Bank & Government Crypto

[NatureMoves]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

[1714881890]

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[Chradams]

It is not if they do it is when. Countries are realizing the value and it will become a money grab. If a large enough country does it they can help inflate the price themselves and not need others to do it.

[NatureMoves]

You are right, it is only a matter of time. How will they help inflate the price, by controlling the news media?

[tranthidung]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

CBDCs will be backed by fiat currencies and they are not digital assets to trade like cryptocurrencies.

They are almost similar to the stable coins like Tether USD, BUSD, USDC, etc. but they are more centralized (not by companies but by governments and central banks).

• [GUIDE] Stablecoin Economy
• [GUIDE] All About Central Bank Digital Currency (CBDC)

They can be minted by governments like huge fiat currencies were printed & distributed for QEs in 2020 and 2021. Many governments tried to keep the economies go forwards with less visible effects from the pandemic.

[Theb]

I can't find the exact article I was reading about the "Digital Euro" but this is the closest one I can get online

ECB said it should be prepared to issue a digital euro, but it would co-exist with euro notes and coins rather than replace them

A digital euro would combine the efficiency of a digital payment instrument with the safety of central bank money

In short, a digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure access to euro cash across the European territories where it is accepted.

If we will treat the European Central Bank as an example their own digital currency is a "reflection" of their fiat currency which is the Euro. the European Central Bank has proposed this last year and one the reasons why is the pandemic that had spread fast in their country, also this is their own way to battle out other cryptocurrencies as well as payment processor which their citizens will also be incurring fees just for the transfer. Their value will always be backed up by the fiat version of their money and I think this will be the same situation for other countries seeking digitalisation of their money.

[Baofeng]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

If you are talking like CBCD to be used as sign kind of investment like bitcoin, then it's not. Remember that CBCD would likely be similar to a paper bank notes or simply local currency being digital. And they will use their own blockchain, but mostly it will be a private one. So it's very different, it will be centralised and will be heavily regulated by the issuer (government).

[Poker Player]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

I believe that on the one hand, they will help to normalize the crypto world and Bitcoin, although the Central Banks will insist on saying that the real currencies are theirs, and on the other hand, it is a way for them to fight, in vain, against the threat of Bitcoin.

Probably uninformed people will start using their currencies and will not want to know anything about the Bictcoin but most people will end up knowing that the most valuable asset is the Bitcoin, because the information today is very accessible.

[Sterbens]

I am interested in the title, because it is more precise in using the sentence. bank, government & crypto. so that it fits better in sentence placement.

The plan for making crypto has started to be worked on by several parties who have always supported the early emergence of crypto. the bank and the government will make their crypto based on the value of the respective country's currency which is still pegged at the dollar price. then it will look like the value of the coin is stable, but with different amounts based on the exchange rate of a particular country's currency against the dollar.
There will not be too many significant changes, because the coins created by the government in collaboration with the bank will adjust so that their value can still be centralized by the two institutions.

[LeGaulois]

Banks and/or governments can not create a decentralized currency, they can only create a state currency and there is a big difference.
Since they can only create a stablecoin, I can't imagine people speculating on it more than with traditional currencies.
So if you expect to see people buying state coins and wait to see the price pumping. Nope it won't happen

They didn't start to work on this digital euro to compete with cryptocurrencies. They perfectly know the difference between a digital coin and crypto and know very well that people interested in cryptocurrencies is just a speculation matter. This won't be the case with a digital euro coin.

They did it as an innovation in digital payments means and to avoid being dependent on certain networks. By networks, I mean some companies like Visa and Mastercard

[Asuspawer09]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

Banks and government creating their own cryptocurrency would be a little different, government will never create a cryptocurrency that is decentralized for sure.

It is just gonna end up something like a stable coin for sure, it could end up wrong at some point when the market price depends on supply and demand in the market that affects the price of the token.

The token will be regulated for sure because they will not promote something like bitcoin, it is just like a fiat currency but virtual I think, but their are many ways on how they could do it.

[Gozie51]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

Nope I'm not thinking that the people would have any determining factor to create or give value because is going to be centralised just like fiat as it will be controlled by government. The manipulation will go on and control can't stop, us going to check people freedom. It can only serve as stable coin on one hand.

