Goverments creating digital currencies - Threat or Opportunity? - page 4.

camito

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Quote from: ronbennett_ on January 24, 2020, 06:31:29 PM

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?

It is actually a good proposition because the crypto community have been waiting for governments to accept bitcoin not just a digital currency but something useful and relevant. Each country has their own governments and worldwide, there are numerous types of government. I think the downside in this news is the type of government itself and its rulers or officials. Considering a government to be either communist, capitalist, democratic, and others, there would be a huge effect once they created their own cryptocurrency. It might be beneficial to them but not to its people.

dunfida

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Quote from: Renampun on May 25, 2020, 06:23:10 AM

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.

Most like to happen and we know on how government do moves and try to destroy up everything which do opposes them.They will surely try to brainwashed out people
that they are the real ones and people would end up on believing just like on what they have done with fiat.It isnt that surprising but im not seeing this one as a thread because
people would always find the truth if they do just seek out even more and know which one is truly centralized and decentralized.

Quote from: qory on May 25, 2020, 08:26:41 AM

Good opportunity when government want to create their own coin, but need responsibility with investor by good management team, road map clearly and have good way how to make their coin become profitable at the future by adopting in real business, government could legal using their own coin as payment transaction.

Government made coins wont really be different on e-fiat and it wont really be that something the same on crypto that it would be that volatile for you
to invest or make money.It would be still stable thats why it wont really make that a difference.

Baoanhbmt

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This is definitely an opportunity for each individual state, especially for those whose economies depend on the dollar, to break away from it and become more independent by providing their own economy with their own currency. I think it is a good opportunity to lead the advancement of technology when it comes to the field of currency. The government can easily order its citizens to use government-made cryptocurrency. and if some people already know cryptocurrency then I'm sure next they will know bitcoin and altcoin. and then will use and invest in bitcoin and altcoin.

qory

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Good opportunity when government want to create their own coin, but need responsibility with investor by good management team, road map clearly and have good way how to make their coin become profitable at the future by adopting in real business, government could legal using their own coin as payment transaction.

Renampun

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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.

Findingnemo

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Quote from: electronicash on May 23, 2020, 01:34:23 PM

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.

electronicash

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Quote from: Findingnemo on May 09, 2020, 02:54:57 PM

Quote from: electronicash on May 09, 2020, 09:07:19 AM

Quote from: Subbir on May 09, 2020, 08:49:55 AM

Many won't support it but if the govt creates digital currency we will have tons of opportunities Everyone now prefers to transact digitally which can make our transaction much easier. there's no got to go anywhere else for transactions I can easily use digital currency from wherever i'm, there's no got to convert money People will become more skilled and its popularity will spread everywhere the planet.

Many I believe will support it. Digital currencies will likely be the best for current situation because bills that is passed on from person to person will worse the number of covid19 patients while making transactions with digital currencies will need no contact.

There is no need for people to have more skills since they are just given phones to install wallets. Government can certainly provide phones for each of their people but this will probably be gradual.

Digital currencies don't really mean its crypto currencies. Cheesy

So there won't be much different from the current payment system, the only difference will be payment gateways which will be offered by the government itself so they can track each and every transaction without the help from banking system so they are not really doing anything other than stealing users privacy.

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.

tvplus006

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Quote from: silversurfer1958 on May 09, 2020, 06:42:11 PM

I think the more governments that create their own cryptocurrency are good for the cryptocurrency market. Currently, the Chinese government has issued an electronic yuan to pay salary for workers and to exchange goods online. And in order not to be left behind in this market, the United States will also issue an electronic US dollar to counteract the yuan. Thus, more and more people will invest in this market and will help the value of BTC will increase sharply in the future.

The digital yuan, which is currently being tested in China, has nothing to do with cryptocurrency. I believe that the government is doing everything possible to prevent the circulation of cryptocurrency in the country, replacing it with the digital yuan. This is more convenient for the government, since the digital yuan is centralized.

Janation

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Quote from: Paycoinzzz on May 23, 2020, 07:44:36 AM

Quote from: ronbennett_ on January 24, 2020, 06:31:29 PM

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?

I think this is not a true government action. Everyone knows that there are many criminals and mafia in this market. anonymous bitcoin transactions and privacy coins all make it easy to complete transactions. If the governments of many countries are involved, they are helping the terrorists. When the market becomes stronger and more liquid, it will create more favorable conditions for the world of gangster.

Bitcoin is not 100% anonymous.

It is what we call pseudo-anonymous. If you will be doing some simple google searches, you can actually see that there are still those criminals getting caught despite using Bitcoin. And they are not helping these criminals when they create a digital representation of the fiat we are using. when government create digital currency, it doesn't mean that it will be decentralized like Bitcoin or any other cryptocurrencies that we are trading and investing.

Paycoinzzz

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Quote from: ronbennett_ on January 24, 2020, 06:31:29 PM

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?

I think this is not a true government action. Everyone knows that there are many criminals and mafia in this market. anonymous bitcoin transactions and privacy coins all make it easy to complete transactions. If the governments of many countries are involved, they are helping the terrorists. When the market becomes stronger and more liquid, it will create more favorable conditions for the world of gangster.

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That is going to be good as long as it will be regulated properly. If you know USDT or Tether, those coin are just USD in cryptocurrency. There's no dump or pump it's just there as USD value. That's my idea when government are going to go into cryptocurrency but if they are gonna make it as BTC concept where it's manipulated by supply and demand then, that would be a shit.

