Goverments creating digital currencies - Threat or Opportunity?

[onrise]

Become an opportunity if government created cryptocurrency and go ahead with listing in bigger exchange market or have own market, then keep continue promoting and looking best partnership for government coin, I think this way will make many investor love and want invest there with higher amount.

This actually gives an opportunity to their country's citizen because it means government would be making it legal or it is legal already and such coins in long term would definitely do better as it is backed by government and in coming times government would be bringing it as a mode of payment for various business and would encourage other people also to make the digital payment. This would boost the demand of such coins and price will rise.

[dvmmayowa]

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 believe its a great step towards blockchain adoption, although it will come with bits of centralization or even total centralization, still yet its an assurance that crypto is getting more recognition and really, its a good news for the industry.

[ScamViruS]

It have good side and bad side. If the government creates its own currency then there will be more publicity about digital currency. More and more people will know about digital currency. But the government will create a centralized currency. Which will be controlled by the government like the paper money.The government can increase the supply if they want. One of the big problems here is this. Government will never create decentralized currency!

[Sanugarid]

Become an opportunity if government created cryptocurrency and go ahead with listing in bigger exchange market or have own market, then keep continue promoting and looking best partnership for government coin, I think this way will make many investor love and want invest there with higher amount.

This actually gives an opportunity to their country's citizen because it means government would be making it legal or it is legal already and such coins in long term would definitely do better as it is backed by government and in coming times government would be bringing it as a mode of payment for various business and would encourage other people also to make the digital payment. This would boost the demand of such coins and price will rise.

This may be true and it is good when that happens because if the government really create digital currencies the meaning is that they are adopting cryptocurrency and making it legal to that particular country but I think they should adopt bitcoin first because it is the most used cryptocurrency and they can make transaction worldwide using this. Because if they create a new one the only users maybe are their citizens which is good also. The only disadvantage maybe is that the users will pay taxes on every transaction, I think government will put taxes on that.

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 believe its a great step towards blockchain adoption, although it will come with bits of centralization or even total centralization, still yet its an assurance that crypto is getting more recognition and really, its a good news for the industry.

Indeed, this is one of a good thing if they really adopt digital cryptocurrency in their country. Centralization is maybe not a problem when you are really want to use cryptocurrency even if you are paying taxes it is good as long as it is legal to use on your country. Blockchain technology will innovate and more projects will come if that will happen.

[Botnake]

It's not a threat IMO, this would only say that they are adopting with the trend which is the online currency.
Not a threat for cryptocurrency as well as government create digital currency not for investment but as a payment tool only, to make transactions faster and more transparent but crypto or bitcoin, it offers an investors to those who believe on the system and it is decentralized that no government could control.

[shoreno]

It's not a threat IMO, this would only say that they are adopting with the trend which is the online currency.
Not a threat for cryptocurrency as well as government create digital currency not for investment but as a payment tool only, to make transactions faster and more transparent but crypto or bitcoin, it offers an investors to those who believe on the system and it is decentralized that no government could control.

Crypto such as Bitcoin are also suitable for paying  . Infact there are now btc ATM  , merchants or stores that accept  btc and many more . I use my btc for purchase of digital and physical goods .now if my government or country create a digital currency similar to crypto that only means that they aren't comfortable with cryptos alone and they create their own because they don't want people to use btc and other original cryptos. As soon as they create it , they can now file a law that bans crypto currency , as simple as that .

[milewilda]

It's not a threat IMO, this would only say that they are adopting with the trend which is the online currency.
Not a threat for cryptocurrency as well as government create digital currency not for investment but as a payment tool only, to make transactions faster and more transparent but crypto or bitcoin, it offers an investors to those who believe on the system and it is decentralized that no government could control.

Crypto such as Bitcoin are also suitable for paying  . Infact there are now btc ATM  , merchants or stores that accept  btc and many more . I use my btc for purchase of digital and physical goods .now if my government or country create a digital currency similar to crypto that only means that they aren't comfortable with cryptos alone and they create their own because they don't want people to use btc and other original cryptos. As soon as they create it , they can now file a law that bans crypto currency , as simple as that .

Its not really that necessary yet we would really be heading on that day sooner or later yet we are all digitize now so its quite normal for government to have that e-fiat implementation even
crypto is widely accepted to their place or not.It would be just a matter of choice into its citizens on which one they would use but come to think that people would always rely on fiat and crypto
will really be just an alternative.This is way more better and acceptable rather than government on said place will totally ban it. Threat is just a word for those countries who do saw about crypto features
negatively.

[South Park]

That is probably true but this is a positive argument for the government. They could also check the accounts of every citizen, see their transaction history, control what they do and at the end we would end up like the Social Credit System of China. In the end it eliminates privacy for normal people.

And that is by far the greatest danger, some level of privacy is required between us, some people will say that they have nothing to hide since they are not doing anything wrong but even if that is the case we still need some level of privacy, centralized cryptocurrencies owned by the government or banks will allow them to know exactly what you have done with your money at all times and if they do not like what you are doing they could freeze your assets or take them away from you.

[bhabygrim]

I don't really think that we should consider them as a threat at all.
They join the crypto because they know that they wouldn't win with it.
And besides it would just be another alt-coin in the market and in terms of crypto BTC is still the King and there is still no one who could replace it or surpass it.

[TheGreatPython]

Everyone has their own reasons as to why they would consider this as a good idea or maybe not. You know, the main idea of cryptocurrency is to create freedom and to eliminate the middlemen, and also stop the government from being able to manipulate money.