[kryptqnick]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

It really depends on the specifics of the currency. If they make a decentralized crypto, then its value will depend on the demand and supply, so people will indeed be the ones giving value to it. However, there's no sense in creating such a crypto for banks and governments because many such cryptos already exist, and they could just adopt one of them. So I think that a bank's crypto would be centralized, with the supply under control of the bank and the price also regulated as much as possible. As for storing it in one's own wallet, I think it would probably be possible, so it's still better than storing fiat in a bank.

[BrewMaster]

government and the banks will always create fiat and nothing else the form that fiat comes in is changing from physical cash to digital money and credit and in the near future it may temporarily change into a form of cryptocurrency before they go back to the previous digital form since centralized cryptocurrency has no meaning and is the most inefficient form of money.
as for its value, as i said they create fiat so it will have the same value as fiat. for example 1 crypto Rupee is going to be worth 1 Rupee, 1 C-CNY=1CNY, 1CUSD=1USD and so on.

[NatureMoves]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

Nope I'm not thinking that the people would have any determining factor to create or give value because is going to be centralised just like fiat as it will be controlled by government. The manipulation will go on and control can't stop, us going to check people freedom. It can only serve as stable coin on one hand.

When you say control, you mean the government has the power to devalue crypto by making it infinite? Isn't that also possible for other cryptos made by companies?

[20kevin20]

When you say control, you mean the government has the power to devalue crypto by making it infinite? Isn't that also possible for other cryptos made by companies?

The government will have full control over everything. Supply, addresses, inflation rate, transactions.. Just like banks function today, the digital currency will. The difference is, today you can purchase an item worth $5 using cash without the government knowing you were the dude who's purchased a condom. There likely won't be a possibility to keep it on a Ledger - and even if there is, there will be the possibility that your coins will be seized at any given time if the government wants to.

The currency's price will be stable. Don't imagine a CBDC created by the US would explode past Bitcoin's price due to adoption. No, it will most likely be pegged 1:1 to the USD. We won't give it value. It's still the rich and the bankers who will

Yes, it's possible for other cryptos created by companies too. Once a blockchain is centralized, its users are no more under control. Instead, the control falls into the hands of the coin's creators.

[jonval21]

Believe me, no man or woman can trust what a government does in terms of cryptocurrencies, if it is stablecoin they have to force them, the way to do it is through payments or others, but the people who have Bitcoin or search for Bitcoin. Don't give them the In the least interest of a government stablecoin, governments are always looking for the benefits for themselves, their systems are designed to exploit, not to benefit their people.

[sunsilk]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

The only crypto that the government might be interested in as their own creation was reportedly the CBDC, Central Bank Digital Currency (CBDC).

That's going to be a centralized cryptocurrency and the value will rely on what the government will say. We may put that in our own ledger wallets if Ledger will support it.

[fiulpro]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

Let's get one thing clear :
Bitcoin Rose to it's Value from literally less than a dollar and it did all of this by itself, it did not take any help from any Governmental authority or whatsoever and at the end society after 10 years started accepting it to a level when we see people literally coming in to an extent that we are scared about it getting centralized.
When we talk about these cryptos by the banks and other strong authorities , they will already have a value because they Will be backed at the end of the day. Therefore they cannot even compare to bitcoins and at the end of the day this is nothing but a centralized circus trying to get people believe that they would give them not only financial freedom but also it would be secure from the government and other things alike. Like literally no risk of getting banned. This is nothing but market manipulation coupled with the manipulation of people's mind.
Government is just welcoming fiat 3.0
People use bitcoins to get away from "Governmental manipulation" why would they go straight in that again ?

[ChiBitCTy]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

We already have some examples to pull from that is likely what many countries "cryptocurrencies" would look like.  For example the Chinese Digital Yuan.  It was completely rolled out by the Chinese government and controlled by them.  It simply creates an even easier way for the government to track it's own citizens.

I am not sure any government will actually roll out a decentralized cryptocurrency as it's main currency, though I hope I'm wrong.

[Mr.007]

maybe I keep my own money because I'm already annoyed with the government, I'm afraid my funds don't know where or they could be corrupted

[BIN-BIN]

The central bank. digital currency ( CBDC) was a replica of a banknote on the blockchain, this was intended to give the central bank currency a representation on the blockchain and to be used as a stable currency for exchange purposes.

[Kabul]

Well, I do not like the idea using a centralized cryptocurrency because your money can be revoked at anytime. Transaction will no longer be transparency and private but instead, stored in the national data which can only be used by the authorities. And since they are the government, the percentage of suddenly losing your money is quite high. Thus, bitcoin will still be prefered by many people, except those who never use "real" cryptocurrency before. But I guess when the regulations are found, it is hard to run away from the new system. We will be forced to use it just like they did with fiat.

