Goverments creating digital currencies - Threat or Opportunity?

[shield132]

Threat for us and opportunity for them. Personally I am against moving fully on digital currencies and online money in overall. Cash is great method of payment if there weren't machinations behind it. Bank added you in black list? Only thing that they can do is to freeze your account, you can feel free to buy anything you wish if you have cash.
Digital currencies created by them won't be decentralized and we won't be able to mine, they don't do good for us and were never doing, I have no idea why people can't understand that.
If we fully move on digital currencies, then they'll have all records of where we spend money, how much and etc, this is also the most beneficial for marketing purposes and to understand what people are looking for that makes a lot of things easier for them to gain more control.

[jostorres]

The real cryptocurrency fans are not going to like the idea of government creating a cryptocurrency for the masses. And why? Because, the cryptocurrency that will be issued out by the government won’t be as what we really expect from crypto – which is freedom.

Bitcoin is an example of that, it gives you freedom and you’re anonymous to an extent, you can use it how you want and no one questions you for it and you also have fast transaction and a lesser fees than what banks would charge you for that same transaction. But, the real truth is that the cryptocurrency that will be issued by governments will gain more adoption than Bitcoin and the ones we currently have. Only Bitcoin and a few altcoins (ETH, Ripple) might be able to compete then.

[imstillthebest]

The real cryptocurrency fans are not going to like the idea of government creating a cryptocurrency for the masses. And why? Because, the cryptocurrency that will be issued out by the government won’t be as what we really expect from crypto – which is freedom.

Bitcoin is an example of that, it gives you freedom and you’re anonymous to an extent, you can use it how you want and no one questions you for it and you also have fast transaction and a lesser fees than what banks would charge you for that same transaction. But, the real truth is that the cryptocurrency that will be issued by governments will gain more adoption than Bitcoin and the ones we currently have. Only Bitcoin and a few altcoins (ETH, Ripple) might be able to compete then.

what examples of government issued cryptos are there now ? if there are , why i dont heard of them  .

 they arent popular which means they dont get enough demands  .   also btc cant provide us freedom when btc is included on the restricted currencies  declared by our governments  . if they restrict crypto such as btc then why would they allow a crypto that came from them  ? isnt that unfair   . we people can complain with it   .

[panganib999]

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.

What if they focused on their own cryptocurrency and bitcoin become useless? And the new one is a decentralized currency that's why it is possible to happen? The other currency will get the attention of the people in a certain government if they see that it is more effective than the old one. Bitcoin is a centralized coin so that government has nothing to do with it, they just get some taxes and fees exchange and that's the only thing they do to benefit in the cryptocurrency. I wonder when the time happens that after they learn and understand the effect of digital currency in their society, this can be a threat to bitcoin. There are a lot of hindrance to the growth of the bitcoin and some of them are altcoins, but the thing is that they are always just for alternative purposes to bitcoin. In the end, we need to accept that the bitcoin is the most used and popular digital currency around the world. There is still a chance that a new digital currency will defeat bitcoin 10 to 20 years from now.

[Ozero]

Threat for us and opportunity for them. Personally I am against moving fully on digital currencies and online money in overall. Cash is great method of payment if there weren't machinations behind it. Bank added you in black list? Only thing that they can do is to freeze your account, you can feel free to buy anything you wish if you have cash.
Digital currencies created by them won't be decentralized and we won't be able to mine, they don't do good for us and were never doing, I have no idea why people can't understand that.
If we fully move on digital currencies, then they'll have all records of where we spend money, how much and etc, this is also the most beneficial for marketing purposes and to understand what people are looking for that makes a lot of things easier for them to gain more control.

Government stable digital currencies, this is the same currency, only in digitized form. It will indeed be easily controlled by governments, as well as their non-cash currency. Practically, only cash is not controlled and decentralized cryptocurrency is poorly controlled. Therefore, you should not refuse cash.
Stable coins of various states will soon appear in large numbers in the financial market and they are a threat to decentralized cryptocurrency, as they will present serious competition to decentralized cryptocurrency as a means of payment.

[Maslate]

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.

Yes. For me, this is a positive development for crypto because it just shows that the government have come to trust crypto but they want to take advantage so they create their own digital currencies. And i think this will be a good start for majority of the people to fully understand how crypto works and its advantage compared to fiat currency.

[bitgolden]

Having some sort of third party connection between fiat and crypto on the scale of a national government would definitely be more helpful than not.

Think about it, right now we are using exchanges and local exchanges and even p2p methods to change crypto to fiat or vice versa, in case governmental stablecoins happens we will not need that, they will have websites all dedicated to get stablecoin if we want or change it to fiat whenever we want. That way you will send your money to government, buy the stablecoin, buy any crypto you want and do anything you do with your crypto, when you want to get back turn your crypto to stablecoin then turn that into fiat all thanks to your government and trust of it. You may not like governments but surely you will trust them more than you trust a company like tether.

