Goverments creating digital currencies - Threat or Opportunity?

[Chrystora123]

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.

the government always tries hard to control whatever is in their country.  for example, Digital Yuan, which was created to compete with the popularity of Bitcoin in China, we know that there are so many Bitcoin lovers in China while Bitcoin cannot under the control.  The opportunity of cryptocurrencies in mass adoption will be huge when countries have started making fiat currencies their own cryptocurrencies version..

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[Ozero]

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.

This is a good opportunity for governments to reduce the cost of issuing cash and increase the efficiency of cashless payments.  In addition, the digitized currencies of the central banks of the states are a good distraction for the population so that they less use the decentralized cryptocurrency as a means of payment.  This is precisely the threat to cryptocurrency.  If almost every state will have its own national digitized currency, then cryptocurrency can really be used even less as a means of payment in the future.

[Botnake]

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.

This is a good opportunity for governments to reduce the cost of issuing cash and increase the efficiency of cashless payments.  In addition, the digitized currencies of the central banks of the states are a good distraction for the population so that they less use the decentralized cryptocurrency as a means of payment.  This is precisely the threat to cryptocurrency.  If almost every state will have its own national digitized currency, then cryptocurrency can really be used even less as a means of payment in the future.

A threat if we think crypto will replace fiat, but if we will accept that crypto will just be an alternative currency, then I guess we would not worry on the improvement of digital currency issued by the state.

[Oilacris]

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.

This is a good opportunity for governments to reduce the cost of issuing cash and increase the efficiency of cashless payments.  In addition, the digitized currencies of the central banks of the states are a good distraction for the population so that they less use the decentralized cryptocurrency as a means of payment.  This is precisely the threat to cryptocurrency.  If almost every state will have its own national digitized currency, then cryptocurrency can really be used even less as a means of payment in the future.

A threat if we think crypto will replace fiat, but if we will accept that crypto will just be an alternative currency, then I guess we would not worry on the improvement of digital currency issued by the state.

That thing wont surely happen as long government  do exist on this world.Theres no way for crypto to take over because it totally opposes centralization which we know that it wont be
possible for it to take over.

It will remain as an alternative and we have seen that China had already their digital Yuan and its no surprise that other countries would really be creating their own digital currencies.

Threat or opportunity? It would be on the middle because creations of this digital currencies is no different from e-fiat which had been a typical thing.

[hahay]

In any case, the pros and cons will always be there so differences of opinion are no longer something strange, but for me personally when the government sees an opportunity in digital currency, of course this will have a good impact on cryptocurrency as well. In any market, competition will occur, so what is the problem that makes us not provide support to the government because after all, over time there will be an increase of course in terms of digital transactions itself. So I personally support it, because the development of digital currency by the government will make the public more aware that digital currency exists and can be used as needed.

[cuteness]

i think US already Create their own crypto. what we call (xrp) ripple a US based technology company. when they first lunch this crypto theysaid xrp can kill BTC.

[bits4books]

i think US already Create their own crypto. what we call (xrp) ripple a US based technology company. when they first lunch this crypto theysaid xrp can kill BTC.

In what way? Shoot a nuclear missile right at Mr. BTC? Or send a squad of security forces to close the servers of Mr. BTC?
Who and what will replace what is not decided by the companies that put forward their product - it's just their wet dreams. This is decided by the people, the end user, who is the direct consumer of any product produced. And something I don't see any trends for XRP that it would just take and "replace & destroy" BTC. How do you imagine this?

[Janation]

i think US already Create their own crypto. what we call (xrp) ripple a US based technology company. when they first lunch this crypto theysaid xrp can kill BTC.

There is no way it will happen.

Ripple might be one of the altcoins that could give people some profit in the near future, since another fork might happen but it will never overtake Bitcoin in terms of its value and its popularity. It will stay as an altcoin, an alternative coin to Bitcoin like the others.

[Maslate]

i think US already Create their own crypto. what we call (xrp) ripple a US based technology company. when they first lunch this crypto theysaid xrp can kill BTC.

There is no way it will happen.

Ripple might be one of the altcoins that could give people some profit in the near future, since another fork might happen but it will never overtake Bitcoin in terms of its value and its popularity. It will stay as an altcoin, an alternative coin to Bitcoin like the others.

Not even sure if it will surpass the popularity of ETH, Ripple will remain as a centralized asset and people who invested it are mostly coming from big institution, there might be some hype of Ripple but not as good as the decentralized coins in the market.

[Botnake]

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.

This is a good opportunity for governments to reduce the cost of issuing cash and increase the efficiency of cashless payments.  In addition, the digitized currencies of the central banks of the states are a good distraction for the population so that they less use the decentralized cryptocurrency as a means of payment.  This is precisely the threat to cryptocurrency.  If almost every state will have its own national digitized currency, then cryptocurrency can really be used even less as a means of payment in the future.

A threat if we think crypto will replace fiat, but if we will accept that crypto will just be an alternative currency, then I guess we would not worry on the improvement of digital currency issued by the state.

That thing wont surely happen as long government  do exist on this world.Theres no way for crypto to take over because it totally opposes centralization which we know that it wont be
possible for it to take over.