A cryptocurrency that will be created and issued out by the government would be lacking these features of a normal decentralized cryptocurrency and will be controlled by the government. I might say it’s a threat, because most people out there already sees Bitcoin as not being genuine and if the government should release their own cryptocurrency these people are going to adopt it for sure, and it’s going to win wide adoption than Bitcoin.

[tvplus006]

I believe its a great step towards blockchain adoption, although it will come with bits of centralization or even total centralization, still yet its an assurance that crypto is getting more recognition and really, its a good news for the industry.

The creation of a national digital currency cannot be decentralized in essence. The state will make every effort to ensure that all payments in this currency are under the control of the relevant authorities. We must remember that the interests of the state do not always coincide with the interests of its citizens. Therefore, each country is interested in creating its own national digital currency.

[alexforneus]

They just want to create another one form of fiat. nothing interesting

[Negotiation]

In my opinion the government is making digital currency not a threat but it is great news for us With blockchain the government can substitute banks for crypto use in every country which will make transactions much easier. The industry will improve and the market conditions will be higher and the whales of the market will no longer be dominated.

[pixie85]

Become an opportunity if government created cryptocurrency and go ahead with listing in bigger exchange market or have own market, then keep continue promoting and looking best partnership for government coin, I think this way will make many investor love and want invest there with higher amount.

This actually gives an opportunity to their country's citizen because it means government would be making it legal or it is legal already and such coins in long term would definitely do better as it is backed by government and in coming times government would be bringing it as a mode of payment for various business and would encourage other people also to make the digital payment. This would boost the demand of such coins and price will rise.

Really? You think it's an opportunity? How is a government issued centralized crypto different from fiat money? You can make digital payments using a bank app installed on your phone. You don't need government crypto for that.

What opportunity does it give to the people? They will give them fake crypto to make them not buy the real thing and continue to watch and control their every move.

[FlightyPouch]

It have good side and bad side. If the government creates its own currency then there will be more publicity about digital currency. More and more people will know about digital currency. But the government will create a centralized currency. Which will be controlled by the government like the paper money.The government can increase the supply if they want. One of the big problems here is this. Government will never create decentralized currency!

Obviously, they won't. Why would they create something that they won't have control of? Where they usually want to take mostly everything and take control of it. It may be an opportunity for a lot of people but the main idea of crypto currencies or bitcoin which is anonymity that is free from control will not be the same with their crypto currencies.

[black_widow]

I think this is an important step towards introducing cryptocurrency to the masses. Now when everyone knows about cryptocurrency, people still can’t trust the services on which most people buy or exchange their coins. At the moment, everything is in the hands of private companies and services. When people see that cryptocurrency is now officially recognized at the country level, that all the conditions for safe and quality use of this are created, then those people who still doubted the cryptocurrency will want to use it themselves. I believe that state support is very important (the main thing is that this is support, not control).

[South Park]

Everyone has their own reasons as to why they would consider this as a good idea or maybe not. You know, the main idea of cryptocurrency is to create freedom and to eliminate the middlemen, and also stop the government from being able to manipulate money.

A cryptocurrency that will be created and issued out by the government would be lacking these features of a normal decentralized cryptocurrency and will be controlled by the government. I might say it’s a threat, because most people out there already sees Bitcoin as not being genuine and if the government should release their own cryptocurrency these people are going to adopt it for sure, and it’s going to win wide adoption than Bitcoin.

The threat level of such a currency will depend entirely on the reception it receives from the average person, if they ignore it and do not see a need to adopt those centralized cryptocurrencies then soon enough those coins will die or at least become something that no one uses, as such in this scenario their threat level is minimum as those interested in this market keep investing in it, however if the average person gets on board and adopts those coins then it is possible all money could become a centralized cryptocurrency in which case your only hope for some freedom and privacy will be coins like bitcoin which at that point will probably be banned by the governments.

[BuNga_cute]

In my opinion the government makes their own cryptocurrency is a positive thing for the mass adoption of cryptocurrency.
Because ultimately the government understands that cryptocurrency is very good to use and can make the future brighter.
And finally more people will get to know about cryptocurrency, and start comparing centrilized cryptocurrency made by the
government and decentralized cryptocurrency on the market today.

[Lynfax]

In my opinion the government makes their own cryptocurrency is a positive thing for the mass adoption of cryptocurrency.
Because ultimately the government understands that cryptocurrency is very good to use and can make the future brighter.
And finally more people will get to know about cryptocurrency, and start comparing centrilized cryptocurrency made by the
government and decentralized cryptocurrency on the market today.

Centralized govs backed stablecoins could be really usable in future, however I don't see them as main currency to hold your funds into.
By that I mean ideally it should be possible to easily send btc (for instance) to my digital usd wallet in order to pay in walmart.

[travwill]

In my opinion the government makes their own cryptocurrency is a positive thing for the mass adoption of cryptocurrency.
Because ultimately the government understands that cryptocurrency is very good to use and can make the future brighter.
And finally more people will get to know about cryptocurrency, and start comparing centrilized cryptocurrency made by the
government and decentralized cryptocurrency on the market today.

On the one hand, this is good, from the point of view of mass adaptation of cryptocurrencies among the population, but on the other hand, it will be enough for this population to invest most of its funds in state cryptocurrency once and lose this money due to volatility, as mass adaptation will work in a completely different direction and people will simply hate cryptocurrency and their states that knocked them out on it.