Govcoin isn't anything new like you mentioned, and there's a reason why it isn't hyped. Because it's not anything special or revolutionary. Banks want in on issuing small amounts of their own fiat representation tokens to some crypto network is just testing waters. More like pilot programs and not even comparable to systems that already exist. There will be CBDC at some point, but now it's more like a playground that doesn't stick.
I would love to see that being a huge thing, especially on ETH. But trusting XRP on that in bigger scale doesn't seem likely or realistic scenario.
Topic: GovCoins Or Governance Coins - Countries Are Trying To Comeback (Read 44 times)
November 13, 2023, 04:26:14 AM
Additionally, it's a stablecoin — making it more unattractive because you simply can't use it to do defi activities or degen directly. But Goodluck to the Govcoin team.
Actually you have a point. If someone got involved in altcoins then whats to be excited about a stablecoin function that only served as legit as it belong yo the government, maybe I still pick altcoins over it isnt it more attractive especially to those who are into it and earning already? Yes. The only reason why stablecoins like USDT and USDC are widely used is because they have plenty of usr cases especially when it comes to DeFi (which is a lot) or just simply for hedging. That's the kinda features that can get people to care about a stablecoin. For CBDC, there's too much limitations. E.g: Only users in the jurisdiction of that particular jurisdictions can utilize it for the rest of us, no utility — no price changes that we can speculate on except the CBDC depegs and we can short
November 12, 2023, 11:46:28 PM
Additionally, it's a stablecoin — making it more unattractive because you simply can't use it to do defi activities or degen directly. But Goodluck to the Govcoin team.
Actually you have a point. If someone got involved in altcoins then whats to be excited about a stablecoin function that only served as legit as it belong yo the government, maybe I still pick altcoins over it isnt it more attractive especially to those who are into it and earning already? November 12, 2023, 05:02:57 PM
Imo, there is simply no reason to be excited about CBDC as it has a net negative effect for users. For instance, you mentioned that XRP private chain would be used but the government can still decide to monitor and sensor the chain such that they would know who did what and when. Additionally, it's a stablecoin — making it more unattractive because you simply can't use it to do defi activities or degen directly. But Goodluck to the Govcoin team.
November 12, 2023, 04:26:16 PM
The Republic of Palau has collaborated with Ripple to create a USD-backed digital currency, not as a CBDC, but as a Govcoin. For friends who are hearing about Govcoin for the first time, Governance coin is a new sector in 2022 and maybe there will be hype at the end of 2023/2024. Govcoin is a Stable coin issued by a country's central bank, some Stable coins have been issued on the Xrp Ledger even though they are not Govcoin. Some of them are USDS issued by Stably and AUDD from the Novatti Group. If Govecoin could use Ripple's private chain, Ripple would become the mother of Govcoin. But yes, whether the private chain has a use case for XRP or not.
Sources :
https://www.crypto-news-flash.com/novatti-expands-audd-stablecoin-to-xrp-ledger-unlocking-new-possibilities-for-stellar-based-payments/
https://coingape.com/xrp-news-usd-stablecoin-officially-launches-xrp-ledger/
https://www.fintechfutures.com/2023/07/the-republic-of-palau-taps-ripple-for-first-stablecoin-pilot/#:~:text=PSC%20is%20to%20be%20backed,of%20unique%20vegetation%20and%20wildlife.
https://coinvestasi.com/berita/palau-jadi-negara-pertama-pakai-sistem-cbdc-ripple
https://id.wikipedia.org/wiki/Bendera_Palau
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