Goverments creating digital currencies - Threat or Opportunity?

[ronbennett_]

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

But what if the goverment just focus on their "coin" and just regulate the market for this specific "coin" and if we go a step further, what if they regulate and restrict other cryptocurrencies even harder? Well maybe they would make it easier to trade other govermental currencies like USD to EUR or otherwise.

[criza]

Countries like China that is a big Communist body creating their own crypto currency would affect a lot to the crypto currency because, other countries may realize the use of crypto currency. Wether it sould be supported or not internationally would depend on how the people would use it. Local people in China would shift from using fiat currency to their own crypto currency because it would meant cashless transactions with the same use as their fiat currency.

In my point of view, for foreign crypto currency users outside china, what would be its use? If China would make their own crypto currency, certainly it would be centralized or controlled by their Government. Why would investors from other country would choose it?

[beerlover]

I have always pointed out that if they do it legit and without anything shady, this should bring in a lot of money to crypto world and that is why I welcome it. On top of that we are talking about adoption as well, the more nations go into crypto world via stablecoins, the more adoption rate will go up as well. You really think a nation like China that is basically ruled by CCP in a dictatorship would ever build their own stablecoins and wouldn't accept that as payment? All the government places will probably slowly start to adopt to Chinese stablecoin.

Now they are also a huge country as well, probably biggest economic country in the world (recent years say they are bigger than even USA), when they do something like this, I am sure many nations will follow and that will increase adoption even further.

[Polar91]

With the emerging number or numerous counts of cryptocurrency being used as of today, I wonder why these countries are still pursuing to create their own cryptocurrency. I see before that they are inclined to use EOS blockchain and crypto, and figuring out that creating a cryptocurrency that is centralized is what their country needs. We know China is growing economically, and it needs to further regulate their monetary system and making it crypto would be the best idea to have the maximum security and efficiency of transactions that will be made.

[crossabdd]

the government has its own authority. this is a step for mass adoption of blockchain technology. I read some news about China making its own digital currency. and the reason is to prevent bitcoin users from growing in their countries. This step is taken so that the government does not lose authority over crypto regulation. if China uses a decentralized currency, monitoring transactions is difficult. so to stay safe. then China makes or moves real yuan on digital yuan. in general, I agree. because blockchain technology has been used. but specifically, I'm a little sad. how the fate of crypto, especially the next altcoin.

[Gozie51]

the government has its own authority. this is a step for mass adoption of blockchain technology. I read some news about China making its own digital currency. and the reason is to prevent bitcoin users from growing in their countries. This step is taken so that the government does not lose authority over crypto regulation. if China uses a decentralized currency, monitoring transactions is difficult. so to stay safe. then China makes or moves real yuan on digital yuan. in general, I agree. because blockchain technology has been used. but specifically, I'm a little sad. how the fate of crypto, especially the next altcoin.

I also think that the move by China is to centralize crypto and give its people a choice for their own coins that they can control like yuan. This move I see is just a tussle to try and break decentralize mode and have a regulation but I don't know how far that can go on regulation.

[Ucy]

If they can create cryptocurrencies that are entirely based on crypto principles, why not? But I doubt any of the current governments on earth will do this. They will probably pretend to be creating the real things but will slowly & eventually deviate. They likelihood of abusing "decentralized" things created by them is there already.
A real decentralized crypto, if founded on solid principles, would naturally prevent that kind of governments from forming on its network/community.

[Janation]

I don't like centralization.

The main idea of cryptocurrencies is to avoid centralization. If the government will be creating one, I don't like that. It is great that the government is now taking a stance at cryptocurrencies but for them make one? No.

[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.

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?

Well, I am not into that too. As I said, this crypto is not decentralized. And I think that is not crypto currency, it is a digital currency backed up by their main fiat. As someone that is amazed by technology, I think people using their phone as a payment method in the future will be really normal and if there are digital currencies, it would be really easy and more efficient.

[Bim abk]

I don't like centralization.

The main idea of cryptocurrencies is to avoid centralization. If the government will be creating one, I don't like that. It is great that the government is now taking a stance at cryptocurrencies but for them make one? No.

centralization will indeed create resistance from crypto, which at first wanted to distance it. bitcoin decentralization is the beginning of resistance to existing centralization, but now there are already many cryptos that have a centralized system, with the aim of maintaining prices.

[Webetcoins]

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.

Still multiple digital currencies are standing alongside Bitcoin but they cannot compete Bitcoin nor can they be a threat for it. Bitcoin’s development with passing time is making it more valuable and successful and in future it will be stronger. If any government will create a digital currency that cannot be a threat for crypto it would be at a more stable place by that time.

[Paycoinzzz]

In my opinion, the move to create their own digital currency is a positive development.
It means, that the government believes the benefits gained from this technology.
With their action, they are indirectly showing to its constituents that they trust crypto.
Which will then give a positive mindset towards crypto and so it will create more demand of usage.
I consider it as an opportunity to widen the usage of crypto and not a threat.
People later on will see the difference between a decentralized vs centralized coin.
So it will be their choice which one they will use when that time comes.

