Goverments creating digital currencies - Threat or Opportunity? - page 7.

Kurokonobasuke

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Quote from: ronbennett_ on January 24, 2020, 07:31:29 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?

For me, it was a great opportunity like this time, world is experiencing the huge of pandemic virus called COVID-19, this virus has spreads over the world and it affects many people in many countries. The virus is easily spread through a droplets with a sick person. The fiat currency is one of the reasoned on spreading the virus that’s why in the situation like this the digital currency is necessary because it is one of the best way to prevent the virus on spreading it. When we use the digital currency in some stores it prevents it to touch the fiat currency and also it is very useful when we transact in online stores.

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Quote from: TimeTeller on January 24, 2020, 07:34:38 PM

In my opinion, the move to create their own digital currency is a positive development.
It means, that the government believes the benefits gained from this technology.
With their action, they are indirectly showing to its constituents that they trust crypto.
Which will then give a positive mindset towards crypto and so it will create more demand of usage.
I consider it as an opportunity to widen the usage of crypto and not a threat.
People later on will see the difference between a decentralized vs centralized coin.
So it will be their choice which one they will use when that time comes.

You are right. It is indeed a positive development for every countries. Also, the fact that they now consider cryptocurrency is a good thing, the countries are now developing and having a positive insight for crypto. The technologies now are improving and advancing considering digital currency as a cash would be more easy for us. The positive side of this, not only government will acknowledge crypto but also the people in that country which they will learn the real use of cryptocurrency in our life, how this will help us to grow money, to trade, to invest and to earn and be part of the crypto world. The negative side of this, the government will be a big competition of old crypto they will advocate that what they created are legalized cryptocurrency which will lead to many questions for the old ones.

Yes, this is a wise choice for the government to create their own cryptocurrency serves as a sign of technology progress and economic development. This will help us when it is generally accepted and acknowledge by everyone.

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Quote from: nosferzd on March 24, 2020, 01:46:01 PM

The more countries create their cryptocurrency, the more likely it is to switch from fiat money to crypto. It’s not worth it to be afraid, it’s just a new stage in the evolution of the world economy. But I think that it will take not a year or two, but all 20. It will be difficult to adapt everything to cryptocurrencies

Couldn't agree more. countries moving to digital-currencies is a stage in evolution! But I wouldn't mix crypto-currencies and digital-currencies
created by governments and banks. Once people start using digital-currencies in a way they will have easier access to crypto-currencies, and
people will become more aware of decentralized world presented by some crypto-currencies.

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Quote from: ronbennett_ on January 24, 2020, 07:31:29 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?

Chaina is a big economy in the world and USA, Russia, India, etc always focus on Chaina so that if Chaina creats own crypto currency, another big economic county must think massively about it and it would be then good news for all crypto currency lovers. I think bright future is coming for crypto in closely.

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We are in the modern world now, and there are so many technologies that’s surround us. Digital currency is one of the best technology that have been invented throughout the world because we can easily transact anywhere. But as you said the government of some countries are just planning to develop their own digital currency, well it was a great opportunity for us, because as we can see right now the many sites like online gambling are using digital currency because it was easy to transact with digital coins. And if the government will develop their own digital currency it makes our life much easier in payment methods.

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The more countries create their cryptocurrency, the more likely it is to switch from fiat money to crypto. It’s not worth it to be afraid, it’s just a new stage in the evolution of the world economy. But I think that it will take not a year or two, but all 20. It will be difficult to adapt everything to cryptocurrencies

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Quote from: Questat on March 24, 2020, 08:33:51 AM

I think after this crisis that we are facing now, some countries who have not considered creating digital currencies will try to experiment as online payment is more helpful in times like this, and the fact that we can't wash paper money, it's one of the major carrier of the virus so after this crisis there will be a lot of realization as this situation we are at now, teaches ours government a lot of lessons.

With how the crisis affecting the regular fiat it's really possible to see more countries to considered the use of digital money, though there are lots
of existing digital form of currency and it's a tough competitions for cryptocurrency but knowing the possible potentials it will be consider and people
who already here will push this forward to also be recognized from their respective places.

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I think after this crisis that we are facing now, some countries who have not considered creating digital currencies will try to experiment as online payment is more helpful in times like this, and the fact that we can't wash paper money, it's one of the major carrier of the virus so after this crisis there will be a lot of realization as this situation we are at now, teaches ours government a lot of lessons.

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Quote from: shushu9977 on March 22, 2020, 10:00:23 PM

It is good decision to create a digital coin for any country. I think, It is great idea. It is more faster than any other payment. This is very helpful for future. Though, there are a lot of crypto-currency creating day by day, but Bitcoin is the boss of all crypto-currencies.

The government in building its own national digital currency put first and foremost their interests, not the interests of the whole of the crypto community. Therefore, this means that it will not promote bitcoin and other altcoins that are decentralized.

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Quote from: Meowth05 on March 23, 2020, 12:38:26 AM

I would say that it is a threat because if we follow the supply and demand model that means that more crypto means there are a lot of competition for bitcoin thereby shrinkong the value of pioneering crypros. I think this coutries are creaing their own because they can't control bitcoin.

States have now begun to work massively to create their national stable coins because they appreciated the benefits of blockchain technology. Transactions with their digital currencies will be faster and cheaper. Therefore, in general, for states this is an opportunity, including to divert people's attention from a decentralized cryptocurrency. For cryptocurrency, this is not bad in the sense that with the advent of stable state coins, the general interest of people in cryptocurrency will increase, they will see that states themselves use this technology and that cryptocurrency comes for a long time. At the same time, stable coins of the states will represent a serious competition to decentralized cryptocurrency as a means of payment.