That's the reality that cannot be change, every government has their own interest and they will always serve their interest.
This world is built to be centralized, and our government is running our country so they are in control.
Bitcoin rises due to speculation in the future and I don't think the current adoption rate is enough for the current price.

It will remain as an alternative and we have seen that China had already their digital Yuan and its no surprise that other countries would really be creating their own digital currencies.

Threat or opportunity? It would be on the middle because creations of this digital currencies is no different from e-fiat which had been a typical thing.

We will always live based on the law of the land, bitcoin is centralized but it will be regulated and once it's regulated, it will be limited since it's already in control of the government where there's a legal or illegal words to exist.

[Nhor1011]

I think if Government create their own digital currency is not a threat but a proof that they acknowledge the existence of cryptocurrency in the world. Although they don't want a decentralized digital currency, the importance is they know the benefits crypto can give to the community, I think that's enough for now. We have alternative source of income and opportunity and also it will help us to avoid spreading viruses because it was digital that we can also use for payments.

[iamsheikhadil]

For me, it's a big threat since the government can not boycott bitcoin's locale so they make something comparative of it. They can control their own advanced money which means they ready to control the cost. Nobody needs to pay profoundly charges to the government. In the event when government imagines that utilizing digital currencies is useful then why not acknowledge the bitcoins. We can not trust the public authority since they're against the bitcoins

Users would have the last laugh on them. Since most of us already know that different crypto currencies have emerged and can emerge only to give bitcoins a competition or to lower its hype, we users already have put our complete faith on Bitcoin over any other currencies already xD and hence its marketcap and value is most and most popular.

[GrinZ]

I think the developments of governments regarding crypto are very important. States that approach this issue positively should clearly explain to people who do not know. I think that the governments that view the crypto sector negatively will certainly enter the sector in the future.

[AicecreaME]

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.

the government always tries hard to control whatever is in their country.  for example, Digital Yuan, which was created to compete with the popularity of Bitcoin in China, we know that there are so many Bitcoin lovers in China while Bitcoin cannot under the control.  The opportunity of cryptocurrencies in mass adoption will be huge when countries have started making fiat currencies their own cryptocurrencies version..

I couldn't agree more.

Also, if a Government will make its own cryptocurrency, I think it is a danger to all of us depends on its feature. For example is they could use it to gather up information about all of us and they could use it to blackmail us to threaten us in a way that we don't have any other choice but to obey, something like that. The other possibility is they could simple use it as a way to stole our bank accounts information, or anything that could benefit them, who knows.

And for sure if they will going to create a cryptocurrency, it is going to be regulated by them requiring different datas and form in order to use their currency.

[Shasha80]

I think if Government create their own digital currency is not a threat but a proof that they acknowledge the existence of cryptocurrency in the world. Although they don't want a decentralized digital currency, the importance is they know the benefits crypto can give to the community, I think that's enough for now. We have alternative source of income and opportunity and also it will help us to avoid spreading viruses because it was digital that we can also use for payments.

It is true that the government creating digital currency is not a threat, there is an opportunity for cryptocurrency to show its existence.
With the creation of a digital currency by the government, users will indirectly compare it with cryptocurrency. From there, many people
will get to know cryptocurrency, so can speed up the adoption process. Because eventually everyone will realize the benefits of cryptocurrency.

[atjiat]

One way or another, any increase in the money supply by the government leads to an increase in the price of all goods and everything in a person's daily life. I do not know how inflation affects a person in more developed countries, in Europe and America, but in my country, Central Europe, any government action in this direction negatively affects the lives of citizens.

[proTECH77]

I think creating more digital currency by the government is not the solution to what covid-19 has caused in the world economy, than to introduce more online scammers in the country. It will be a threat to all decentralized currency investors which will really introduce competition between centralized currency investors and decentralized currency investors which many investors will still remain with decentralized currency which they have tested and trusted in the exchange market.

[sayaya17]

In fact, it positions blockchain technology to defeat traditional systems. That’s why Bitcoin is increasingly popular in the world community.
Maybe that’s why the Government wants to make their own version of digital coins. Especially if we see a change in people’s behavior
now more likely to use digital transactions.
But these digital coins are not like fiat. Any movement of digital coins can be tracked, because it is the central bank that has created and issued them.
Perhaps that causes the pros and cons of various circles. Although fiat is issued by the central bank as well, the transactions can be used manually.

[nrvasquez]

Currently, digital currency has been widely discussed in many countries, but they are still confused about what regulations they should apply. like in the US they provide fairly strict regulations to companies engaged in blockchain and crypto right? I believe they are not unable to implement the regulation, but rather their readiness to accept the outcome if they make the regulation. what if something happens after they apply it, and how to prevent the problem and how to solve it

[SmokerFace]

For me, it's a big threat since the government can not boycott bitcoin's locale so they make something comparative of it. They can control their own advanced money which means they ready to control the cost. Nobody needs to pay profoundly charges to the government. In the event when government imagines that utilizing digital currencies is useful then why not acknowledge the bitcoins. We can not trust the public authority since they're against the bitcoins