It's funny to watch how quickly all the hype and talk around the creation of national cryptocurrencies subsided against the backdrop of the pandemic.
Almost nothing of the kind comes through in the info field, but I'm sure that work on these projects is underway, especially now when there are so many people in quarantine.
I would like to know those things that are not yet in the info field.
Topic: Goverments creating digital currencies - Threat or Opportunity? - page 3. (Read 3542 times)
August 06, 2020, 05:39:53 PM
August 06, 2020, 07:38:40 AM
They are using aspects of cryptocurrency technology to create supercharged fiat currencies.
If people are unhappy about government meddling, surveillance and control now they're going to be screaming if these ever get implemented.
They will be able to debase your money with no way of combating it, shut you down if they don't like one of your transactions, extract money from you no matter where or how you're storing it and places like China will be able to control where and how you spend your money or simply make you a total non person incapable of spending, earning, sending or receiving it.
That'll make the case for real crypto more compelling than ever. However it may also make getting in and out of crypto very hard to impossible. It needs to get some form of its own economy that can stand completely outside government money before governmentcoins become the norm.
If people are unhappy about government meddling, surveillance and control now they're going to be screaming if these ever get implemented.
They will be able to debase your money with no way of combating it, shut you down if they don't like one of your transactions, extract money from you no matter where or how you're storing it and places like China will be able to control where and how you spend your money or simply make you a total non person incapable of spending, earning, sending or receiving it.
That'll make the case for real crypto more compelling than ever. However it may also make getting in and out of crypto very hard to impossible. It needs to get some form of its own economy that can stand completely outside government money before governmentcoins become the norm.
So, you are talking about centralized coins?
It would be very detrimental to Chinese society if XJP made coins for its own communist country,
This is against blockchain technology which should be able to provide a sense of security to all ecosystems in transacting transparently. The theft of digital assets based on government authority is a serious violation against the country itself.
Is this the impact of the FinTech competition in China? thus allowing unfair competition
August 06, 2020, 07:07:29 AM
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.
In helping the progress, if the government is not corrupt and will allow the blockchain to take care of their currency then it will be a good help not only to the society but inside the entire ecosystem of this industry. It will open door between people who knew crypto and those who are only starting to adopt this system
August 06, 2020, 06:51:22 AM
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.
August 05, 2020, 09:34:50 AM
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.
More than 80 percent of states are now considering introducing national stablecoins, that is, their digitalized central bank currencies. This will be a good solution for both governments and cryptocurrencies.
The digitized currency of states allows for faster and more efficient payments and eliminates unnecessary costs of production, maintenance and disposal of paper money. However, on the other hand, the digitized currency, since this is already a type of non-cash payments, allows the authorities to clearly track the movements of any person's finances.
As a digitized currency, stablecoins of states have external similarities to cryptocurrencies and therefore interest in decentralized cryptocurrencies will grow. On the other hand, stablecoins of states will create some competition with cryptocurrencies as a means of payment.
The digitized currency of states allows for faster and more efficient payments and eliminates unnecessary costs of production, maintenance and disposal of paper money. However, on the other hand, the digitized currency, since this is already a type of non-cash payments, allows the authorities to clearly track the movements of any person's finances.
As a digitized currency, stablecoins of states have external similarities to cryptocurrencies and therefore interest in decentralized cryptocurrencies will grow. On the other hand, stablecoins of states will create some competition with cryptocurrencies as a means of payment.
If the currency has the appropriate characteristics of the advantages of blokchain, then I think it is something positive. but can the government keep its value stable? if the government can keep the price stable then I fully support it. because this is the currency of a country, it must be trusted by its people.
Never been bothered by digital advancement but I dont count this kind of thing as much progress and I wouldnt say its crypto, it is digital currency but we already had centralised book keeping and FIAT which is largely contained on spreadsheets and most cash which is digital the entirety of its lifespan. Are we really moving forward especially with this, not really. Governments are keen on closer monitoring of cash movements and believe it will raise tax revenue, India did something along these lines in recent years by removing certain cash notes over night.
Almost every country has digital currency, if theres any innovation it will be interesting to note how it alters economies. I doubt we see anything resembling Bitcoin appear, governments gain alot of money just by being in control and by force which is not how BTC is exchanged. We're chasing the rainbow on that one, great idea but we'll never reach or see the end landing just talk. SDR is next and its FIAT.
