Goverments creating digital currencies - Threat or Opportunity?

[coinfinger]

I don’t really know what kind of effect this going to have on Bitcoin and cryptocurrencies.
The only thing I am worried about is that the government start looking for ways to ban Bitcoin and other decentralized cryptocurrencies once they create their own cryptocurrency.

The reason I’m saying this is because they might feel that the current cryptocurrency we have now might be standing in their way and block people from adopting their own cryptocurrency which will be centralized and regulated. The government wants everything regulated so that they can keep an eye on it.

[shushu9977]

It is good decision to create a digital coin for any country. I think, It is great idea. It is more faster than any other payment. This is very helpful for future. Though, there are a lot of crypto-currency creating day by day, but Bitcoin is the boss of all crypto-currencies.   

[Meowth05]

I would say that it is a threat because if we follow the supply and demand model that means that more crypto means there are a lot of competition for bitcoin thereby shrinkong the value of pioneering crypros. I think this coutries are creaing their own because they can't control bitcoin.

[senin]

I would say that it is a threat because if we follow the supply and demand model that means that more crypto means there are a lot of competition for bitcoin thereby shrinkong the value of pioneering crypros. I think this coutries are creaing their own because they can't control bitcoin.

States have now begun to work massively to create their national stable coins because they appreciated the benefits of blockchain technology. Transactions with their digital currencies will be faster and cheaper. Therefore, in general, for states this is an opportunity, including to divert people's attention from a decentralized cryptocurrency. For cryptocurrency, this is not bad in the sense that with the advent of stable state coins, the general interest of people in cryptocurrency will increase, they will see that states themselves use this technology and that cryptocurrency comes for a long time. At the same time, stable coins of the states will represent a serious competition to decentralized cryptocurrency as a means of payment.

[tvplus006]

It is good decision to create a digital coin for any country. I think, It is great idea. It is more faster than any other payment. This is very helpful for future. Though, there are a lot of crypto-currency creating day by day, but Bitcoin is the boss of all crypto-currencies.   

The government in building its own national digital currency put first and foremost their interests, not the interests of the whole of the crypto community. Therefore, this means that it will not promote bitcoin and other altcoins that are decentralized.

[Questat]

I think after this crisis that we are facing now, some countries who have not considered creating digital currencies will try to experiment as online payment is more helpful in times like this, and the fact that we can't wash paper money, it's one of the major carrier of the virus so after this crisis there will be a lot of realization as this situation we are at now, teaches ours government a lot of lessons.

[Golftech]

I think after this crisis that we are facing now, some countries who have not considered creating digital currencies will try to experiment as online payment is more helpful in times like this, and the fact that we can't wash paper money, it's one of the major carrier of the virus so after this crisis there will be a lot of realization as this situation we are at now, teaches ours government a lot of lessons.

With how the crisis affecting the regular fiat it's really possible to see more countries to considered the use of digital money, though there are lots
of existing digital form of currency and it's a tough competitions for cryptocurrency but knowing the possible potentials it will be consider and people
who already here will push this forward to also be recognized from their respective places.

[nosferzd]

The more countries create their cryptocurrency, the more likely it is to switch from fiat money to crypto. It’s not worth it to be afraid, it’s just a new stage in the evolution of the world economy. But I think that it will take not a year or two, but all 20. It will be difficult to adapt everything to cryptocurrencies

[Kurokonobasuke]

We are in the modern world now, and there are so many technologies that’s surround us. Digital currency is one of the best technology that have been invented throughout the world because we can easily transact anywhere. But as you said the government of some countries are just planning to develop their own digital currency, well it was a great opportunity for us, because as we can see right now the many sites like online gambling are using digital currency because it was easy to transact with digital coins. And if the government will develop their own digital currency it makes our life much easier in payment methods.

[pragna]

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?

Chaina is a big economy in the world and USA, Russia, India, etc always focus on Chaina so that if Chaina creats own crypto currency, another big economic county must think massively about it and it would be then good news for all crypto currency lovers. I think bright future is coming for crypto in closely.

[Bezobraznike]

The more countries create their cryptocurrency, the more likely it is to switch from fiat money to crypto. It’s not worth it to be afraid, it’s just a new stage in the evolution of the world economy. But I think that it will take not a year or two, but all 20. It will be difficult to adapt everything to cryptocurrencies

   Couldn't agree more. countries moving to digital-currencies is a stage in evolution! But I wouldn't mix crypto-currencies and digital-currencies
created by governments and banks. Once people start using digital-currencies in a way they will have easier access to crypto-currencies, and
people will become more aware of decentralized world presented by some crypto-currencies.

