Government Creates Own Blockchain & Cryptocurrency

[maxreish]

If this happens, will the value of Bitcoin go down because the government will make it available for everyone for cheaper value? What are your thoughts on your government distributing digital currency?
 

 First off, government has centralized system. If they will be able to create their own cryptocurrency and blockchain, probably it was centralized and they will have control over it. And cryptocurrency is in decentralized form. This will conflict the real purpose associated with it's system.
 
 Although, on the other point of view. Creating their own blockchain to improve their system, to make their government more organized and prevent some corrupt officials  then there are still good side of creating their own blockchain.

[aioc]

If this happens, will the value of Bitcoin go down because the government will make it available for everyone for cheaper value? What are your thoughts on your government distributing digital currency?

If they are going to create one, it's going to be for their local use, and it will be centralized, governments want to control anything and everything within their boundaries, there will always attachment or hidden agenda behind it, so don't expect it to be like Bitcoin where traders from every nation will support it, I think China is creating one now.

[shoreno]

there are already cheap coins but not backed by government but are trusted because they are quite old enough but the most point here is the anonimity .

 even those cheap coins didnt have a major effect in btc , how much more if government issue thier own coin .  another thing is most people here only invest to profit and that will only be achievable if a coin is not cheap  . most of the demand are still going to go for btc

[cabron]

CBDC already has plans for government crypto but more like stablecoin. They will make it available for all but its price is stable, they are not meant for investment just like your fiat money today. The only difference is it's digital. But its also going to make crypto easy to acquire for a regular user I suppose since they are all digital and most likely could help the prices of BTC to go up.

The digitized currencies of the central banks of states will be ordinary stablecoins, that is, the same national currency of states, only in digital form and on blockchain technology. And stablecoins are not meant to be profitable. They work more as a means of payment and accumulation of value, like ordinary money of states.
Therefore, they will compete with cryptocurrency and, in particular, with bitcoin only as a means of payment.

Its assumed that these government cryptocurrencies will likely be paired to BTC or to any other cryptocurrency, its safe to say its going to be on exchanges as well much like the fiat we have today so its going to be easier for everyone to invest in cryptocurrency even if you are not working in front of a computer every day. Like if your job is a street vendor you will still have access to the cryptocurrencies because you have digital currency.

[isaac_clarke22]

~

I looked up in Quora site and check this out.
https://www.quora.com/Which-countries-working-on-their-own-cryptocurrency
Notably Ecuador, Estonia, China and even Japan makes their own crypto currency. I can remember that one from Japan is J Coin.

If it happens? Well it already happened but look at where Bitcoin is right now, OP.
Even though it is cheaper per coin than on how much Bitcoin is, Bitcoin is still decentralized so that's that. Centralized coins isn't for everybody.

[RussianEnglishTranslation]

Governments will create CBDCs but they won't have the same value prospects as Bitcoin and other cryptos if the supply is infinite.

[Reid]

No, it's just like recreating USDT.
It will be a coin for the country and nothing else. Just digital coins.
It's government property or let's just say it is the people's tax money they will be using for the project which means one thing, it's not private.
It can't be like a stored value like Bitcoin. In essence, it's different.

Don't forget "control" they love that part. It's a must.