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their own digital currency
Almost every country has digital currency, if theres any innovation it will be interesting to note how it alters economies. I doubt we see anything resembling Bitcoin appear, governments gain alot of money just by being in control and by force which is not how BTC is exchanged. We're chasing the rainbow on that one, great idea but we'll never reach or see the end landing just talk. SDR is next and its FIAT.
I believe there is some opportunity to be made from it, having some sort of stable currency that is both crypto but also government backed would help us a lot more right now.
Not saying that I enjoy governmental outreach because let's face it the greatest thing bitcoin achieved was to make sure that no one central organization could control it and change anything about it, no increase in supply, no rollback, no changes to anything, it is all decentralized.
However do you guys really think that a stablecoin that is government backed could change that? I feel like they would be a great help, think about it they could do like 100 billion dollars worth of them and it would still not change bitcoin too much, it would still be decentralized just with a fact that you could buy it with government stablecoin instead of tether company and that's it.
Not saying that I enjoy governmental outreach because let's face it the greatest thing bitcoin achieved was to make sure that no one central organization could control it and change anything about it, no increase in supply, no rollback, no changes to anything, it is all decentralized.
However do you guys really think that a stablecoin that is government backed could change that? I feel like they would be a great help, think about it they could do like 100 billion dollars worth of them and it would still not change bitcoin too much, it would still be decentralized just with a fact that you could buy it with government stablecoin instead of tether company and that's it.
sounds threatening...
we know that the government is trying to control everything in their hands, if they make cryptocurrency, they will automatically campaign cryptocurrency other than theirs is a scam, this is clearly a threat.
we know that the government is trying to control everything in their hands, if they make cryptocurrency, they will automatically campaign cryptocurrency other than theirs is a scam, this is clearly a threat.
If government wants and creates their own currency and want that only to be used in their particular country then it would only mean that the rest of the currencies there would be a ban or will not be encouraged to use it because government will want their crypto or currencies to be promoted worldwide and used it. So, this only means people will get restricted to one currency as against invested or trading in numerous coins.
China has already made their system promoted by one of the richest guy in China regarding on cashless society. If china government want to have a cryptocurrency own by government then this mean really good. This can be used to pay bills or for government transaction. Besides it will eradicate corruption for all government expenses will be through cryptocurrency and all transcaction will be public through blockchain. This will minimize the under the table negotiation among corrupt officials in their government.
This case in more depended on government economic politics. Usually the governments will try to somehow control the crypto currencies and creating new digital currencies in just a simple thing to do. However as far as I know the governments won't provide the crypto currencies by themselves, they will use some kind of proxy. For example, highly trusted and government related people or companies will do the job.
Anywayz, Governments creating currencies of their own is a good positive sign of development of this new technology.
Anywayz, Governments creating currencies of their own is a good positive sign of development of this new technology.
Opportunity. It is all the way opportunity. You haven't been in crypto world long enough if you think its a threat. The reality is whenever governments gave us the greenlight we have managed to make more money with bitcoin. Back in the day it was basically an illegal thing and it was hard to acquire it and all the exchanges that are based anywhere was getting too much trouble so changing fiat to bitcoin was a big trouble.
Eventually governments started to allow it and we managed to get our money into it a lot better and faster so the price of bitcoin increased a lot. Not just because we could get in, but also huge companies that are investment related got into it when it became legal as well. Now this will be the second level where governments not only allow you but also get in themselves.
Eventually governments started to allow it and we managed to get our money into it a lot better and faster so the price of bitcoin increased a lot. Not just because we could get in, but also huge companies that are investment related got into it when it became legal as well. Now this will be the second level where governments not only allow you but also get in themselves.
it doesn't have to be crypto currency. i'm not sure if DCEP is crypto but just having a digital yuan is enough for regular people to have access to online banking which people from the outskirts are unbanked but having a phone will allow them to make transactions online. we can say they might have access to BTC market with it. as for me any crypto holder can sell their BTC and ETH for digital yuan.