[panganib999]

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.

You are right. It is indeed a positive development for every countries. Also, the fact that they now consider cryptocurrency is a good thing, the countries are now developing and having a positive insight for crypto. The technologies now are improving and advancing considering digital currency as a cash would be more easy for us. The positive side of this, not only government will acknowledge crypto but also the people in that country which they will learn the real use of cryptocurrency in our life, how this will help us to grow money, to trade, to invest and to earn and be part of the crypto world. The negative side of this, the government will be a big competition of old crypto they will advocate that what they created are legalized cryptocurrency which will lead to many questions for the old ones.

Yes, this is a wise choice for the government to create their own cryptocurrency serves as a sign of technology progress and economic development. This will help us when it is generally accepted and acknowledge by everyone.

[Kurokonobasuke]

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?

For me, it was a great opportunity like this time, world is experiencing the huge of pandemic virus called COVID-19, this virus has spreads over the world and it affects many people in many countries. The virus is easily spread through a droplets with a sick person.  The fiat currency is one of the reasoned on spreading the virus that’s why in the situation like this the digital currency is necessary because it is one of the best way to prevent the virus on spreading it.  When we use the digital currency in some stores it prevents it to touch the fiat currency and also it is very useful when we transact in online stores.

[Emitdama]

For me I think that the government having their own cryptocurrency is a threat –the first reasons is that they wouldn’t like decentralized cryptocurrencies being in the way of their own cryptocurrency; imagine that they release their cryptocurrency and people are not making use of it, instead they are using decentralized cryptocurrencies, the government wouldn’t be happy about it and will stop people from making use of these cryptocurrencies maybe by creating strict rules and heavy punishment for those that fails to follow the rules.

However, we can’t say for sure, so it might be best that we wait till the time comes and see what is going to happen, you just never.

[Negotiation]

Yes we all have to wait for that time to know what's really going to happen But I do not think that the government is making digital currency and if it does then it is a threat to us. Crypto generally acts as a decentralized freelancer  In that case if the government controls it it will be centralized and act as the government directs Not many people will support it.

[adzino]

What do you think about the currencies that they are about to make? It obviously is going to be a very centralized coin where the government itself is going to control the whole network. Its going to make it easier for the government to track your financial aspects. There will be no financial privacy for you once you start using the coin.
Don't take those currencies as a threat. They are just another cashless payment system made by the goernment.

[conected]

For me I think that the government having their own cryptocurrency is a threat –the first reasons is that they wouldn’t like decentralized cryptocurrencies being in the way of their own cryptocurrency; imagine that they release their cryptocurrency and people are not making use of it, instead they are using decentralized cryptocurrencies, the government wouldn’t be happy about it and will stop people from making use of these cryptocurrencies maybe by creating strict rules and heavy punishment for those that fails to follow the rules.

However, we can’t say for sure, so it might be best that we wait till the time comes and see what is going to happen, you just never.

- The government actually imposed heavy rules and penalties for crypto users but in general, the application was not too realistic when it belongs to each person's personal property, the government may be dissatisfied but they are not taking measures. Even we should realize that the government does not like crypto but they are still forced to acknowledge the impression and benefits that crypto has created, governments want their own crypto market just because of their interest, they only disperse people's attention with crypto but through that, they are also helping crypto advertising

[samcrypto]

Yes we all have to wait for that time to know what's really going to happen But I do not think that the government is making digital currency and if it does then it is a threat to us. Crypto generally acts as a decentralized freelancer  In that case if the government controls it it will be centralized and act as the government directs Not many people will support it.

US plans to create a digital dollar and the first thing I heard about it, I think Bitcoin will be on a big competition again. We have to wait if the government is so serious about this thing, the OP dated last January so let’s wait for further notice. For now, let’s continue to support bitcoin because we all know if its owned by the government, the supply is unlimited.

[jrrsparkles]

IMHO,its just useless you are not going to see any difference with the cryptos created by governments and fiat created by governments they will fall into inflation and again the people who is holding will lose its purchasing power even without their kowledge.

[joinfree]

It's pointless and does not affect us(crypto enthusiasts) in any way because it would be like they are choosing to stick with using another form of digital centralized currency. Trust me it will no work and I hope the citizens of those countries would do a good research to know this before it is even launched. I know China and the US are planning of this movement.