Topic: The Government-Backed Digital Dollar (USD) - page 3. (Read 1158 times)

Really? Let us try to take a careful look at the cryptocurrency world right at this moment. Let us not speculate on what is to come because that is beyond certainty. We cannot be sure if the future is really the one that we think of. Let us look at today. People, companies, institutions, etc are now creating their own cryptocurrencies. We have several thousands of them today. Now, do you consider it a successful condition? It somehow cheapened the quality of cryptocurrencies. It has proven that the creation of crypto is handy. It has proven also that there is possible money in it. But has it really proven that it greatly promotes adoption? No. It has even eroded the trust of so many people. It has even earned the ire of so many true crypto supporters. We are full of cryptocurrencies right now. Most of them are shitcoins already. Does the whole market cap grow because of them or their sheer number? Again, no.

Well, it's no secret that the US has been quite skeptical about crypto and Blockchain technology. Their strictness in the space, shows us that the world's most powerful country is reluctant in accepting crypto as Fiat's successor. According to Cointelegraph (link to article here), the Secretary of the Treasury of the United States (Steven Mnuchin) said that "he and Federal Reserve Chairman Jerome Powell do not anticipate the development of a national digital currency in the country". This demonstrates us that the United States doesn't see the possibility of launching its own digital currency within the future. If other countries manage to launch their digital currencies first, then US' supremacy might come to an end. It's a matter of which countries adopt the latest technologies first in order to stay in power and ahead of the game.

I'm afraid that US might be left behind other countries in the future, as they adopt Blockchain technology for their own benefit. The tech not only proves to be useful for finance, but other areas of the mainstream world such as healthcare, voting, transportation, real estate, and more. There will be a complete transformation of the world's industries via the adoption of Blockchain technology. Once other countries adopt Blockchain in every way, the US will be left behind as the "obsolete" country of the world.

Nonetheless, it's surprising to see how Facebook's Libra cryptocurrency has triggered a massive interest into worldwide countries in launching their own digital currency solutions. I'd bet that if it wasn't by Facebook's announcement of a stablecoin for the world, most governments wouldn't have cared about launching their own digital currencies at all. It shows that governments are afraid of Libra and don't want to lose power over their citizens. We'll see how everything unfolds in the future as slowly but surely people start using digital currencies for their own benefit. Just my thoughts

I myself can not wait for big countries like Russia, the United States, China has its own cryptocurrency, 2020 we will see the development of the world of crypto currencies will be directed to China and Russia, if the United States is serious about making USD crypto currencies, I think USDT, USDC, and some other stable coins will have a real threat

Quite the contrary if each country have their own cryptocurrency that will further prove the idea that cryptocurrency could widely used and created by individuals and even government only if they want to really implement it. Crypto won't become cheap just because many country are creating their own. The opposite, it will bring a lot more adoption and therefore increase the legitimacy of cryptocurrency that could potentially drive its value and capitalization skyrocket.

I don't support that each country will have its own cryptocurrency. Cryptocurrency in that case will become cheap and will not reflect or represent the real idea behind cryptocurrency. If every country will create their own cryptocurrency, the idea of a global currency disappears. The idea of a free currency that is beyond the control, manipulation, valuation, and ownership of a single country will die. The idea that cryptocurrency is open and free for all, not owned in any way, will end.

Most countries in the world use international money in USD. perhaps this is the main reason why Americans do not accept crypto and want to survive on real USD currencies. because USD control will weaken if it moves to crypto, world trade control will become free and America can no longer rule with its dollar. while other countries want to leave international currencies. America still maintains it. so it would be bad if America did not immediately accept crypto technology. I strongly support if each country has its own crypto currency.

If they trust the Fed, it will not be difficult for them to only build relations with usdc through the MoU.

by providing the same immunity, their systems will form triangles that can complement each other. America is not like other countries which have to formulate from the beginning, they can take over a consortium of private parties under their jurisdiction without complicated process.

Many country depend their economic financial with United state and they have backed USD and dislike with other payment although giving much benefit like bitcoin become digital payment currencies, more than twenty years USD have been currency payment for buying and selling imported products using USD, other side with country have get loan from world bank have use USD as their payment transaction.

If the government are planning to release a central coin then they will make sure to test everything and security will be main thing they will take care before release them and hence i will not worry about the security of the coin as it will insured as well even if something happens in the worst case scenario. Do we really need a government backed digital dollar is the main question, to be frank we do not need that as we already have fiat currency that is digital but the real question is are they planning to create a crypto based digital dollar , i am not expecting that anytime soon.

One thing to note is; money issued isn't by the government but central bank.
Although some are nationalized, many central banks are not government agencies, and so are often touted as being politically independent.
The critical feature of a central bank—distinguishing it from other banks—is its legal monopoly status, which gives it the privilege to issue bank notes and cash.
It's not an easy task to understand how all of it works which connected one and other things in the past after the world war, but basically the central bank is one of the kings in monetary policy which has proven detrimental to the economy due to high-interest rates and inflation. If they want to create digital fiat currency, probably hackers would be the biggest problem.

source

This makes more sense rather than trusting other companies or projects that offer stable coin or digital dollar because when a government backed something then there is an assurance that everything is under control and we have nothing to worry about because government can track everything so there is no way for scammers to fool the users of government backed digital dollar.

