Goverments creating digital currencies - Threat or Opportunity?

[buwaytress]

It's not a threat to Bitcoin at all -- Bitcoin can only grow stronger for every instance of centralised money that is created and continues to come up short. Every failure of the centralised and the state, is a victory for Bitcoin. Threat to other centralised altcoins? Oh for sure.

Opportunity? Why not? Every government that realises it is creating yet another centralised currency - just more transparent and more under their control, might like blockchain and in that sense recognises Bitcoin tech as valid.

[ScamViruS]

If the government (any countries) creates its own crypto currency, that would be good for the crypto market. Because of that, people in those countries will be interested in using crypto. Crypto market has big eyes on the big countries, it is understandable by looking at their various works. We want more and more people to come to the crypto market so everyone in the world can use crypto currency. If that happens,then no one can imagine where the crypto market will go.

[TheCoinGrabber]

There are benefits people are talking about like ease of receiving funding etc, all which is possible with current cryptos we have. If you like to make money trading and these govcoins coexist with our cryptos, then you might get something out of it. If their implementation means cryptos will get banned, then that's a problem.

That'll make the case for real crypto more compelling than ever. However it may also make getting in and out of crypto very hard to impossible. It needs to get some form of its own economy that can stand completely outside government money before governmentcoins become the norm.

That is indeed the risk once it gets going. Maybe in these govcoin's infancy we'd be able to trade between it and cryptos and make some money out of speculation but once they've gotten fiat bills out of circulation they'd have the power to do as they want. And you are right, it is scary in China's case, which seems to be what governments are trying to emulate.

It'll be much worse that Black Mirror's Nosedive.

[Stedsm]

I see it as an opportunity because Gov coins will bring people's attention towards digital money which will ease the process of mass adoption of Bitcoin after everyone embraces the power of Blockchain. The only threat that I see here is, if you're asked by your Gov to either stop or let them know about your cross border transactions using major and other general cryptocurrencies like Bitcoin, which will make everything completely centralized and under their control. If Gov start charging you handsome amounts for sending cross border transactions in any crypto and on the other hands, charge you least or almost nothing for using your local cryptocurrency; most will probably consider not to use it and either go for Gov coins.

[tbterryboy]

As long as we make sure its not a threat it won't be a threat to anyone. We are our worse enemy ourselves, for example Libra was starting up almost a year ago, at least talks of it started and we all went against it for a while, after that we have seen that it could be something great for the adoption of bitcoin and how we could take advantage of it and more important how the governments are against it so we started to support it suddenly.

If we make the governmental crypto currencies a thing that we are against, it will be a threat because if we position ourselves against them they will be positioning themselves against us as well, however if we support it and see it as an opportunity they will be more of a help than enemy and they will be on our side as well.

[barabarian1]

in my opinion this government-made coin will not be a threat to bitcoin and altcoin because the government coinage coin is centralized and fully controlled by the government. in my opinion, the existence of this government-made crypto can encourage people who do not know about cryptocurrency to become aware of and eventually be interested in joining and investing in bitcoin and altcoin. so in my opinion the presence of this government-made crypto can encourage an increase in demand for bitcoin.

[cutesgirl]

What for creating own cryptocurrency after launching to public without get any investor yet, why not legal and give regulation for bitcoin and altcoin have been listed with exchange market and accepted bitcoin as legal transaction payment for every transaction in their country.

[Twentyonepaylots]

What for creating own cryptocurrency after launching to public without get any investor yet, why not legal and give regulation for bitcoin and altcoin have been listed with exchange market and accepted bitcoin as legal transaction payment for every transaction in their country.

Because they are trying to compete against bitcoin, they wanted to circulate the money locally because money going outside of a country is a lost profit. That is why they are into digital currencies right now. They wanted to create an illusion that since it is digital, it is pretty much like bitcoin, which is untrue. At the end of the day, if your money heavily depends on a fiat coin for survival, it still is centralised.

[AbuBhakar]

in my opinion this government-made coin will not be a threat to bitcoin and altcoin because the government coinage coin is centralized and fully controlled by the government. in my opinion, the existence of this government-made crypto can encourage people who do not know about cryptocurrency to become aware of and eventually be interested in joining and investing in bitcoin and altcoin. so in my opinion the presence of this government-made crypto can encourage an increase in demand for bitcoin.

I don't see use of habing government coins when there is no implementation of other crypto activities like allowing many stores to accept it, or having it's government exchange that will convert it to fiat. Though it's a opportunity for adoption but a threat for cryptos purpose of decentralisation.

[princesspoppy]

I don't see it as a threat but rather an opportunity and a development. Cryptocurrencies in order to be recognized and widely use should be accepted not just by some but many or even by all people in this world. In order for it to happen, governments in the very first place should accept it for they will be another for some to accept it as well. If governments will make their own cryptos, it will serve as a basis that cryptos are totally accepted and some may also engage themselves with it. That will give us positive impact in cryptoworld.