[FanEagle]

-snip

There already are some major altcoins which have the capability to overtake bitcoins but none of them did so as far as I know because bitcoins have reached a extreme price and it is never possible for any of the altcoin to be compared with bitcoins. The same would be the case with any new coin launched by the centralized authorities like government of China, etc.

Those coins would basically have much lower price at the start when they are launched and they might gain some demand in the coming time which would boost their price but yet it would never be compared to bitcoins because they would comparatively be much cheaper no matter how demand-able they become. Also china, individually would use the coin they created to their maximum usage and they alone can't pump the price of their coin above bitcoin so none of the coins would ever be a threat to bitcoins.

[coolcoinz]

In my personal view it's a threat because these cryptocurrencies will surely be centralized. Now there's 2 things a current cdecentralized crypto user should be concerned with:
1. The population will choose centralized government crypto thinking they are buying a legit cryptocurrency like BItcoin. In fact they will start buying cryptocurrency that is not really a cryptocurrency. They will think what they bought will allow them to invest in something the government can't inflate or seize and will get a nasty surprise.
2. The government will completely remove cash and force people to choose between electronic fiat money and their own cryptocurrency.

[darewaller]

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.

Yes. For me, this is a positive development for crypto because it just shows that the government have come to trust crypto but they want to take advantage so they create their own digital currencies. And i think this will be a good start for majority of the people to fully understand how crypto works and its advantage compared to fiat currency.

But we cannot actually just rely on the governments. Blockchain technology is been popular due to its emerging features like anonymity, transparency, fast and global transactions, etc which would perhaps be disturbed by the governments if they ever try to enter the cryptocurrency field.

They would not for sure accept cryptocurrencies as they are because it might cause some internal or external matters which would affect the economy of the country and hence the governments might need to modify some changes like creating a coin which could be traceable, etc. This would not be that good for the community here as they would make cryptocurrencies loose their original state of nature.

[Magkirap]

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.

Yes. For me, this is a positive development for crypto because it just shows that the government have come to trust crypto but they want to take advantage so they create their own digital currencies. And i think this will be a good start for majority of the people to fully understand how crypto works and its advantage compared to fiat currency.

But we cannot actually just rely on the governments. Blockchain technology is been popular due to its emerging features like anonymity, transparency, fast and global transactions, etc which would perhaps be disturbed by the governments if they ever try to enter the cryptocurrency field.

They would not for sure accept cryptocurrencies as they are because it might cause some internal or external matters which would affect the economy of the country and hence the governments might need to modify some changes like creating a coin which could be traceable, etc. This would not be that good for the community here as they would make cryptocurrencies loose their original state of nature.

Absolutely, governments having decided to create their own digital currency or crypto currency can damage the sole definition of cryptocurrency because they really might modify it so that somehow they can benefit in it but of course this also can be good for whole lot of people will meet crypto/digital currencies and they will be opened to crypto which means mass adoption. So to conclude whatever happens one thing is for sure, it will be a development to digital currencies.

[bearexin]

There is no harm from these currencies which are been created by the specific government of each respected nation in order to manage their inner financial transactions. This might actually be a positive news for each of us over here because it leads for more enhanced usage of the blockchain technology in real world which would than create a dense demand for the same.

Even if governments like China, etc create their own cryptocurrency, they would need to keep it in pairs with some reputable coins like BTC, ETH, etc and this would for sure increase the use cases of BTC, ETH or any other such coin. I am personally taking this positively and hope that people would too support the movement.

[Google+]

There is no harm from these currencies which are been created by the specific government of each respected nation in order to manage their inner financial transactions. This might actually be a positive news for each of us over here because it leads for more enhanced usage of the blockchain technology in real world which would than create a dense demand for the same.

Even if governments like China, etc create their own cryptocurrency, they would need to keep it in pairs with some reputable coins like BTC, ETH, etc and this would for sure increase the use cases of BTC, ETH or any other such coin. I am personally taking this positively and hope that people would too support the movement.

in my opinion there is no harm if some large countries make their own cryptocurrency but in my opinion it has a very high risk because with their own cryptocurrency they can do price manipulation and they can take advantage of cryptocurrency, hopefully there is no price game so that everything can be clean and transparent.

[Mahanton]

There is no harm from these currencies which are been created by the specific government of each respected nation in order to manage their inner financial transactions. This might actually be a positive news for each of us over here because it leads for more enhanced usage of the blockchain technology in real world which would than create a dense demand for the same.

