Topic: The Government-Backed Digital Dollar (USD) - page 4. (Read 1158 times)

Are you sure about cashless society? Do you think that having a digital version of the currencies we are using today will stop the use of paper money? It's not going to happen like that. You need to do your research properly. Digital money is only going to make transactions easier, we won't be making use of long processes to send money abroad, that's the reason for digital money. When you have a digital money you can then redeem it for the real one in banks.

JP Morgan Chase have already created a prototype cryptocurrency, you should check out their website to know more about it. If that turns out to be a success other Banks will do the same. I believe that as time goes on and we begin to have digital currencies there will be special wallets dedicated to it, other online payment processing companies like PayPal might be part of it in building a wallet that will allow users to receive the crypto version of every currency and then redeem it to their bank.

The sad part is, if they control a currency it is still centralized and it doesn't really make that much change from the current one. I mean whats the difference between regular dollar that is under control of USA or FED and a digital stable coin that is still controlled by USA or FED? Seriously there is absolutely no difference. After all isn't most money in dollar form is in digital bank accounts right now (or shares, dividends, forex and so forth?) so all in all the dollar is as digital as it gets.

We don't like just because it is digital, I mean there are MMORPG games that has game currency as well that is digital, do we use them like this? No. We like bitcoin because it is decentralized and under no one's control. Not much we could do if they want to build one but I rather them not doing it.

The reason we are moving towards a cashless society is because the government can track everything compared to cash payments. This may project our society into "the next stage" but at the expenses
of privacy. It's the same concept as we did with smartphones

China's cryptocurrency is not yet existing. It is probably against Bitcoin but it is certainly not the people's desire to own their own crypto. It is more of the country's desire to create their own crypto knowing that it is going to be the future of money. And they cannot allow other crypto to be the main currency within their territory.

The economy of the US is large but so is China's. If the US will create its own crypto and the Fed has the only power over it, it is going to be much worse in the totalitarian country of China.

I don't know when they will create their own digital currency but now China has created their own cryptocurrency.  I just think that China's creation of their crypto is just against Bitcoin and satisfies the Chinese people's desire to own crypto.  Whether or not the United States creates a replacement USD currency is not important because their economy is too large, and if creating crypto, only the Fed has the right to create it under the permission of the US government.  If the United States has its own cryptocurrency representing the USD, the global crypto market will flourish.

This will be soon. but the way they treat libra is right. Because a business becomes too large and uncontrollable it becomes a slow and very dangerous bomb, which can threaten the financial and political situation of the United States.
But in the future, they will certainly study and set up electronic dollars as soon as they realize there is high demand. Anyway, I still trust Americans in technology, they have a lot of smart minds.

In the next five years we will see many countries launching their digital currencies and it will be another shit storm battle and the weakest one dies off, if people need to purchase those they need to implement a regulation so that you could purchase products with the digital coins and if they regulate bitcoin then they will be able to use it to purchase bitcoin and the decentralized market with those centralized coins.

Can anybody explain me for that govs needs own crypto?

I think that many think that it is kind early for them to jump into creating a centralized government based crypto, while it is still a new concept, especially with most of the crypto supporters not agreeing with this kind of currency, Countries like China is trying to take the risk because if it succeed it will pay off and they will take teh lead in the market, and the US is just playing it safe and watching from a distant but i am sure as soon as they see profit in it they will jump on the train as well.

Whatever currency, may it be a simple digital dollar or a blockchain-based cryptocurrency, for as long as it is government-backed will have no future. That does not represent the real philosophy behind the cryptocurrency that is being promoted and started by Bitcoin. It will have to be decentralized and anonymous or else it will be nothing at all. It will have to be open source, transparent, and has a limited supply or else it is just as useless as the USD.

People don't know what cheer for anymore. If they read about blockchain adoption they automatically think it's going to be Bitcoin or any of the other shitecoins, but it's nothing of what we value about the existing distributed networks. The whole idea behind private networks is control and privacy for the one in charge, which is the government.

Everyone using that network will end up suffering one way or another. All it takes is a payment to the wrong entity (can be an enemy of the state, crypto exchange, etc) and you will lose access to the network and thus your money. If that happens and you don't own an asset like Bitcoin that allows you to transact permissionlessly and digitally, you have a big problem.

Honestly, who cares if gov'ts adopt blockchain tech for their own currency or anything else?  If any country creates their own coin, it's going to be centralized and used to track their citizens' financial transactions.  That is not a good thing at all.  There is still no way to have complete anonymity in a financial deal than using cash.  Paper currency or coins.  Even bitcoin can be tracked somewhat, because it is only pseudo anonymous.

I won't celebrate any of this, not if they're using blockchain technology to limit people's privacy, and that is precisely what will happen with a state controlled coin.