[Wawa2013]

If the government made their own cryptocurrency it would be very different from Bitcoin. Because it certainly can't be used for trading, 
maybe government-made crypto is almost the same as stable coins which have a price based on fiat prices. After all, government-made
crypto will become a centralization which will be controlled by the government and central bank, so it is not transparent and there is
no freedom to control our own finances. The conclusion however is that Bitcoin is still the best.

[Hamphser]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

Big NO!

Government doesnt really like anonymity or being decentralized which is totally or completely opposing on what they wanted and also there are already some government who had created their own digital currency
but this one cant really be considered as a crypto but rather digital fiat itself.

Ex. https://www.wsj.com/articles/china-creates-its-own-digital-currency-a-first-for-major-economy-11617634118

Decentralization isnt something that government do like.So expected with these kind of situations.

[7788bitcoin]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

If no one is using them then it wont have any value, Venezuela already released a cryptocurrency named Petro and it was not successful and i have no idea whether anyone is trading them and the government tried to push their centralized cryptocurrency but failed miserably and that will be the case for future government created cryptocurrencies as well .You need to attract investors and users to use them if not it will die off eventually.

[TheUltraElite]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

Firstly, this is a very radical and anti-democratic move, so they would think over it twice or more before implementing. It would usually mean the government does not want bitcoin but they want their own state-coin.

They can evaluate the current fiat value and use a cryptocurrency that is equivalent to that and use that for the people to spend. However does this even have any effect on bitcoin? No because it becomes a completely different entity, just another version of the fiat. But only if that currency is exchanged for bitcoin and there would be market for such then the situation would become different.

Democratic countries might not be actually doing so even if they talk about such. After all morons are always putting up absurd claims and bills and then revoking them. What actually happens after Mr. Musk has pumped bitcoin is worth watching.

[ven7net]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

You need to understand that just like that, any person cannot create money, as this will lead to a house. Only the state has a monopoly on the creation and control of money, and this is not for nothing. If states will have their own cryptocurrency, and this is probably where everything is going, then I do not think that the policy in this direction will change. Moreover, I believe that if there is a government cryptocurrency, it will be a stable cryptocurrency, since stability in price is needed. As for the management of such a cryptocurrency, its management will also remain with the state, and this is probably correct, because this will avoid fraud and manipulation by third parties.

[Theb]

They didn't start to work on this digital euro to compete with cryptocurrencies. They perfectly know the difference between a digital coin and crypto and know very well that people interested in cryptocurrencies is just a speculation matter. This won't be the case with a digital euro coin.

They did it as an innovation in digital payments means and to avoid being dependent on certain networks. By networks, I mean some companies like Visa and Mastercard

That was part of my point but I'm guessing that its not only about credit/debit card companies but also payment processors such as Paypal and cryptocurrencies as well. The European Central Bank was happily co-existing with these payment methods before the emergence of cryptocurrencies and now they are only acting when the crypto market has started gaining traction in the EU. I'm guessing that this is their way of silently "regulating" money transfers while they aren't doing any kind of stricter enforcement in the crypto industry.

[lifeforcepools]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

Most likely, this is inevitable, but do not expect that these cryptocurrencies will be able to somehow compete with crypto.

[Innerpumper]

the downside of bitcoin is that they don't have a database center. If we lose our wallets then it's over. Well, if the bank can solve that problem, it's possible that 85% will start storing in crypto banks

[pawanjain]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

It depends on how they are deploying it. For instance if they are deciding it to be a stable coin then the government will decide it's value and that will remain constant.
The price will never change just like how the value of USDT is one US dollar. If the government is launching it as a normal cryptocurrency then it might depend on the demand and supply of the coin to determine it's price.

[cr1776]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

Why have something censorable, centralized, and inflatable (among other things)?

Things like the digital yuan, aka slavecoin, are nothing more than tools to mislead.

[perfect999]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

From my understanding, the way we are going to be storing government issued cryptocurrency will be like when you’re saving in a bank or storing your money in centralized exchanges where you wouldn’t be the one who would be in charge handling your money, rather it will be banks or whatever kind of exchange that would be controlled by the government that will be handling it for you, and a you will be doing is just making transactions and things like that, just the same things you can do with your mobile banking while your money is stored in the banks. But I believe everything has stages, with time there is usually an improvement for everything.

