Topic: The Government-Backed Digital Dollar (USD) (Read 1158 times)

I think that the US is waiting for other mainstream countries to adopt their own digital currencies before launching the "Digital Dollar". If China takes the lead by launching its own "digital yuan" before the US starts developing the "digital dollar", then things will become fierce in the mainstream world. The US would not allow other countries to take the lead in economic superiority, leading them to adopt Blockchain technology in its entirety.

Now, the real question is when will the US become friendly towards crypto and Blockchain tech in general? As long as it imposes strict regulations against the industry, I don't see it going anywhere. Other countries like the UK, Malta, and even Japan have been extremely friendly towards crypto as they know it's the future of money. They're not as stringent as the US is, where it believes that crypto is only used for money laundering and tax evasion. If the US had an "open mind" it would realize that there's more to crypto than meets the eye. When put to good use, crypto and Blockchain technology can improve our economy like never before.

But be aware though, that if the US doesn't react quickly, the USD might lose its status as the reserve currency of the world. Only then, US' supremacy will come to an end, leaving China (or any other country) as the largest economy of the world. I hope that I'm wrong and that someday will be able to see an official announcement of the US government related to the wide-spread use of its "digital dollar" worldwide. Just my opinion

You have to understand the difference here, it is a new financial market and that too not restricted to a certain region or a country and it is not that easy to come up with a regulation that is global and it is not a huge surprise that the authorities are taking time to regulate. The launch of Libra will have major implications in the market because if they have the permission then expect all the multi national companies coming up with the same concept and it will affect the fiat market and hence they have to take everything under consideration to regulate something.

Despite the democratic structure of American society, economic and financial corruption and corruption have flourished in government.  The difference between the USA and China is that any manipulation of an official in China is punishable by law and very often the death penalty is imposed on such officials.  The Chinese government leads the country in a completely different way and they always fight against various manifestations of inflation so that their national currency is appreciated.  If there is a national cryptocurrency, then its purpose will by no means be at odds with the views and actions of the Chinese government, unlike the US government, which see bitcoin as a threat to itself.

I was surprised to see a country as big as America that is too strict with cryptocurrency, whereas usually America is a country
leading the way when it comes to technological advances. But about cryptocurrency they behave differently, even launch
Libra is still complicated. They don't learn from China, which have started making their own cryptocurrency, if this is the way
in the future, the possibility that America will be left behind by China could really become a reality.

I think the US will be one of the first to launch its own national digital dollar. After all, this country is known for its high-tech developments. So launching a national digital payment system will not be difficult for the US. The difficulty is only in some disagreements between politicians, but they are likely to come to a consensus.

I have always been convinced that the government in many states does not want to use cryptocurrency as a means of payment, because they can lose control of the financial sector of their state.  Each government, in order to avoid any problems and solve the tasks at the expense of the financial well-being of its citizens, creates inflation and prints new banknotes of the national currency.  How they will deal with digital currency is unknown.  Perhaps the national cryptocurrency will also be subject to similar fraud and manipulation by the government.

Yes, government made money will still suffer from inflation and other long-term issues even if it lives on a blockchain. If you want your wealth to have credibility, please use the types (BTC) without endless expansion of supply.

This is a fairly sensitive topic.  Facebook failed to negotiate with the US government about creating its own currency, Libra.  On the other side of the globe, China is working hard to create the yuan based on Blockchain technology.  I am waiting to see if the Chinese economy will be like if they put CNY into operation.  If successful, the US government must change its mind to catch up with China.  I have witnessed the transition from cash to non-cash from applications like Alipay, Wechat ... of their country.  Currently, China's neighbors are learning that.

If the United States creates its own national cryptocurrency, then it may not be able to be a stable coin, unless of course it is supported by the dollar.  At least in the cryptocurrency market, there is already Tether, where USDT practical is the digital equivalent of the dollar.  In addition, if we take into account the G8 cryptocurrency report, it was about stable cryptocurrencies that were positive statements that do not pose a threat to people and the state’s economy.

That could be another possibility of launching a legitimate digital version of the US Dollar. While the US government is quite skeptical about crypto and Blockchain technology, it could change its stance in the future as it sees other countries launching their own digital Fiat currencies. China has already announced that it will be doing this, so I'd bet the United States will work on its own digital currency for the world to stay in power. Otherwise, it'll be left behind as China becomes the most largest economy in the world. I believe that a digital version of the US Dollar would live in a privately-owned Blockchain, than a public one since this way the government would be able to do as it sees fit. Maybe they'll end up adopting Ripple's XRP Ledger for this purpose, or they will allow Facebook's Libra to become the next digital dollar for the world.