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I would say that it is a threat because if we follow the supply and demand model that means that more crypto means there are a lot of competition for bitcoin thereby shrinkong the value of pioneering crypros. I think this coutries are creaing their own because they can't control bitcoin.

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It is good decision to create a digital coin for any country. I think, It is great idea. It is more faster than any other payment. This is very helpful for future. Though, there are a lot of crypto-currency creating day by day, but Bitcoin is the boss of all crypto-currencies.

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I don’t really know what kind of effect this going to have on Bitcoin and cryptocurrencies.
The only thing I am worried about is that the government start looking for ways to ban Bitcoin and other decentralized cryptocurrencies once they create their own cryptocurrency.

The reason I’m saying this is because they might feel that the current cryptocurrency we have now might be standing in their way and block people from adopting their own cryptocurrency which will be centralized and regulated. The government wants everything regulated so that they can keep an eye on it.

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Quote from: GideonGono on March 06, 2020, 04:14:38 AM

I honestly think that it is an opportunity and I don't see any threats especially to Bitcoin since Bitcoin would still be patronized over some government-backed cryptocurrency due to the fact that it is not government-backed. It is an opportunity in a sense that people would came to know the existence of cryptocurrencies and hence would have a huge positive effect on Bitcoin since it is natural for them to come by with cryptocurrency then on Bitcoin. There is something that Bitcoin can give that there cryptocurrency can't that's why I think that it would not be a threat and they would not be willing to offer these features since it would made them lose control in their own cryptocurrency.

One opportunity for crypto's presence to spread around the world is to be sure when governments start creating their own crypto but don't forget, the government always want comprehensive and independent domination, for similar and unlicensed products, they may consider restriction or removal. Crypto in the early and traditional era may be threatened by the government if the government's crypto doesn't take over the market but all are just predictions that could happen, right now, the government is still not too excited about crypto

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Quote from: GideonGono on March 06, 2020, 04:14:38 AM

I honestly think that it is an opportunity and I don't see any threats especially to Bitcoin since Bitcoin would still be patronized over some government-backed cryptocurrency due to the fact that it is not government-backed. It is an opportunity in a sense that people would came to know the existence of cryptocurrencies and hence would have a huge positive effect on Bitcoin since it is natural for them to come by with cryptocurrency then on Bitcoin. There is something that Bitcoin can give that there cryptocurrency can't that's why I think that it would not be a threat and they would not be willing to offer these features since it would made them lose control in their own cryptocurrency.

I think that happens in my country too. although the government has not legalized bitcoin, but the government does not prohibit having bitcoin, it is only not allowed for payment instruments. from here, the government seems to wait and see the development of cryptocurrency in general. they have not yet decided on a decisive step for crypto

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Quote from: ronbennett_ on January 24, 2020, 07:31:29 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?

Any technology that takes economy away from traditional currency is a positive development according to me . But as people have mentioned already , there is a difference between digital currency and crypto currency .
Speaking of India - I actually feel its time for India to create fixed price digital Rupee , why?
1. Less corruption as everything will be transparent.
2. Less cost of management of currency .
and many more .

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I honestly think that it is an opportunity and I don't see any threats especially to Bitcoin since Bitcoin would still be patronized over some government-backed cryptocurrency due to the fact that it is not government-backed. It is an opportunity in a sense that people would came to know the existence of cryptocurrencies and hence would have a huge positive effect on Bitcoin since it is natural for them to come by with cryptocurrency then on Bitcoin. There is something that Bitcoin can give that there cryptocurrency can't that's why I think that it would not be a threat and they would not be willing to offer these features since it would made them lose control in their own cryptocurrency.

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Quote from: ufaiz50 on February 27, 2020, 11:25:26 PM

I'm sure there are already many who know about this, and a lot of debate has taken place. there are always three main discussions regarding the reaction of cryptocurrency users in the adoption of this technology.

First, some users are happy because this is likely to have a positive impact on increasing demand in the crypto market, because it seems to have the support of the government. Secondly, with speculation from digital yuan (china) this will most likely lead to digital currency not a cryptocurrency, and certainly the digital yuan is central to almost the same as the yuan in general. this can change the image of cryptocurrency

This is a complete summary of what is currently being discussed here.

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Quote from: USBitcoinServices.Com on March 01, 2020, 07:38:04 PM

You are right, Governments are a good addition to cryptocurrencies, they will increase the number of new people using cryptos, rather they have their own coin but who cares, the point here is that the government s keep themselves active with their own coin, after all, it is peoples choice which coin they want to use.

While I would like to believe that as well, you can be sure that whenever most governments of the world create their own cryptocurrency then they are going to try to ban decentralized cryptocurrencies with an even bigger enthusiasm, if they let the market open and they leave the choice to what cryptocurrency to use to the people then I will be fine with it but most likely they are going to try to manipulate the people to adopt their coins knowing full well their coins are inferior to coins like bitcoin.

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Quote from: hahay on March 01, 2020, 11:05:59 AM

Regardless of their goals, I think this news will have a good effect, because with more and more governments in conclusion, more countries have their own digital currencies, so that gradually it will also make greater changes and certainly very positive for cryptocurrency itself for a big adoption, because when they have their own digital currency, then of course there will be more and more people who are aware of digital currencies and especially for cryptocurrency at least it will be of greater concern for them.

You are right, Governments are a good addition to cryptocurrencies, they will increase the number of new people using cryptos, rather they have their own coin but who cares, the point here is that the government s keep themselves active with their own coin, after all, it is peoples choice which coin they want to use.

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