Digital currencies are not going to give any benefits for the users, its for government benefits and in country like China there is nothing to debate but people from other countries won't accept it, they will better stay with fiat digital transactions so they have a barrier of bank for every transactions.Banks still have control over all your transactions if you conduct them using a credit card. Therefore, with the introduction of the national digital currency, nothing will change for citizens. Now many countries are working on creating their own national digital currency and its introduction will not be in any way related to the desire of citizens.
it doesn't have to be crypto currency. i'm not sure if DCEP is crypto but just having a digital yuan is enough for regular people to have access to online banking which people from the outskirts are unbanked but having a phone will allow them to make transactions online. we can say they might have access to BTC market with it. as for me any crypto holder can sell their BTC and ETH for digital yuan.
Digital currencies are not going to give any benefits for the users, its for government benefits and in country like China there is nothing to debate but people from other countries won't accept it, they will better stay with fiat digital transactions so they have a barrier of bank for every transactions.Banks still have control over all your transactions if you conduct them using a credit card. Therefore, with the introduction of the national digital currency, nothing will change for citizens. Now many countries are working on creating their own national digital currency and its introduction will not be in any way related to the desire of citizens.
Some governments recently try to create their own crypto currencies (e.g. China), according to reports. Some welcome this as a good step towards mass adoption of cryptocurrencies, others don't like it. Still, the crypto media welcomes this and we should consider whether this is good news in general or not.
What would be your opinions be on this? Should more and more governments create their own digital currencies and introduce them to their population or should we not support the creation of digital currencies made by governments?
What would be your opinions be on this? Should more and more governments create their own digital currencies and introduce them to their population or should we not support the creation of digital currencies made by governments?
Government is the one who holds the power so whatever it thinks that seems good for a nation is an obligation to be done. Threats are in every opportunity and vice versa.
This depends on the country you are in though. People also have their powers, unless a king or a Prime Minister holds the nation. Though I agree that threats are included with every opportunity being given, if the government is given the opportunity to create their own digital currency, they will do so. If they did, I don't think it is a problem at all with crypto currencies.
Well in my opinion though, i don't think the government will ever create something they can't have total control over. Blockchain technology system proposed a decentralised system where power is evenly spread but if at all the government gets involved, will that concept or ideal still be upheld.
The governments can make a digital currency but it won't make that currency decentralized as then it will be just another crypto, they will totally centralize that currency as decentralization takes the power from the hands of the government.sounds threatening...
we know that the government is trying to control everything in their hands, if they make cryptocurrency, they will automatically campaign cryptocurrency other than theirs is a scam, this is clearly a threat.
In this case also the Bitcoin and other major crypto won't be dead, the governments would have to actually ban the use and trade of crypto and also make the posession of crypto a criminal offence for making decentralized crypto dead. we know that the government is trying to control everything in their hands, if they make cryptocurrency, they will automatically campaign cryptocurrency other than theirs is a scam, this is clearly a threat.
government having their own digital fiat means adoption, its another leap for crypto. the world is slowly in transition to paperless and cashless transaction and this digital currencies are going to be part of this transition. the technology has mature after 10 years, hundreds to thousands of developers seen how blockchain can help not just to currencies, government will make use of it for its an opportunity to correct the old system.
If the government will make cryptocurrency in transparent ways, probably it will lead us to a new era of currency. Because governments control the banking system. But because it is government, they will not like a full transparency, discrepancy and decentralisation. I saw also some thread before that talked about this and I have seen that there are many cons when government make their own cryptocurrency.
Well in my opinion though, i don't think the government will ever create something they can't have total control over. Blockchain technology system proposed a decentralised system where power is evenly spread but if at all the government gets involved, will that concept or ideal still be upheld.
Some governments recently try to create their own crypto currencies (e.g. China), according to reports. Some welcome this as a good step towards mass adoption of cryptocurrencies, others don't like it. Still, the crypto media welcomes this and we should consider whether this is good news in general or not.
What would be your opinions be on this? Should more and more governments create their own digital currencies and introduce them to their population or should we not support the creation of digital currencies made by governments?
What would be your opinions be on this? Should more and more governments create their own digital currencies and introduce them to their population or should we not support the creation of digital currencies made by governments?
Government is the one who holds the power so whatever it thinks that seems good for a nation is an obligation to be done. Threats are in every opportunity and vice versa.
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