Even if governments like China, etc create their own cryptocurrency, they would need to keep it in pairs with some reputable coins like BTC, ETH, etc and this would for sure increase the use cases of BTC, ETH or any other such coin. I am personally taking this positively and hope that people would too support the movement.

in my opinion there is no harm if some large countries make their own cryptocurrency but in my opinion it has a very high risk because with their own cryptocurrency they can do price manipulation and they can take advantage of cryptocurrency, hopefully there is no price game so that everything can be clean and transparent.

If they do tend to create their own coin then i would say that it isnt really different from fiat.It would really be heavily centralized
as expected and ofcourse manipulation would be possibly there.Hence, would you able to consider it as a crypto? It totally opposes
the main motive of decentralization.I dont see for it to be a threat or opportunity but rather it will just add up on peoples option
on what would they gonna take.

[wozzek23]

The issue there is that some people likes Bitcoin and for the government to create their own cryptocurrency means that it’s going to be a competition for the bitcoin and it’s probably going to win. The government wouldn’t accept bitcoin since it is not owned by any particular person and no unit controls it.

The government would prefer to their create their own coins which are probably going to be stable coins and will be centralized. In some ways it’s a good thing because it shows that they are ready to accept the new technology. The bad side is that they will discourage people from making use of BTC

[Gheka]

The issue there is that some people likes Bitcoin and for the government to create their own cryptocurrency means that it’s going to be a competition for the bitcoin and it’s probably going to win. The government wouldn’t accept bitcoin since it is not owned by any particular person and no unit controls it.

The government would prefer to their create their own coins which are probably going to be stable coins and will be centralized. In some ways it’s a good thing because it shows that they are ready to accept the new technology. The bad side is that they will discourage people from making use of BTC

With the attractiveness and abundant profits from bitcoin, it has become an initiative for the government to spark a more developed market economy, perhaps as you said, they are wanting a competition and taking the initiative before the battle with bitcoin, they can't let people be too free with bitcoin, if the government does well, it will be a threat to bitcoin. However, that means a challenge for bitcoin on the way to grow and retain users, no matter what direction it takes place, we are the beneficiaries here

[qwertyup23]

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?

I am of the position that this may bring positive effects toward legalizing cryptocurrencies in the future.

The fact that countries are starting to create their respective cryptocurrencies imply that they recognize the potential and advantages of implementing digital currencies in the future. Remember that this may be the future of fiat- shifting towards a digitialized form of currency. When that time comes, expect cryptocurrencies (specifically bitcoin) to be considered as medium of exchange among people.

[pikkie]

The issue there is that some people likes Bitcoin and for the government to create their own cryptocurrency means that it’s going to be a competition for the bitcoin and it’s probably going to win. The government wouldn’t accept bitcoin since it is not owned by any particular person and no unit controls it.

The government would prefer to their create their own coins which are probably going to be stable coins and will be centralized. In some ways it’s a good thing because it shows that they are ready to accept the new technology. The bad side is that they will discourage people from making use of BTC

I think if the government makes the coins more stable it will happen because the government can control the coins themselves and they have an unlimited supply so I'm sure the price will be stable but you have to know the risk of coins that can be controlled by the government will be vulnerable to price manipulation that will make some people lose.

[The Sceptical Chymist]

Still, the crypto media welcomes this

I'm not exactly sure why that is, since any government-controlled cryptocurrency won't be anything like bitcoin and would only lead to governments having more power than they already do.  Would you really want a completely traceable currency as your country's default form of money?  I can see why China loves this, but those of us in non-communist countries should be wringing our hands with anxiety lest the idea catch on.

And the same goes for coins like Libra (haven't heard much about that one lately, btw).  Any corporation or country that controls a centralized cryptocurrency can view people's financial transactions at will.  That isn't a good thing at all IMO.

[carlfebz2]

Still, the crypto media welcomes this

I'm not exactly sure why that is, since any government-controlled cryptocurrency won't be anything like bitcoin and would only lead to governments having more power than they already do.  Would you really want a completely traceable currency as your country's default form of money?  I can see why China loves this, but those of us in non-communist countries should be wringing our hands with anxiety lest the idea catch on.

And the same goes for coins like Libra (haven't heard much about that one lately, btw).  Any corporation or country that controls a centralized cryptocurrency can view people's financial transactions at will.  That isn't a good thing at all IMO.

Its fully contrary thats why Crypto becomes famous because it do opposes this kind of control.If government would create their own coin then it cant really be considered to be a crypto.

Government does like to control everything and monitor on what their citizens been doing when it comes to their money.This had been the traditional things that do happen in fiat system
and even if they do become online then i dont see any difference.