The US government will soon create its own stable dollar-based coin. This has already begun to be discussed in the government. The prospect of the emergence of a global private stable coin Libra really pushed the world states to create their own national stable coins. Therefore, the appearance of such coins is natural. It seems that they will create serious competition for a decentralized cryptocurrency as a means of payment.

I will explain from the perspective of the government why the government launched its own coin stables.

Back to the nature of a country, that the state has an obligation to protect its citizens. Ensuring fairness and security in transactions in a country. No citizen except the state can monopolize the financial system. Imagine if the financial system was held by individuals, the nature of the state was questioned.

So it is clear that this protection and security factor is the goal and necessity of a country to guarantee it. Each citizen has their rights and it is important to remember that every right in one individual is related to the rights of other individuals and the state is obliged to protect it.

For example in the case of taxation, Imagine if there are taxpayers involved in taxation crimes or tax evasion, then the Directorate General of Taxes institutions will have difficulty freezing the relevant assets because the state authority does not have the authority.

The stable coin was made by the government as a form of the government's careful response to the cryptocurrency trend. The adoption of full bitcoin carries more threats than profits according to the government. On the other hand blockchain technology promises transparency and various benefits. So that the win-win solution taken by the government is launching a stable coin.

Let us just face the truth of the governments, n matter what country it belongs to. All of these authorities want to keep the public and masses their slaves by holding economy in their hands. They are thieves with logic that is you cannot even call them thieves. For instance, taxation is a way to accumulate money with logical reasons while this system has never benefited people in any way. Digital currencies like bitcoin are the escape from this trap.

Each government on different country have there own way by having share on the crypto currency world but somehow it makes us so frustrating as they want a share even a single move that we make in crypto currency community. My point is that they will even do something just to have a share like by providing taxes. Well, we have nothing to do about that as long as they will never stop us by being part here in digital world.

I know right? Most governments want to deploy their own digital currencies just to obtain a greater degree of surveillance over people's transactions. Of course, Blockchain technology brings many other benefits to them that are hard to ignore. The mere fact that transactions are blazing fast and cheaper in a Blockchain than in traditional systems of today, encourages worldwide governments to quickly adopt a digital currency of their own.

The main trigger of government-issued digital currencies has been the announcement of Facebook's Libra cryptocurrency. We've seen a deeper level of interest among the world's renowned countries because of this. China has already made a statement of Blockchain technology, Russia did some time ago, while German banks have already asked the European Union to develop a digital version of the Euro. Now it's up to the US, to announce it's own digital version of the dollar (USD). So far, the US has been quite strict when it comes to crypto and Blockchain technology. With many fierce regulations, most crypto companies and startups have left the country. Even the President of the US, has spoken negatively about cryptocurrencies in general. With these actions of the US, it looks very unlikely that it'll adopt its own digital version of the dollar soon (unless there's pressure from other countries that have adopted digital currencies of their own).

Nonetheless, time will tell us whenever the US will stay ahead of the game or not. With increased interest from other countries into launching digital currencies of their own, time may be running out for the US to adopt Blockchain technology for its own benefit. Just my opinion

What about to think a little bit more about cashless society? It has it's pros and cons. Government will take full control of your money, is it that good? You won't be able to save some money privately, government and bank institutes will know it. I think creating digital currencies by government has another meaning too, after creating that they will try to have monopoly on it and may ask us: no more bitcoin or altcoin. Idk, maybe I think wrongly but at the moment that's my idea about this subject.
Btw USA isn't that bad regarding to cryptocurrencies, for example they accepted taxes to be paid by bitcoin in Ohio state which is in "beta" mode.
In overall it will be different what they say and what they'll do. China was starting to hate bitcoin but changed their mind, India banned bitcoin and they may change their mind too as it seems.

It is funny and ironic at the same time because i think they really want the majority of the people to support them. It's not bad to support our own government as long as there is no violation in our own security and privacy. But the fact that they want to know everything from you is kind of irritating stalking skills. Bitcoin is still the best choice if you want to have your own bank.

I already read the information that the US government announced the possibility of creating its own stable coin, which will actually be a digital dollar. In the United States, they finally realized that this market segment could soon be busy and they could stay on the sidelines of world technological progress. Even in India they already want to create their national stable coin, and it was the Reserve Bank of India, which is the main opponent of a decentralized cryptocurrency, that came up with this initiative.
The number of stable coins is growing and now it is the world states that begin to issue their national stable coins. This is a contradictory tendency for a decentralized cryptocurrency, however, I think that this will not be worse.

Privacy is the biggest issue when all the government start pushing their digital coins, if those digital coins will help the crypto market by helping the investors to invest in the market without much hassle then people will be using them, if not i highly doubt anyone will be using unless the government spend a lot of funds promoting the coin with offers.