[Matimtim]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

Im curious about this question, why they need to create their own crypto currency if we can use our country money online, like online bank transaction or using exchange wallet so, they don't need to create their own crypto currency because they have already because we can categories our country money as crypto currency when we use it online.

Here in my country I use my local currency online using exchange wallet, and in that situation there is no difference between crypto currency and local money.

[Ozero]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

If you mean the creation by governments of their own digitalized currencies of central banks, then they can be very conditionally classified as cryptocurrencies. So, the Chinese digitized yuan will actually have nothing to do with it at all, since it is not even based on blockchain technology. This will be another type of non-cash payments in yuan. The same digitized currencies that will be issued on blockchain technology will in fact be only stable coins. Their functionality and interaction with cryptocurrency will still need to be looked at and evaluated.

[RILWAN]

There are blueprints by some government/central banks to create their digital currency to be run on the blockchain. This digital currency will be supported by the National currency so the economy will provide liquidity for the government crypto.

[ilovealtcoins]

Banks and/or governments can not create a decentralized currency, they can only create a state currency and there is a big difference.
Since they can only create a stablecoin, I can't imagine people speculating on it more than with traditional currencies.
So if you expect to see people buying state coins and wait to see the price pumping. Nope it won't happen

They didn't start to work on this digital euro to compete with cryptocurrencies. They perfectly know the difference between a digital coin and crypto and know very well that people interested in cryptocurrencies is just a speculation matter. This won't be the case with a digital euro coin.

They did it as an innovation in digital payments means and to avoid being dependent on certain networks. By networks, I mean some companies like Visa and Mastercard

Banks only create cryptocurrency for everyone to use, and it will be their closed system. The source code specification is certainly closed, modified by the bank. Decentralization does not happen in these currencies. It will be just like the USDT we know, representing 1 $.
I don't worry much about this currency as everyone will have their right choice.

[Ararbermas]

Probably uninformed people will start using their currencies and will not want to know anything about the Bictcoin but most people will end up knowing that the most valuable asset is the Bitcoin, because the information today is very accessible.

I agree., no matter what happens. ppl will tend to stay connected with crypto currency.  Because there's no way they can take over in it as long as the price getting more valuable every year .. Especially bitcoin wherein knowing that ever since it give us more opportunity to multiply our money,.  So they cannot buried crypto currency on that kind of way..

[mbe48]

Just my thought, if that happened there might be panic for people who don't know what Crypto is. Must adapt to the introduction process of the function and use beforehand. But this is very interesting, if the Bank and the government make Crypto, maybe the price will also suit the people in the sense that it has a stable price so it doesn't trigger inflation ..
But in my opinion if that will happen, it might be more precisely Fiat Digital, a conventional digital currency whose price does not follow the Bitcoin exchange rate.

[Rasel5209]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

If you local bank and government accepted crypto currency. I hope your own money is safe in this bank.

[isaac_clarke22]

Depends on what people really look for, but for me personally, I would not.
It goes against my reasoning why I invested in Bitcoin.

I want to hold my money without involving any other authorities. My money, my holdings.
Decentralized, OP.

[tanjiran]

Just my thought, if that happened there might be panic for people who don't know what Crypto is. Must adapt to the introduction process of the function and use beforehand. But this is very interesting, if the Bank and the government make Crypto, maybe the price will also suit the people in the sense that it has a stable price so it doesn't trigger inflation ..

that is why these changes need to be gradual and supportive outreach. if the government wants to make its own crypto, that's right, it will be like a stable coin backed by the currency prevailing in that country. In this case, I see the government is more focused on alternative payment systems and adjustments to technological developments, especially blockchain.

[gerryhartell]

If banks and governments create their own cryptocurrencies, we will lose more than we gain. Criminal activity will increase a lot. They will make illegal transactions legal.

[willoweb]

If banks and governments take up such a thing and begin to "churn out" their cryptocurrencies, then the principles on which the community was built and the blockchain itself will be violated. Because this path of "centralization" will contradict the fundamental principle of decentralization on which everything was built. Privacy and anonymity will be a thing of the past, and who will benefit from it? Only these banks are government. Judge for yourself today, all banking financial products in their interest rates lose by several orders of magnitude to what any cryptocurrency exchange offers. Their tools become uncompetitive.

[Similificator]

It ain't a matter of if but when. Because obviously, the banks will have to adapt to changes and technological improvements that are happening in the world. So it will definitely happen in the future. As to the value, it would most likely be just the same as how fiat gains value. I highly doubt that the banks and governments would also adapt rhe way the system in this industry works. That's just not possible.

