & preventing complete control?

[Doell]

I don't think it's a threat but an opportunity for us ,as many bank from various countries really hate crypto it will bring crypto to be legal with regulations that bring peace to the holder but its likely that much debate ,let alone corrupt people will certainly burn it and disagreeing with the plan ,IMO economy will be more controlled with a 99% success rate depending on secure presented in their digital currency and 1% of unexpected problems future might be complicated

[JeffBrad12]

There's only one positive thing about governements trying to create their own blockchain/cryptocurrencies.
The goverment will invest into the education of more programmers and blockchain developers.Those developers might later join the Bitcoin Core blockchain and help with the further development of BTC,by bringing new ideas and expertise.Anyway,the government coins might not be decentralized,hence I don't think that they would be real cryptocurrencies.

Although I don't think that the investment toward blockchain education will be that huge considering that to create a crypto with the existing codes it requires minimal effort. Though, the publication is what gonna make cryptocurrency get all the benefits despite the government might be acting like they are opposing decentralized crypto.