Goverments creating digital currencies - Threat or Opportunity?

[raidarksword]

I would say yes, it's an opportunity towards the progress of a government that support crypto currencies as an alternative way of payment system just like fiat currency.  By this approach, government will be able to adopt and putting ways of using blockchain technology in a good way for the citizens that would be able to use it on daily basis and in order to push the cashless system we are aiming in the near future.

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[AjithBtc]

Governments consider creating their own cryptocurrency. Rather than threat or opportunity, governments consider it a way to safeguard themselves. Most of the governments have an understanding that usage of cryptocurrencies might lead to economic destruction. With their own cryptocurrencies governments can have control over it. This is the major reason for creating own cryptocurrencies than using the decentralized cryptocurrencies available in the market.

[Pamadar]

I would say yes, it's an opportunity towards the progress of a government that support crypto currencies as an alternative way of payment system just like fiat currency.  By this approach, government will be able to adopt and putting ways of using blockchain technology in a good way for the citizens that would be able to use it on daily basis and in order to push the cashless system we are aiming in the near future.

In helping the progress, if the government is not corrupt and will allow the blockchain to take care of their currency then it will be a good help not only to the society but inside the entire ecosystem of this industry.

It will open door between people who knew crypto and those who are only starting to adopt this system

[bayu7adi]

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.

So, you are talking about centralized coins?
It would be very detrimental to Chinese society if XJP made coins for its own communist country,
This is against blockchain technology which should be able to provide a sense of security to all ecosystems in transacting transparently. The theft of digital assets based on government authority is a serious violation against the country itself.
Is this the impact of the FinTech competition in China? thus allowing unfair competition

[travwill]

It's funny to watch how quickly all the hype and talk around the creation of national cryptocurrencies subsided against the backdrop of the pandemic.
Almost nothing of the kind comes through in the info field, but I'm sure that work on these projects is underway, especially now when there are so many people in quarantine.
I would like to know those things that are not yet in the info field.

[finaleshot2016]

Of course, it will be a huge opportunity for the people and it might use them for economic advances. It might become a threat to us if they use it for their personal desires, especially if those who're in the position is full of corrupt people. Imagine that they're implementing digital currencies, there will be a lot of job opening that is cryptocurrency related, and it will give a good impression to the people who aren't familiar in digital money. Unlike today, people thought that cryptocurency is a scam because they don't have any single idea about it and scammers are taking it as an advantage.

[TrevorS]

This case in more depended on government economic politics. Usually the governments will try to somehow control the crypto currencies and creating new digital currencies in just a simple thing to do. However as far as I know the governments won't provide the crypto currencies by themselves, they will use some kind of proxy. For example, highly trusted and government related people or companies will do the job.
Anywayz, Governments creating currencies of their own is a good positive sign of development of this new technology.

Who knows. I think if any country succeeds in creating its own really effective token, then this precedent will become an example for everyone else. So far there is nothing like it, just a pathetic semblance of attempts, like the crypto peso. In any case, banks are very cunning and will not allow an unstable token to spoil their reputation, so we may not see a working example very soon.

[bayu7adi]

Who knows. I think if any country succeeds in creating its own really effective token, then this precedent will become an example for everyone else. So far there is nothing like it, just a pathetic semblance of attempts, like the crypto peso. In any case, banks are very cunning and will not allow an unstable token to spoil their reputation, so we may not see a working example very soon.

The government and the bank are one unit, where they are both economic actors who benefit from each other, with the main victims being the people of the countries concerned. To regulate the state financial system, the key is in banking. It is impossible for a bank to declare a refusal because crypto does not provide great benefits like the current system, while the head of government (president or king) prefers to give permission to circulate crypto. Only idealistic leaders or in conflict with related banks will do that.

We can break the vicious circle of banking business in one way, to make institutions willing to make sacrifices to massively adopt blockchain technology nationally or internationally. It's not easy, but at least everyone knows that blockchain technology exists.

[Ozero]

Almost all states are already positive about the creation of their own digital currencies, as they are convinced that such digital currencies open up a lot of advantages for using national money. They become very fast, much more cost-effective. Therefore, about 80 percent of all states are already working on the creation of national stable coins, that is, their digitalized currencies.
For a decentralized cryptocurrency, in my opinion, this is both good and bad. It is good in the sense that this process will simultaneously arouse general interest in cryptocurrency, and on the other hand, stable coins of states will compete with cryptocurrencies when used as a means of payment.