[adzino]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

If the government and the banks creates a crypto currency, then it is going to be a centralized coin and will highly likely be backed by fiat or something. The market won't be a decentralized market, hence we won't be determining the price. The price will be determined by the central banks. The banks will keep on issuing or minting the coins as long as needed just like fiat currency. In other words, a government controlled crypto currency is just a regular fiat currency, but uses the blockchain technology.

Most likely, yes. Otherwise, what is the point of creating digital currency?

So that they can easily track and keep an eye on the people?

[kawetsriyanto]

We may answer it after the government announces officially about the main goal of creating that cryptocurrency. If they are used for a currency, I am sure that the most used of that crypto by the government is to help in payment methods, to be simpler, easier, and also more advanced technology.

However, can it be stored in a ledger?
Well, basically, every crypto may be stored in a ledger in order to save our money. It is like in a bank. However, it will also depend on how the govenrment will require. Maybe they are only focusing on storing in the digital banks by their own.

[Distinctin]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

They are free to do that but that seems not it gives a huge negative impact on Bitcoin.
because no matter what the government and banks doing, Bitcoin still the king among cryptocurrencies. This gonna be optional but I'm expecting that people will still be choosing Bitcoin that these centralized coins. We can keep and store our Bitcoin with no commission and our fullest controlled wallet, not like how it going to happen when using banking institutions.

[Quidat]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

They are free to do that but that seems not it gives a huge negative impact on Bitcoin.
because no matter what the government and banks doing, Bitcoin still the king among cryptocurrencies. This gonna be optional but I'm expecting that people will still be choosing Bitcoin that these centralized coins. We can keep and store our Bitcoin with no commission and our fullest controlled wallet, not like how it going to happen when using banking institutions.

Wont really be giving out any impact on crypto market as a whole because government would always deal up with things which are centralized which does oppose
on what we are currently dealing with crypto which isnt really that giving out some typical interest because we know that government would be sticking out
on having control on everything and if they do decide to create their own coin then let them be but one things for sure that it wont be considered to be called
as crypto because basing off with characteristics alone then you can determine the difference between night and day.

[TheUltraElite]

If banks and governments create their own cryptocurrencies, we will lose more than we gain. Criminal activity will increase a lot. They will make illegal transactions legal.

If they do create their own currencies then that would be to prevent illegal transactions and not promote them. Use some common sense here, since governments know bitcoin becomes a safe haven for tax defaulters and money laundering, they would try to prevent that by stopping the use of the latter and then catching those criminal out.

So criminal activity would ideally reduce. But then those people will try to find out other methods to access the bitcoin network again. Honestly this is not completely possible since banning bitcoin would mean stopping electricity supply but running their own digital currency means again starting electricity supply. I am not that knowledgeable on this as to how both could happen at the same time. Running a countrywide intranet? I am sure that goes against the very ideals of democracy.

[Argoo]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

The cryptocurrency of governments and their banks will simply be one of the types of cashless payments. The external design will be different, but the essence will be the same: it will be money controlled by the state and the state will own all the information about their user. It is assumed that it will mainly work on blockchain technology and will have improved characteristics in comparison with conventional currencies of states. However, we have not yet seen how central bank stablecoins work in practice.

[ice098]

They are free to do that but that seems not it gives a huge negative impact on Bitcoin.
because no matter what the government and banks doing, Bitcoin still the king among cryptocurrencies. This gonna be optional but I'm expecting that people will still be choosing Bitcoin that these centralized coins. We can keep and store our Bitcoin with no commission and our fullest controlled wallet, not like how it going to happen when using banking institutions.

I never doubt that the government will definitely make their own cryptocurrency since crypto today was being trend and everybody already sees the worth and value of having crypto. Well every country only wanted to improve their economy especially the crisis that the pandemic was brought a lot of economic downfall so considering making their own crypto and implement it to their people to used it will in fact so possible. But to be honest, I do believe that this has nothing to do with bitcoin, bitcoin was already established and valuable.

[uneng]

Most likely, yes. Otherwise, what is the point of creating digital currency?

So that they can easily track and keep an eye on the people?

Yes, that is the only reason I can imagine right now why governments would create their own stable crypto currencies. The issue with fiat is that it's not traceable, as it's just paper, being the favorite method used for criminal activities. If crypto currency is enforced, these activities tend to decrease or to be easier followed by authorities.
Another justifications such as crypto being a safer and faster payment method don't make sense, because our national currencies are already very safe and fast when doing virtual payments, due to their centralized nature and system.