I don't think this is a positive action. Everyone will have greed and when this technology is integrated into the monetary system of the state and the central bank, bad things will happen. one of those working in the state will be greedy and start corrupt. he will take advantage of the blockchain system to make this easier and so will money laundering. then the country will face corruption and the economy will surely collapse. Better yet, crypto should only exist in a decentralized market.

[ronbennett_]

In my opinion, the move to create their own digital currency is a positive development.
It means, that the government believes the benefits gained from this technology.
With their action, they are indirectly showing to its constituents that they trust crypto.
Which will then give a positive mindset towards crypto and so it will create more demand of usage.
I consider it as an opportunity to widen the usage of crypto and not a threat.
People later on will see the difference between a decentralized vs centralized coin.
So it will be their choice which one they will use when that time comes.

I don't think this is a positive action. Everyone will have greed and when this technology is integrated into the monetary system of the state and the central bank, bad things will happen. one of those working in the state will be greedy and start corrupt. he will take advantage of the blockchain system to make this easier and so will money laundering. then the country will face corruption and the economy will surely collapse. Better yet, crypto should only exist in a decentralized market.

This is an extrem example but fairly possible. It would be easier for governments to print money and with that they could easily destroy the economy.

[iamsheikhadil]

I take it as a positive step from the government if they really implement a blockchain to escalate the currency flow. However I would remain skeptical if they would attach strings to monitor transactions or means to manipulate prices.

[worle1bm]

I don't like centralization.

The main idea of cryptocurrencies is to avoid centralization. If the government will be creating one, I don't like that. It is great that the government is now taking a stance at cryptocurrencies but for them make one? No.

Actually you are taking it into wrong sense. Governments creating their own cryptocurrencies is good for crypto market. It shows that the concept of cryptocurrencies is strong and foolproof that even government is ready to adopt it. This will attract more investors towards cryptocurrencies especially bitcoin which is most famous cryptocurrency.

On the other hand, it possesses no harm to existing decentralized cryptocurrencies because working of two coins are completely unrelated. Governments adding any control over their own currencies will have no impact on cryptos like bitcoin.

[Baoo]

To be honest, that's definitely a good step and it will probably facilitate the recognition of cryptocurrencies or Bitcoin in the near future but we can't trust these governments like, China  maybe they have a plan and a goal through this step.
In fact, many countries should accept the fact that Bitcoin's era has evolved especially during these years. For me, the only disadvantage is the volatility or unstability in the market.

[OrangeII]

I don't know if this is an opportunity or not, but as far as news is concerned, China is trying to make its own crypto, so trying to adopt another altcoin will be in vain. That's because the crypto that China makes won't have any effect on other altcoins. yeah, that's what I thought.
Besides, if China has a positive development regarding this, I think other countries need to do the same.

[yoseph]

In my opinion, the move to create their own digital currency is a positive development.
It means, that the government believes the benefits gained from this technology.
With their action, they are indirectly showing to its constituents that they trust crypto.
Which will then give a positive mindset towards crypto and so it will create more demand of usage.
I consider it as an opportunity to widen the usage of crypto and not a threat.
People later on will see the difference between a decentralized vs centralized coin.
So it will be their choice which one they will use when that time comes.

I don't think this is a positive action. Everyone will have greed and when this technology is integrated into the monetary system of the state and the central bank, bad things will happen. one of those working in the state will be greedy and start corrupt. he will take advantage of the blockchain system to make this easier and so will money laundering. then the country will face corruption and the economy will surely collapse. Better yet, crypto should only exist in a decentralized market.

As long as they don't go around and prevent their own citizens from using their preferred cryptocurrency then I think it's all good. Look at how the Venezuelan government outlawed the the mining and use of cryptocurrencies so that they could promote their very own cryptocurrency which is the Petro only to see it failed miserably.

[boris singer]

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

But what if the goverment just focus on their "coin" and just regulate the market for this specific "coin" and if we go a step further, what if they regulate and restrict other cryptocurrencies even harder? Well maybe they would make it easier to trade other govermental currencies like USD to EUR or otherwise.

don't think it will be too complicated, as long as there are significant benefits then we also need to support the government's move, and if they really want to separate the interests of one another, I'm sure many of the coins you write will be regulated and restricted, eventually they will also do adjustments, the government must also recognize that every competent crypto coin has technology and use that can still be developed legally.

[romero121]

In my country more than twenty years ago an insurance firm got into existence. By that time people weren't aware about the importance of insurance as well as feared of spending on insurance. After good promotion it grew high, and knowing its growth the government acquired it. Likewise now governments tried to acquire bitcoin, when it understood this wasn't possible they have gone with the plans of having their own cryptocurrencies.