Goverments creating digital currencies - Threat or Opportunity?

[tam31]

When you said opportunity, what kind of opportunity are you referring to? Do you mean if this is going to be an opportunity the cryptocurrencies we already have , especially Bitcoin or an opportunity for people start cryptocurrency no matter which it is?

The government creating their own cryptocurrency is not going to be any kind of opportunity for Bitcoin, they are not going to be in support of it. When the government starts creating their own cryptocurrency it's going to be the only cryptocurrencies that are issued by banks, maybe .

[Assface16678]

Creating a digital currency is it takes time because there is a lot of approval before it becomes popular and releases this in the market also we are looking forward to making more coins. Still, before the coins lunches, it takes a lot of beta testing and many people will be getting curious how much is the price of this kind of coin also it is good too if the government will release their own coin because it is a good sign that they are now accepting the use of cryptocurrency on their country also it is a good move so many people will start now their own businesses and with a payment method of using the cryptocurrency it takes time before they accept this kind of innovation because the market price is volatile we can't assure the stability.

[Lorence.xD]

In accordance to what you said, country controlled currency is more of a threat because of one simple thing and that is tax. They want a controlled and centralized crypto because they simply can't control the pioneering cryptocurrency, just imagine how much money the government have if they have taxed the people who earned cryptocurrency but they can't do it because they do not have control over it. If in the near future that all countries have their own crypto would spell bad thing for the prices of all the cryptocurrency, because there are more crypto to choose which in turn will dramtically decrease the demand and thus lowering its prices. We also shouldn't forget that when this nation controlled crypto come into fruition, there is a high possibility of banning all other decentralized crypto.

[Averim]

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 agree with mass adoption of digital coins but i am not glad if officials are involved in it because this means more regulations, complications, taxes and lack of transparency.

[Kong Hey Pakboy]

In accordance to what you said, country controlled currency is more of a threat because of one simple thing and that is tax. They want a controlled and centralized crypto because they simply can't control the pioneering cryptocurrency, just imagine how much money the government have if they have taxed the people who earned cryptocurrency but they can't do it because they do not have control over it. If in the near future that all countries have their own crypto would spell bad thing for the prices of all the cryptocurrency, because there are more crypto to choose which in turn will dramtically decrease the demand and thus lowering its prices. We also shouldn't forget that when this nation controlled crypto come into fruition, there is a high possibility of banning all other decentralized crypto.

Cryptocurrency being controlled by the government might have taxes because that is how fiat currency works that we use it in paying taxes for the economy of a country, so if the government will create their own cryptocurrency it will not have any differences to fiat at all or it is not unique anymore.

[tippytoes]

In accordance to what you said, country controlled currency is more of a threat because of one simple thing and that is tax. They want a controlled and centralized crypto because they simply can't control the pioneering cryptocurrency, just imagine how much money the government have if they have taxed the people who earned cryptocurrency but they can't do it because they do not have control over it. If in the near future that all countries have their own crypto would spell bad thing for the prices of all the cryptocurrency, because there are more crypto to choose which in turn will dramtically decrease the demand and thus lowering its prices. We also shouldn't forget that when this nation controlled crypto come into fruition, there is a high possibility of banning all other decentralized crypto.

Cryptocurrency being controlled by the government might have taxes because that is how fiat currency works that we use it in paying taxes for the economy of a country, so if the government will create their own cryptocurrency it will not have any differences to fiat at all or it is not unique anymore.

I think the difference with fiat is the ease of transaction as you don't have to use the physical paper money anymore. Of course, there will be taxes as it is controlled by the government. But the idea of using digital currency is not far as like in this pandemic situation. If people have the choice to use their own digital currency and shops are accepting it, they will use it instead of the paper money because of the risk of transferring the virus. So I guess, creating digital currencies is not a threat but an opportunity to widen the usage of crypto. People will always have a choice if they will use a decentralized vs. centralized coin.

[Sirait]

if the government starts creating their own cryptocurrency then I think that's an opportunity, Cryptocurrencies have the opportunity to be legally valid and can be used for transactions

threats may exist, but only threats to market competition

[MCobian]

I am among those who will support the government if indeed the government intends to make its own crypto coin. This is not a threat
in my opinion, because the possibility of cryptocurrency is legalized and if it is like that the news is very encouraging. Because it's time
for all countries to have their own crypto coins, so that financial transactions will be more effective and efficient. I hope this will soon
come true, because so the government can adopt blockchain technology.

[Reatim]

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 will favor our market because at least there will be more option of legal crypto that we will invest for and for sure those currencies is well supported and may not be manipulated.

We all know how Chinese government is eager to make Coin to compete Bitcoin as they are always wanted their own brand and product and since they knew that crypto will be the next big thing then they are getting ready.

[Xxmodded]

Good chance and opportunity when government want to create own digital currency because will wake up the economic and many people will adopt and use digital currency than using cash money, how ever payment most easy and faster after adopting and using digital currency than we use cash transaction.