The negative rates that have been generated have been very high, since the FED has washed their hands and said they are not concerned with fixing the problem, what they have in itself is despair that they are disguising it with Blockchain, with Blockchain and a development In Cryptocurrency they know that they can have fast liquidity, only with a PUMP when they are launched they will capitalize a lot of money, which, in the same way they will use to pay debts, the hegemony of the dollar is a fact, but the economy is suffering worldwide falls, there is no longer how to make up without beginning to see some economic losses.

For sure thing USDT is backed by anything that has a value, it would not be pegged on USD if it is not. Aside, they already proved this one. USDT as centralized and regulated might be the reason for the government to be transparent in terms of financial.But as much as regulation is concern, we might still not be able to use any of these government backed cryptocurrencies for daily living although it would only look like a typical fiat.

Exactly. The Blockchain without its key characteristics (immutability, censorship-resistance, and decentralization) cannot function as intended. Centralized digital currencies would look more like databases instead of a real blockchain. That's the case nowadays with Ripple's XRP where the company controls the whole digital ledger as we know it. They control a large supply of XRP tokens across the network, making it more like a central bank 2.0 than anything else. If governments decide to start rolling in their own private blockchain solutions, then I believe they'll fail in the long run. It's best for them to create a sort of sidechain or simply a token within an existing public blockchain network in order to increase security and reliability. But that's a decision governments would need to make if they're planning to launch a digital currency of their own.

As for a government-backed digital dollar (USD), everything will the depend on the US government itself. We all know how fierce US regulations have been towards the crypto/blockchain industry in general. Many mainstream crypto companies and businesses have flocked from the US into other countries because of this. Even now, the US has been reluctant to accept Facebook's Libra cryptocurrency from becoming a worldwide digital currency. If other countries start rolling in their digital currencies successfully, then the US might be left behind. I'd be surprised if the US announces that it'll launch a digital version of its USD that would make use of Blockchain technology.



Of course, how could I forget that? Indeed, Petro was the very first government-backed digital currency ever created. But, it didn't turned out to be successful after all. That's why I didn't mentioned it in the first place, since it never came into light within the mainstream world. It didn't last for long, probably because of pressure from the US and among other factors. Still, I believe that this movement from Venezuela may have encouraged other countries to do the same.

The world's most prominent countries (like China and Russia) have already announced that they'll be launching a digital currency of their own. With Facebook's announcement of Libra, the process of government-backed digital currencies has been accelerated by a long shot. Soon, we'll be able to interact with digital Fiat leaving physical cash as a thing of the past. But I'm concerned that if the US remains behind other countries in launching a digital currency of its own, the USD will be replaced from its status as the reserve currency of the world. The US needs to adopt the latest technologies (especially Blockchain technology) to stay ahead of the game. Just my thoughts

Its banks and regulated finance that is usually the biggest offender in regard to liquidity risks. It never takes banks long to move in and offer capital support to countries like russia, drug cartels and terrorist groups after the US passes economic sanctions against them. The type of news story posted below is common for the banking industry.


Long before bitcoin or digital currencies existed, it was common for many to criticize the government and banks for "creating money out of thin air". That is the original source for that trope which today is almost universally made exclusively against bitcoin and digital forms of money.

Banks and governments might be said to represent the biggest liquidity risks across the board in terms of them doing business with groups and demographics under sanctions, expanding balance sheets and money supply without proper oversight or accountability and greatly exceeding what might be described as safe levels of debt in terms of state deficits which are commonly measured in trillions.

The potential gates for adoption of the largest official economy are always centered on the US and China, their influence is very strong globally, China has presented itself to the blockchain and stable coin, but the US prefers to tighten many things beforehand related to pre-regulation for how to control all transaction flows, they begin with an obligation to replace a special US-based website exchange domain, as a condition for all valid exchanges. Digital dollars will be a strong ammunition afterwards, I think they are still keeping it a secret at this time.

US might also adopt a digital dollar but as far as their regulation is concern I think it will not happen very soon will also spark a new debate and opposite opinions. But once the government will implement something there’s really no barriers can halt it.

First of all, You have to adopt every new invention for your own interest, In the case of the USA will not accept Blockchain technology then they will run behind in the future, I think the USA government will take a u-turn towards the blockchain system, I think most of the government will take their own position in this platform because it will be the future money and cash money will not be available in the coming days. not only that Germany and China but also some other countries will start creating their own crypto and in this way, cryptocurrency will be the mainstream in the monetary platform.

Many countries want to stop for launching Facebook or Libra coin because they keep backed digital dollar or USD using for every transaction, I think they don't know whit USD always have inflation price every years but keep trusted with this currency, why not give chance for bitcoin become legal currency and looking how increase their assets without inflation value after ten years later.