[Kayum10029]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

With Bitcoin, the government of a country and the central bank of that country make a very important contribution.  If a country's government and central bank accept Bitcoin in a friendly way, then Bitcoin will be considered as an important asset of that country.  But now it seems to be the opposite.

[TheUltraElite]

With Bitcoin, the government of a country and the central bank of that country make a very important contribution.  If a country's government and central bank accept Bitcoin in a friendly way, then Bitcoin will be considered as an important asset of that country.  But now it seems to be the opposite.

That would be a huge bullish push to bitcoin even if one country does it for now and then more will follow suit and the biggest rise in bitcoin price will happen. But that is still a long way to go, currently only institutional investments are coming in and that too Musk is selling coins when they want to.

Another justifications such as crypto being a safer and faster payment method don't make sense, because our national currencies are already very safe and fast when doing virtual payments, due to their centralized nature and system.

I dont think they are concerned about safety, they are more concerned with the money laundering. Point is that both fiat and crypto are used for money laundering and at least in crypto these criminals can be caught. More if the country starts its own stablecoin. Already digital payments are on the rise and if they add in stablecoins then it will be a boost for them. But maybe that will delay the acceptance of bitcoin to some extent.

[noorammak]

I think the government cryptocurrency is a blockchain-based development currency. The government will require people to KYC, comply with many different regulations to combat fraud and money laundering.
Government cryptocurrencies will be open source, the supply is unknown because the government has the authority to issue how much money they want.
Bitcoin is decentralized, does not require KYC to hold, and is fixed at 21 million BTC. Bitcoin's value increases over time because of its rarity in mining and each halving.
It can be said that Bitcoin is superior. Cryptocurrencies serve only government purposes. Bitcoin serves the purpose of its owner.

[Zilon]

Some countries like china, Cambodia and the Bahamas has launched their own digital currencies. Yet Bitcoin still isn't manipulated. Although we are yet  expecting more countries to launch their own digital currency I believe before that said time we would know if Bitcoin could be manipulative or not. But considering it's decentralized nature I believe since it can't be a stable coin government policies wouldn't be able to affect it's value

[target]

Some countries like china, Cambodia and the Bahamas has launched their own digital currencies. Yet Bitcoin still isn't manipulated. Although we are yet  expecting more countries to launch their own digital currency I believe before that said time we would know if Bitcoin could be manipulative or not. But considering it's decentralized nature I believe since it can't be a stable coin government policies wouldn't be able to affect it's value

Surprising to learn Cambodia had done it already. Pretty sure governments and banks are not going to create cryptocurrency that prices will be determined by the market, that's not how they want it.

The Chinese government had already said BTC can be treated as an investment which could change things eventually if they allow Chinese to invest in BTC and could they use the CBDC backed digital Yuan. So if they do, they are all going to harvest BTC from the market.

[Ozero]

Some countries like china, Cambodia and the Bahamas has launched their own digital currencies. Yet Bitcoin still isn't manipulated. Although we are yet  expecting more countries to launch their own digital currency I believe before that said time we would know if Bitcoin could be manipulative or not. But considering it's decentralized nature I believe since it can't be a stable coin government policies wouldn't be able to affect it's value

Surprising to learn Cambodia had done it already. Pretty sure governments and banks are not going to create cryptocurrency that prices will be determined by the market, that's not how they want it.

The Chinese government had already said BTC can be treated as an investment which could change things eventually if they allow Chinese to invest in BTC and could they use the CBDC backed digital Yuan. So if they do, they are all going to harvest BTC from the market.

There is a lot of uncertainty with the Chinese digitalized yuan because it will not be based on blockchain technology. Therefore, I doubt that we will see it on cryptocurrency exchanges. However, given that it has been in development since 2014 and has been tested for a long time, this will be a significant and significant event. Moreover, the digitized yuan will serve such a powerful economy as in China.
Of course, CBDCs will be similar to government non-cash forms of payment, only with better functional indicators. More specifically, it will be possible to say about them after their appearance.