[Subbir]

If the govt is creating digital currency then this is often an honest opportunity for us we will easily use cryptocurrencies and nobody can use cryptocurrencies illegally this may speed up our transactions and improve the cryptocurrency. People will transact cryptocurrencies very easily and there'll be no fear of getting lost and scammed Banks will support cryptocurrencies.

[riso2015]

Good chance and opportunity when government want to create own digital currency because will wake up the economic and many people will adopt and use digital currency than using cash money, how ever payment most easy and faster after adopting and using digital currency than we use cash transaction.

Yeah and maybe later Bitcoin will be increasingly in demand by the public because Bitcoin is the first digital currency present before the Government wants to adopt their digital currency. I am very optimistic that if Government creates digital currencies then Bitcoin will become popular in eyes public.

[Pamadar]

Good chance and opportunity when government want to create own digital currency because will wake up the economic and many people will adopt and use digital currency than using cash money, how ever payment most easy and faster after adopting and using digital currency than we use cash transaction.

Yeah and maybe later Bitcoin will be increasingly in demand by the public because Bitcoin is the first digital currency present before the Government wants to adopt their digital currency. I am very optimistic that if Government creates digital currencies then Bitcoin will become popular in eyes public.

It can be yes or it can also turned to the other side, knowing how the government wanted to take the full charge of their currency, if they will begin creating their own versions of crypto they will surely take things in their favor, which can be means that it will work alongside with their fiat currency and will be centralized unlike bitcoin, sad but true government always wants domination with anything that they've created.

[verita1]

As we well know, there are several opinions on the matter in favor and against digital currencies that governments want to create.
Governments know the impact that BTCitcoin and blockchain have caused. It is increasingly evident that traditional banking is lagging far behind the advancement of technology and is not giving its users quick responses to their needs.

There are currently blockchain use cases in the banking industry. As indicated in the following article

https://changelly.com/blog/blockchain-in-banking-industry-use-cases/

Commerzbank (Germany)
UBS (Switzerland)
JP Morgan (US)
ING (Netherlands)
Banco Santander (Spain)
Among others.

So it makes me think that governments are seeing the need to reinvent themselves by creating their digital currency.

[culuuton]

Goverments creating digital currencies is both positive and negative. On the one hand, it will drive more people to the digital currency and this market will become more popular. On the other hand, national governments will impose stronger domestic exchanges, they will manage transactions more closely.

[Janation]

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.

Why would it be a competition for Bitcoin?

It is just the digital currency of a fiat that they had, nothing more. It is still centralized, not anonymous it is so far from being a competition of Bitcoin and other cryptocurrencies with better features and uses. They are creating their own since the technology is obviously leading to that kind of currencies, it has nothing to do about controlling Bitcoin.

[Ibizugbe1]

I hope the government won't make us run into some sort of problem in the future with the creation of stable coins. They will try to censor this and may up being a political and economic tool. Although it's good they are embracing the power of blockchain, but the government can't be trusted.

[Latviand]

They are using aspects of cryptocurrency technology to create supercharged fiat currencies.

If people are unhappy about government meddling, surveillance and control now they're going to be screaming if these ever get implemented.

They will be able to debase your money with no way of combating it, shut you down if they don't like one of your transactions, extract money from you no matter where or how you're storing it and places like China will be able to control where and how you spend your money or simply make you a total non person incapable of spending, earning, sending or receiving it.

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.

They are using blockchain technology to implement their own cryptocurrency but the only problem that they will encounter is mass adoption. I'm sure that people will still trust cryptocurrencies that are proven and tested because they see its advantages for so many years. New cryptocurrencies that entered economy will not be developed and adopted that fast because we all know that people are looking forward for an investment where the volume of people in the market who uses it is most likely higher. But some good cryptocurrencies experienced being in that position at first but what can we do, the older the crypto existed in the market, the more it will dominate new cryptocurrencies as these are really giving huge profits.

[poodle63]

I hope the government won't make us run into some sort of problem in the future with the creation of stable coins. They will try to censor this and may up being a political and economic tool. Although it's good they are embracing the power of blockchain, but the government can't be trusted.

There are some rumour around about the authorities being afraid of stablecoin saying that it could disrupt their economy. at the moment stablecoin could grow unnoticed by the elites because the market capitalization is still relatively low, imagine when we hit significantly higher market cap what's gonna happen.

[FlightyPouch]

Good chance and opportunity when government want to create own digital currency because will wake up the economic and many people will adopt and use digital currency than using cash money, how ever payment most easy and faster after adopting and using digital currency than we use cash transaction.

If you will be thinking of it, there are already a lot of people using payment methods online rather than doing it traditionally or offline. So I don't think that it will wake the economy up since they would be waking the economy up before even thinking they need a digital currency for the efficiency of transactions for the people and another country as well.