[finaleshot2016]

Almost all states are already positive about the creation of their own digital currencies, as they are convinced that such digital currencies open up a lot of advantages for using national money. They become very fast, much more cost-effective. Therefore, about 80 percent of all states are already working on the creation of national stable coins, that is, their digitalized currencies.
For a decentralized cryptocurrency, in my opinion, this is both good and bad. It is good in the sense that this process will simultaneously arouse general interest in cryptocurrency, and on the other hand, stable coins of states will compete with cryptocurrencies when used as a means of payment.

Yes, because they see it for their own personal desires and I doubt that they will make it for the betterment of the economy so, therefore, I considered it as a threat. Yes, it's an advantage for the economy but the only people that will benefit a lot are those who invested on creating digital currencies for the country.

The only advantage of it for the people is like what you've said, for transactions and payment.

[gentlemand]

Here's what it really means - https://twitter.com/DoveyWan/status/1296700861255573504



No way out.

And you can bet any other economy that adopts this won't be slow to shut off citizen access to alternatives when it suits them too.

[Mauser]

Here's what it really means - https://twitter.com/DoveyWan/status/1296700861255573504

No way out.

And you can bet any other economy that adopts this won't be slow to shut off citizen access to alternatives when it suits them too.

The mistake is to be buy those currencies in the first place. Why invest into crypto currencies that are controlled by political parties? I always thought the main idea behind crypto currencies was to be independent of governments. For me bitcoins is a way to escape fiat currencies. I don't think those currencies will be real alternative to bitcoins, especially if they can make sure you can't exit the currencies.

[gentlemand]

The mistake is to be buy those currencies in the first place. Why invest into crypto currencies that are controlled by political parties? I always thought the main idea behind crypto currencies was to be independent of governments. For me bitcoins is a way to escape fiat currencies. I don't think those currencies will be real alternative to bitcoins, especially if they can make sure you can't exit the currencies.

You won't be buying them. They're nothing other than the regular fiat currency with extra control on top. It'll be down to the government to transition populations into them. You eventually won't be given a choice. If one does happen it'll be interesting to see how the change is implemented.

[radjie]

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?

government efforts to create its own digital currency may have a positive impact because it can introduce digital currency to the public. This is certainly worth developing if most governments are able to implement this, because the government should be able to realize the many benefits that can be obtained from blockchain technology.

[Questat]

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?

government efforts to create its own digital currency may have a positive impact because it can introduce digital currency to the public. This is certainly worth developing if most governments are able to implement this, because the government should be able to realize the many benefits that can be obtained from blockchain technology.

Probably that's one benefit for crpypto.

If people would learn about digital currency and they have adopted it, it would be easy for them to understand crypto as its also a digital currency, the only difference is that crypto is decentralized, and I think that nature of crypto would attract digital currency users to adopt in the space.

[The cure]

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?

For me this is a good step for people to be able to adopt crypto, this will greatly help the public to fully understand the importance and the ease of using crypto. Due to modern and digital technology time will come when crypto will definitely be used by people this will serve as the beginning of mass adoption.

[angrynerd88]

Government is not responsible for it but adoption of population matters. Blockchain innovation is been well known due to its developing highlights like secrecy, straightforwardness, quick and worldwide exchanges, etc which would maybe be exasperates by the governments on the off chance that they ever attempt to enter the cryptocurrency field. They would not for beyond any doubt acknowledge cryptocurrencies as they are since it might cause a few inner or outside things which would influence the economy of the nation and subsequently the governments might got to modify a few changes like making a coin which might be reachable.

[Firefox07]

I think this is a big opportunity for people who don't know about cryptocurrency. Government could promote crypto more than anybody else. And more people can adopt the use of cryptos.

[n0ne]

Governments always tend to make things better than before, but they expect everything to be profiting the government in one way or the other. This is what makes most of the cryptocurrency developed by the governments lack in its real-time usage. If the digital currencies were developed on perfect blockchain, it helps in having track of each and every users data. It is a threat, but usage of bitcoin by governments will make things easier.

[sapnu]

I think this will be a good opportunity for the market and for the knowledge that is being spread althrough out in that certain country. That is a good step of innovating the digital currency in that particular place making their own ATM machines that you can buy coins or sell coins. It is also for the people, a perfect time to adopt the usage of cryptocurrency and to know what is the benefits of using this digital currency, not only giving them the fastest and safest way of making transaction but also an opportunity for them to invest.