[imstillthebest]

if not people who do you think will give value to it but i can sense that it wont get the same value like how we value our btc and non government & bank crypto currency .
 it will hardly be supported by the wallet that your using today but government and bank will issue their own wallets .
 using thier coins and keeping it in a wallet wont make you feel that it was the money you are keeping because it was thier money and you are only borrowing it

[agg2702]

I don't think they can because I believe the government will never make cryptocurrency decentralized.
still there would definitely be independent restrictions and regulations if the government made their own coins, I think this could happen but at a relatively stable and stagnant price if this were to happen.
because if the coins are made but are not decentralized I think the enthusiasts will be a little different like less enthusiasts because they are less free I think.
but it does not rule out the possibility that this could happen, it is only time to decide whether it is true or not

[Vaskiy]

Already few countries have planned and developed their own cryptocurrency. The usage isn't that big, and some countries ststed the digital usage of banking as cryptocurrency. When one use the government developed or a bank owned cryptocurrency it is same as using the banking services at the moment. Based on this I find people won't show big interest over government backed cryptocurrency than bitcoin.

[freedomgo]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

The government does not offer any type of investment, it's just only currency like a stable coin if we compare it to crypto. And of course, I would still use it as it's safer compared to the currency in crypto, besides, crypto is still under regulation, exchanges and any other payment system, they follow the rules of the government, otherwise, the government could easily ban them.

[NelfiNovita]

If banks and governments make their own cryptocurrencies, it will definitely affect other cryptocurrencies, such as a decline in prices for other cryptocurrencies and an increase in prices for cryptocurrencies made by banks and governments. investors in these countries will definitely buy the cryptocurrency made by the bank, this is what will make the cryptocurrency of the bank and the government become expensive.

[Gamerholic]

I think that such a currency will enjoy some success, at least after there are certain guarantees. But I doubt that it will be massive. Perhaps, as an experiment, it would be wise to organize something like this. But I think that anonymity should be forgotten. Besides, most likely the entrance ticket will cost some money, otherwise how will they recoup their investment? I personally would not be interested in such a currency.

[hector3115]

I would probably give up any cryptocurrency that is associated with a bank and government.

[blue_nexus15]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

I wouldn't be interested in any bank-run and government-regulated coins. Even when the CBDC was officially released. They will still occupy and come to concentration. We are not going to support any that it has gone against excitement. I'm sure they put sanctions on bitcoin again, but it will never get any attention.

[TheUltraElite]

Based on this I find people won't show big interest over government backed cryptocurrency than bitcoin.

Unlikely to use such a currency unless there are some perks in using it. If it is just digital version of the same fiat currency then it makes no big deal, it is just the same as using another payments system like GPay or ApplePay. They can say that the use if blockchain is new here which I agree, but that is not the point why people use bitcoin.

Majority of the demand in bitcoin arises from traders and investors. It is not like they all support the technology behind it, most are in it for the money. Biggest investors using crypto are trying to evade taxes using bitcoin while state-back currencies are just the opposite of this.

I would probably give up any cryptocurrency that is associated with a bank and government.

But have we seen much use of them anyway? USDT is the one basically used on exchanges as intermediate for trading volatility management.

[GeorgeJohn]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

Their is something i noticed concerning this cryptocurrency of a thing, everybody like to work with new innovation of coin, even if government come against the existing cryptocurrency and introduce their own you think people who are making use of the existing cryptocurrency will not join government coin or bank coin, normal i have find out that this world is full of emulations of crypto.

[riiiiising]

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

No, and that is precisely the problem they are running into and also the problem that Facebook would have ran into beyond the trouble they would have had with their own government. If governments start a cryptocurrency they would still have to solve what is a problem in their eyes, namely people choosing cryptocurrencies where they deem necessary to protect their privacy. Nobody can force you to use your national fiat currency except for tax payments.

[xiboothrezi]

I think that such a currency will enjoy some success, at least after there are certain guarantees. But I doubt that it will be massive. Perhaps, as an experiment, it would be wise to organize something like this. But I think that anonymity should be forgotten. Besides, most likely the entrance ticket will cost some money, otherwise how will they recoup their investment? I personally would not be interested in such a currency.

It's like tarnishing decentralization, but it could be a solution to the doubt that cryptocurrency (BTC) is dangerous because the government can't fully control or supervise it. Of course there will be pros and cons, but those who really want decentralization will definitely not choose this.

[blockoin.org]

Banks will be late and now want to take control of this new financial system that is the cryptocurrency market, banks instead of thinking about taking out their own coins should worry about how bad they have been doing for years, such as:

Charge commissions for everything to users.

Charge high commissions for transfers between countries.

Its system of transactions (switf & IBAN) between countries, example Latin America and Europe take more than 7 days.

Among other points ...

It all comes down to commissions, very slow and expensive services.

They should first fix their systems before thinking of having their cryptocurrencies.

