What do you guys think in a near future there gonna be coins like "Bit-America" or "Canada-coin", backed up by public assets, would that be a good idea
Russia already have this, they created a cryptocurrency backed by their own currency, and some other countries. And people that will earn using it should pay taxes while the supply can only be distributed by the government. So what I mean is if governments will create their own cryptocurrency, they will surely make it a centralized one, in that case they can still control the flow of the money, opposite from the original concept of cryptocurrency which is being decentralized. And of course they will benefit from it because they will put huge taxes to people that will earn from it. 
Topic: Country backed coins, a good idea? - page 3. (Read 521 times)
Yes, some governments are trying to launch their own cryptocurrencies but I don't see much excitement in it because even in that case, governments won't let us control our money like decentralized cryptocurrencies and that's against the core ideology of decentralization. Governments will keep the control with themselves so there won't be any fundamental change there.
It will be a good idea for the governments but not so great for us..
They will be able to manipulate them as they please just as the current fiat currencies are and be able to track you even more than before..
I will not have the features that the likes of Bitcoins and the other cryptos have like decentralization and anonymity because once the government created this, they would sure want to be in control of their own coin. They will be able to manipulate them as they please just as the current fiat currencies are and be able to track you even more than before..
No, they're the only one who will benefit at all. Manipulation of the price will be at peak and a centralized cryptocurrency? No, this will break the whole concept of cryptocurrency. Look at what had happened Petro token of Venezuela's government. Its an example of how a corrupt government of some countries took advantage of their powers when dealing with their so-called own-made crypto/token.
The Venezuelan coin is really a good example what many government coins can end up being! A huge scam, legalized by their own estabelishment!
The existence of coin in the state can be said to be good if all countries do it cause the ease of buying a product can be done instantly I mean,crypto can be manipulated at a centralized value and this is a bad devastation to our trade in case it can cause harm to players with large capital like government This case can be said there are two parts good and bad.
In my opinion, this is not a good idea especially for crypto community and existing coins. Those countries will ban other coins to promote their own coin.
What do you guys think in a near future there gonna be coins like "Bit-America" or "Canada-coin", backed up by public assets, would that be a good idea
This is a good idea, and maybe it will happen in the future, if a big country backs coin then great things will happen. Big countries have a lot of financial power so they will help their coin beat Bitcoin and it will certainly attract all investors. What do you guys think in a near future there gonna be coins like "Bit-America" or "Canada-coin", backed up by public assets, would that be a good idea
Each country having its own national crypto currency , well we have the exact same situation now but the only difference is that now it is in form of physical fiat money and what you are seeking is in form of digital currency.
The main exclusivity of the cryptocurrency is that it is not regulated by anyone including the state. Country-coin will be the same on the Euro and the dollar on the blockchain.
i think it's not a good idea because governments can control it. and the most benefit comes from them,not us.
Cryptocurrencies are now in trend, and no one will be surprised if governments will issue their own coins instead of the usual currency. At the same time, the whole basic idea will be lost. This currency will not be such as bitcoin or any altcoin. After all, it will be controlled by the state. Then it makes no sense.
What do you guys think in a near future there gonna be coins like "Bit-America" or "Canada-coin", backed up by public assets, would that be a good idea
there wouldn't be much of a difference between those currencies and actual Dollar etc. Just the technology would be different, but centralization would have remained.
What do you guys think in a near future there gonna be coins like "Bit-America" or "Canada-coin", backed up by public assets, would that be a good idea
Eventually, this is what will happen because as the worlds moves away from paper kind of money, the government will move with as well or else they produce money that no one will use and at the same time they are bringing out policies that would aid a cashless economy which digital currencies supports this objective as well. What would make it different from the crypto we have is because this one would then be controlled by government, the acceptance would be wide because of the legal backing they would give to it, there would be massive deployment of training and in other to increase its penetration in the economy.
Other than the above, it would still be not different from our individual country's currency that is not acceptable outside the border but this would then create a new market just like the foreign exchange market where currencies are traded. It is in this market that the bitcoin and other crypto currencies that would survive till then would have their day.
What do you guys think in a near future there gonna be coins like "Bit-America" or "Canada-coin", backed up by public assets, would that be a good idea
Honestly I do think such "coins" will exist in the future. Theres no doubt in that. As we are seeing high rise in electronic payments and with governments learning about cryptocurrency and blockchain it wouldn't surprise me if we see such thing. However then mostly these will be centralized, or at least there will be some part of centralization put in place. I might use them I wouldn't say I won't, but I don't look at supporting them.
No not at all. We are all here because we don't want FIAT. Making a FIAT crypto makes no sense at all
What do you guys think in a near future there gonna be coins like "Bit-America" or "Canada-coin", backed up by public assets, would that be a good idea
There's one already the "Petro Coin" a coin from Venezuela.I would invest if these big countries will make their own coins but I doubt that they would do. They are against to crypto's so why would they create one?
Another thing is this is not the section for this topic, move it to altcoin.
Invest in what?
All the coins that are going to be created by a country are going to have their values pegged to their national currency.
What stops you know for getting rupiahs and when they launch the coins the value will soar...right?
I still don't understand why some governments or even big corporations would want to create such coins but they are doing it anyways so to answer your first question, yes we will see many coins like that which are created by the governments and are backed by some real assets like Petro which is backed by oil.
Propaganda, cheap funds from morons, ways to distract the public from their problems.
And now honestly, you don't believe that whole "backed by oil" carp from Maduro, do you?
The central banks and all the government agencies, will love to be able to see where there coins are at any given moment. Most money in the western world are already digital, so the move will not be that big, if they go to block chain.
What do you guys think in a near future there gonna be coins like "Bit-America" or "Canada-coin", backed up by public assets, would that be a good idea
I still don't understand why some governments or even big corporations would want to create such coins but they are doing it anyways so to answer your first question, yes we will see many coins like that which are created by the governments and are backed by some real assets like Petro which is backed by oil.
these are still going to be centralized coins though and there is not much of a difference between them and the fiat that the governments are already issuing except the fact that it may be a little bit more transparent about the supply and circulation of the coins.
I agree with mostly people here who are sceptical about country backed coins. Why we would need centralized crypto? Governments would have full control of it and I wouldn't be surprised if they would try to make manipulations of price. I think that such coins just would be not worth to invest. And not so many countries are currently interested to release their own cryptocurrencies.
Some countries have already released their centralized digital coins, some said that they will be released soon. We still have no way to influence this process. We can only observe from the side. If we are confident in the advantages and viability of decentralized coins, then we have nothing to fear. Such competition with centralized coins will only benefit them.
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