If a government want to create a cryptocurrency it should just focus on helping people and not for millionaires to earn (again).

whyrqa

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One way or another, the Chinese government is serious about its intention to create its own Chinese national cryptocurrency. Based on this, we can expect a global change in the financial world and the monetary system. Moreover, this situation needs to be looked at through the prism of the fact that the Chinese economy is practical in second place among all the economies in the world. If until recently the yuan did not compete for the dollar at all, then given the current world problems, the digital Chinese yuan will have every chance to break the dollar’s monopoly.

Jorge158

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The idea of digital currency or digital money has existed for some time now. Digital money refers to all forms of currencies or money in the digital form - it could be fiat like USD, EURO: or cryptocurrency like BTC, LTC, ETH etc. What matters most is, what type of digital currencies are the government creating? Already, the dollar and some other currencies have their digital forms in the form of Credit card, Debit card, master card etc. This is not new to the world.

bits4books

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Quote from: CaVO32 on May 12, 2020, 06:23:51 PM

Quote from: bits4books on May 12, 2020, 08:45:33 AM

50/50
On the one hand this is a good trend showing that the gov and the head of state are ready for changes and do not mind joining the rapidly developing digital economy and the synthetic digital economy.
On the other hand, this is bad because managers will decide that since they themselves have made a "state cryptocurrency" then "private" cryptocurrencies are not needed and will start a policy to promote their "good" and simultaneously start a crusade against the already existing free crypto market.

yes, there will be pros and cons on this matter. but for crypto users, i think it will have more benefits on their side. because once the government is accepting crypto, it means they can freely transact with other crypto, unless the government will ban the use of other crypto, i don't think that will be the case here. so it is now up to the user how he will manage his crypto portfolio. anyway, the government will not know his every move when you are talking about crypto. so it is on his side how to strategize his dealings.

Another couple of years and all cryptography will crumble under the power of quantum computers. And then the question will arise - is our quantum companies against you or not? If not, here is nothing to fear. And we will have new quantum resistant wave of cryptography. And if they aree against you, you will have to think about how to save your money and data from them

CaVO32

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Quote from: bits4books on May 12, 2020, 08:45:33 AM

50/50
On the one hand this is a good trend showing that the gov and the head of state are ready for changes and do not mind joining the rapidly developing digital economy and the synthetic digital economy.
On the other hand, this is bad because managers will decide that since they themselves have made a "state cryptocurrency" then "private" cryptocurrencies are not needed and will start a policy to promote their "good" and simultaneously start a crusade against the already existing free crypto market.

yes, there will be pros and cons on this matter. but for crypto users, i think it will have more benefits on their side. because once the government is accepting crypto, it means they can freely transact with other crypto, unless the government will ban the use of other crypto, i don't think that will be the case here. so it is now up to the user how he will manage his crypto portfolio. anyway, the government will not know his every move when you are talking about crypto. so it is on his side how to strategize his dealings.

bits4books

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50/50
On the one hand this is a good trend showing that the gov and the head of state are ready for changes and do not mind joining the rapidly developing digital economy and the synthetic digital economy.
On the other hand, this is bad because managers will decide that since they themselves have made a "state cryptocurrency" then "private" cryptocurrencies are not needed and will start a policy to promote their "good" and simultaneously start a crusade against the already existing free crypto market.

ene1980

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Quote from: tvplus006 on May 10, 2020, 04:07:58 AM

For ordinary people, nothing will change if the government creates a national digital currency. I think it will not even be noticeable than you pay, people will continue to pay by card or phone, even without knowing that they are making a payment at the CBDC. In this case, only the government wins, because such a currency will be centralized.

There might be no difference for the ordinary people and these government digital currencies will be used to monitor every single transaction and to have a complete control over where they spent the money but if there is an option for investors can purchase the decentralized currencies using those government based digital currencies then it would be great for people who are finding it difficult to invest in bitcoin without strict KYC.

Snappycoco

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At some point it would be good but it would be stable. It wouldn't be like bitcoin having thr chance to gain more. It wouldn't be that volatile when it comes to price but I guess it would help in lessen the hasle on buying goods.

tvplus006

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Quote from: Subbir on May 09, 2020, 08:49:55 AM

Many won't support it but if the govt creates digital currency we will have tons of opportunities Everyone now prefers to transact digitally which can make our transaction much easier. there's no got to go anywhere else for transactions I can easily use digital currency from wherever i'm, there's no got to convert money People will become more skilled and its popularity will spread everywhere the planet.

For ordinary people, nothing will change if the government creates a national digital currency. I think it will not even be noticeable than you pay, people will continue to pay by card or phone, even without knowing that they are making a payment at the CBDC. In this case, only the government wins, because such a currency will be centralized.

Janation

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Quote from: silversurfer1958 on May 09, 2020, 06:42:11 PM

I think the more governments that create their own cryptocurrency are good for the cryptocurrency market. Currently, the Chinese government has issued an electronic yuan to pay salary for workers and to exchange goods online. And in order not to be left behind in this market, the United States will also issue an electronic US dollar to counteract the yuan. Thus, more and more people will invest in this market and will help the value of BTC will increase sharply in the future.

I doubt that.

I think the best thing about all of this is that people might be able to find out about Bitcoin since they are using digital currency itself, other than that, I don't think so. It is not that the cryptocurrencies they are doing will be the same as Bitcoin where people invest in and it will pump, it will just be the same fiat they are using, they will just be making a digital state of it. Nothing will change except faster transactions and efficient payments.

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