Logically they are interested in entering this market of cryptocurrencies, although they have seen reality late and cryptocurrencies will happen to them, like what happened with Blockbuster when Netflix arrived.

[Obito]

If banks and governments make their own cryptocurrencies, it will definitely affect other cryptocurrencies, such as a decline in prices for other cryptocurrencies and an increase in prices for cryptocurrencies made by banks and governments. investors in these countries will definitely buy the cryptocurrency made by the bank, this is what will make the cryptocurrency of the bank and the government become expensive.

Not necessarilly that is what's going to happen since we a lot of people who are in crypto would suddenly go buddy buddy with government cryptocurrency, they wanted to get out of that financial hellhole and going back will make your effort of getting out of it in the first place useless. Not to mention that CBDC will probably have a privacy invasive nature so any crypto people with some ounce of common sense isn't going to use it.

[elisabetheva]

It's like tarnishing decentralization, but it could be a solution to the doubt that cryptocurrency (BTC) is dangerous because the government can't fully control or supervise it. Of course there will be pros and cons, but those who really want decentralization will definitely not choose this.

In fact, there are benefits to be received if the government wants to control, at least there are regulations that will be made to provide a sense of security to users. It is true that all this time what is in bitcoin has always been associated with illegal actions, so at least it can be reduced that the government pays attention to that and is not true.
As long as the goal is to improve and be profitable, there is no problem because the government cannot control widely, there may only be that every transaction must go through legitimate institutions from the government, trusting each other for the survival of bitcoin itself.

[zanezane]

In fact, there are benefits to be received if the government wants to control, at least there are regulations that will be made to provide a sense of security to users. It is true that all this time what is in bitcoin has always been associated with illegal actions, so at least it can be reduced that the government pays attention to that and is not true.
As long as the goal is to improve and be profitable, there is no problem because the government cannot control widely, there may only be that every transaction must go through legitimate institutions from the government, trusting each other for the survival of bitcoin itself.

It would be good that government has control if that is a good government that won't use your information against you. I get your point about security but it doesn't outweigh the fact that people are going to have their every move tracked with government controlled cryptocurrency, it could work in theory but I am pretty sure that the practice is going to be chaotic.

[Angna27]

Banks and crypto are two different world one is a fiat and the other  is virtual, if bank would create their own crypto how are they going to do that, bank is stable in value while crypto is not, how are they going to put ledger on it if the value of it is unstable, also in bitcoin they cannot control it, the reason why investor and people opted to use bitcoin is because they dont want others to control their money or what they invest.

[grabpopcorn536]

I assume the bank's cryptocurrency is built on a centralized chain so it will be modified by the bank. Bitcoins are more decentralized and they cannot be modified so everyone's money is always safe if the wallets are secure. Bitcoins have a limited supply and they deflate over time and bank cryptocurrencies have an indeterminate amount of money (it's like Tether in USDT).
Bank cryptocurrencies are tightly controlled by the government but for Bitcoin, it is more liberal.

[TheUltraElite]

Banks and crypto are two different world one is a fiat and the other  is virtual,

That is where you all go wrong. Money may be physical or digital but it is still money and can be used.

if bank would create their own crypto how are they going to do that,

By using blockchain and hiring blockchain developers. You may not be aware but many financial institutions are already doing that for purposes other than developing a fiat backed currency. As humans we tend to forget that the people who run such companies are way ahead of common people's intellect.

bank is stable in value while crypto is not,

If you mean to say fiat is stable in price, then you mean to say that you are comparing bitcoin price against fiat and then coming to this conclusion. What if you were to think fiat price against bitcoin and use bitcoin as the base standard?
Then fiat would be equally volatile as bitcoin would be stable at 1btc.

how are they going to put ledger on it if the value of it is unstable, also in bitcoin they cannot control it, the reason why investor and people opted to use bitcoin is because they dont want others to control their money or what they invest.

Banks dont need to control people's money. The concept comes from governments starting their own stablecoins which is not a improbable idea. What is good about it is that law enforcement would be able to detect the money launderers if this is made a norm by monitoring the money going in and out of exchanges.

Only money launderers are the ones who oppose these concepts.

[Lucy Bitcoin]

I don't agree that cryptocurrency and bitcoin threaten the legal tender of a country.

With the progress of science and technology, people are increasingly demanding convenience. Cryptocurrency and bitcoin will develop better.

People's means of payment become more excellent and convenient, and transparent transactions are also what we want to see.