Nonetheless, with the emergence of stablecoins and Facebook's announcement of Libra, the US government will have no choice but to join the Blockchain industry in its entirety. It could take a couple of years from now before we'll be able to experience a digital version of the US Dollar, but we'll get there sooner or later. What matters is that Bitcoin will be a part of our daily lives either directly or indirectly. After all, Blockchain technology is a real game changer when it comes to mainstream finance. Just my thoughts

Yes, this was supposed to happen and the fact that Libra will soon enter the crypto market and then deploy its scales.

I have already heard that the US government intends to issue its stable coin. In general, already about 70 percent of all states intend to issue their stable coins. Therefore, we can say that indeed, people can use stable coins of different states more than decentralized cryptocurrency. It is quite possible that the era of stable coins will soon come, which in any case will be used together with the national money of states.

yes many countries are competing to make their own currencies, can be seen from China and may be followed to other countries if it is smooth, but yes the difference will be clear, because the average coins made by each country take the basic of stablecoin namely coins that are based on fiat currency itself such as USD, YUAN, KRW, and others depending on the country.
so bitcoin and other alts will still be there because the value is volatile.

I dont know why people want digital fiat currencies so much. Is it really change anything? Maybe only swift payments

A state-backed crypto coin doesn't make sense to me. Why would they need something like that? They're already printing money in central banks. Also what such a currency will add to the states. I think crypto coins will be more interested in private companies. They will be involved in developing a system of their own. They even entered. Libra, for example.

Let me tell you a story. Or rather an adventure.

The World Trade system used to be based on the States. Now we have Large companies. There are even individuals who do business across the sea. In this case, the monetary systems of the states can be destroyed. Behind it might be a Blockchain-based currency with a State-size power. However, companies like Facebook can do this. Not the state but as strong as the state!

How can a government-supported Cryptocurrency benefit us? Because we are looking for a decentralized structure. So I think so. The existing structures of the states are very cumbersome. Government institutions are too big to solve some problems. A more democratic structure is needed. A new order with a volunteer community. I don't think states are going to get into this.

Maybe they won't make a "government backed" version of it but maybe they will do a wall street backed version of it which would basically be the same thing. I mean the important part is to have a currency that is valuable and spendable everywhere and pegged to usa and trusted that it will never fail right?

Wall street is exactly that, those dudes literally made money out of thin air in the past 30-40 decades and whenever they failed government saved them so if a currency is backed by wall street it is indirectly backed by the government as well for the reason wall street can't be failed. If that happens we could see something quite strong in the crypto world, we have something very tiny for that for example, USDC which is backed by circle which is owned by some wall street company I forgot.

Many of the world's most powerful countries have already started to work on digital currencies of their own. The only one that will be left behind is the USA if it continues to be skeptical about crypto and Blockchain technology. When that happens, expect China to take over the world as it'll dominate our economy as we know it. Once the US realizes that China is too powerful, it'll could decide to launch its digital version of the USD. But then, it'll be too late.

Of course, no one knows what will happen in the future. Maybe the US will decide to launch its own digital currency once it sees other countries doing the same. After all, the US wants to retain its supremacy within the mainstream world. It's a good idea to transition the United States Dollar into the digital realm, as it's the world's reserve currency. Blockchain technology brings a lot of benefits that are hard to ignore. Efficiency and low costs are one of the reasons why many governments have considered creating digital currencies of their own. Ever since Facebook has announced its Libra stablecoin, most governments have committed themselves to launch digital versions of Fiat in the least time possible. This is mostly because they're afraid that crypto will take over the world's economy in the future.

Nonetheless, a government-backed digital dollar may not be far from becoming a reality. People need to show interest in it though, for the United States to start replacing physical cash (USD). Older generations may find it hard to use digital currencies, but newer ones will quickly adapt to the trend. In the end, the process of transitioning from physical Fiat into digital will be a slow and steady one. Just my thoughts

what about usdt/tether ? the coins sounds like a dollar but i dont know if it built by u.s citezens or simply came from the country of america or not  .

if not i guess they will create thier own crypto based currency just like what other country did because that is the new trend thats happening thesedays and one of the country i remember do that is china  but i dont know they made that for  competition but they made that possible in order to transform the way people transact  .