[White Christmas]

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 that's the case then it is an opportunity for us because governments will start to adapt the cryptocurrency in their country as well as the country will accept it also, besides it will an opportunity for us because if this cryptocurrency was creating by the governments then it would probably like they are promoting it already because they are supporting it just like support the projects. The good example of it was the China in which like what you have been said according to the news and reports they are already starting to create their own digital currency which really makes them a greater profit if they will be have their own cryptocurrency.

[Bagaji]

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?

To some group of thought it may means that it will create adoption to crypto currency of which I do believe same but it is not a good for reason being that  government will gain control over the said coins which is contrary to the issue if decentralization policy agent we are agitating for.

[Kimonoe]

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?

To some group of thought it may means that it will create adoption to crypto currency of which I do believe same but it is not a good for reason being that  government will gain control over the said coins which is contrary to the issue if decentralization policy agent we are agitating for.

adoption in question, maybe only fiat currency is digitized, so it does not use a decentralized system, and I think it is no different from the current currency. if this happens, of course there will be no effect on cryptocurrenci, because clearly the government is still reluctant to legalize it

[Mahanton]

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?

This wont affect out crypto market because these so called digital currencies made by government doesnt really differ on fiat.

It would be thread? No it wont because we know that fiat would exist no matter what.Fiat and crypto would really have that boarder yet
we know the differences between centralized and decentralized ones but i dont see the reason why it would be a threat.

People will just know about crypto existence naturally even govt will tend to blind out their citizens out of their digital currencies.

[asus09]

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?

This wont affect out crypto market because these so called digital currencies made by government doesnt really differ on fiat.

It would be thread? No it wont because we know that fiat would exist no matter what.Fiat and crypto would really have that boarder yet
we know the differences between centralized and decentralized ones but i dont see the reason why it would be a threat.

People will just know about crypto existence naturally even govt will tend to blind out their citizens out of their digital currencies.

Government try how to get much profit with own cryptocurrency but never think how much available their coin sold out in the public when listing or launching, will have any investor look interested or not, before creating some coin we need manage and check how respond from many investor and look they are really trusted or not with government coin.

[Cvetik56]

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?

To some group of thought it may means that it will create adoption to crypto currency of which I do believe same but it is not a good for reason being that  government will gain control over the said coins which is contrary to the issue if decentralization policy agent we are agitating for.

Unfortunately gov's digital currencies are threat to current crypto market because of one thing (at least) - gov's currency will be widely spread and highly usable which is not applicable to most of the decentralized cryptocurrencies.
If current cryptos will come up with some usability features - gov's won't have a chance to beat 'em, but otherway govs will take the whole game under control.
Because people and their demand controls the market. And people do not need unusable currencies
crypto market will remain as thing to gamble on and/or to invest in if it won't change

[NavI_027]

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.

Whatever we'll say, at the end of the day a crypto adoption is crypto adoption. This thing never become a negative thing for us but a blessing instead . Maybe the people who get mad at such news is mainly pro bitcoin or other alt supporter. But I can't blame them, even me I would prefer that our government just allow the use of bitcoin instead of a new token. Nevertheless this was a great news.

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?

I don't think that would be a bright idea because for sure most of those coins will just end up in the shitcoin list due to lack of demand. For example, I'm a Filipino so tendency I will only buy PHcoin and not Germancoin; but the sad thing is our population is less compare to other countries so it will result to lesser demand thus smaller price. (I hope you get my point ).

[merchantofzeny]

I think it's a threat. They might go harder on other cryptos once they have their own fiat-crypto since they can see it as a competition. Sure, they might see them as having value but they'd definitely prefer that people have their assets in the government-mandated crypto.

It's possible they'd try to sabotage cryptos to make fiat-crypto seem more stable. Also fiat-crypto being the replacement for paper fiat would be very usable. Many companies now that accept crypto might be pressured by the government to only accept fiat-crypto.

[eaLiTy]

It's not a threat to Bitcoin at all -- Bitcoin can only grow stronger for every instance of centralised money that is created and continues to come up short. Every failure of the centralised and the state, is a victory for Bitcoin. Threat to other centralised altcoins? Oh for sure.

The concept of centralized digital currencies with a blockchain is a real threat for freedom as the authorities will have every opportunity to monitor every transaction everyone conducts and if a country is against the concept of decentralized crypto then there is no way you are able to invest in it as everything is monitored, so it is a fine line to think that it is not a threat to a decentralized market when majority of the countries are planning to implement their virtual currency with blockchain because it will have the evidence trail.

Opportunity? Why not? Every government that realises it is creating yet another centralised currency - just more transparent and more under their control, might like blockchain and in that sense recognises Bitcoin tech as valid.

If you look at both sides of these application i am sure the government is looking on having a transaction trail but how secure they can keep the system is to be known.

[bitbunnny]

I don't see why would government's cryptocurrency be a threath. Competition is good, such cryptocurrencies don't have any special position in.the market, in.fact they are often without success. And if they succeed to attract users and compete with their value that is a good thing.
Also, that shows that governments are interested in cryptocurrencies and explore.their possibilities and that is positive sign.