Topic: The Government-Backed Digital Dollar (USD) - page 5. (Read 1158 times)

How come you skipped Petro? It was first government coin. I believe is like 2 years old. Yes it have big problems with adoption, but that is normal. Specially since there is such hate of Venezuela in some parts of the world.

That was to be expected. Facebook has a potential reach of 3-4 billion people worldwide. This is the first time in history a company has that much power.

I would shit my pants right off the bat as government would I find out that they are planning to launch their own currency that's backed by a basket of fiat currencies. It got the us government so worked up that they found it necessary to praise Bitcoin and point out the flaws of Libra as a currency. 

I do not mind Libra because I truly support free competition between different types of money. Another benefit is that it could help this ecosystem attract more liquidity, which it badly needs. People might not like centralized stablecoins, but they have propped up this market a lot and they will continue to do that.

The government definitely isn't about free markets, because if that was the case they wouldn't kill off free market participation by overregulating every aspect of the markets within their borders.

When it comes to money, governments are ruthless, which we have seen with Facebook's Libra. If the government was about free markets they wouldn't have been so hostile against the issuance of their corporate form of money.

As long as the US remains to be the number one bully of the world and as long as Trump is seated as the POTUS, no change will ever happen for the US, and no initiative from the current government would be seen to improve whatever things need to improve in there. Not that I'm saying that our society now needs cryptocurrencies as a step forward, but at least just the thought that a change needs to happen from our current flawed system. But then again, it seems like the US has their attention and energy directed towards the admin's enemy on the seat and not the welfare of its constituents.

Governments control our money in every possible way. And they move the market according to their Desires. If we face any financial crisis, authorities are responsible for that. To save oneself from such situations, it is best to invest in Bitcoin and other decentralized digital currencies. Bitcoin should be the first preference due to its ability of producing high profits within short duration of time. Banks will stay with us forever by evolving in accordance to changing time

I believe that all developed countries will eventually eliminate paper money and coins. It’s just going to happen at some point. All transactions will be digital whether it’s a cryptocurrency or just bank transfers using debit cards or some new technology.

What is so special about government backed digital currency if there's already one created by private companies out there. Take it for example Apple pay they just work basically the same as any other digital payment application and the function is just well as the name says to pay something and now recently Gcash aswell. Such a thing as Government backed digital dollar is actually just a waste of time because there's no advantage to having it while some other services are already providing similar option. The government is not going to compete with corporation and private company because they are all about free market (although government could). The only difference about it is that Government print the money meanwhile service like Apple pay and Google pay are reserving the fund in their system.

There are several digital currencies already in Asia, say for example Alibaba they have their own platform and is widely used in China and still expanding to other countries. A government back digital dollar or cryptocurrency is a good move for government to counter some financial institutions' dominance. here a country can issue and control its own currencies sam with other countries without lending from World bank and other financial institutions. Though this is maybe inflationary but lets the government tackle this.

Well in asia cashless society is already a thing using digital payment that's centralized and not blockchain based but instead some financial technology company are competing to gain the biggest market share. These cryptos that are backed up government currency may become something in the future and there's no doubt that the blockchain system could be the advantage compared to any other digital payment out there although it may be centralized and as usual, the government will hold a huge portion of the total supply I guess. But who knows right?

I guess this will be built on so called private Blockchain.
A Blockchain isn't really a Blockchain without being immutable, permissionless, censorship resistant, decentralized, transparent, anonymous, trustless etc.. In my opinion, if your Blockchain does not meet up 50% of this standard then it's not worth being called a Blockchain. Better they just stick to normal centralized method for "better experience".

I hope so. After all, the US has been known to be quite restrictive when it comes to crypto and Blockchain technology. Even the President of the US have expressed his negative comments about digital currencies (mostly related to Libra). If other countries take the lead in adopting digital currencies of their own, then I see no other way for the US to survive with USD as the world's #1 reserve currency. I guess that once the US sees other countries launching their own digital currencies, it'll be forced to launch a digital version of the US Dollar within the mainstream world.

I have to agree that with Blockchain-based digital money, it becomes much easier for governments to be able to track malicious actors on-chain. Money laundering and other criminal activities will be reduced to a minimum due to the transparency of the underlying Blockchain ledger. Government-sensitive transactions, can be easily obfuscated via the use of privacy technologies like ZK-SNARKS or even Mimblewimble. Considering that our world is becoming largely dependent on the Internet, and electronic payments (like credit cards, etc.), it's likely that every country in the world will have their own digital currency within the not-so-distant future.

Nonetheless, time will tell us if a "Digital Dollar" will become a reality or not. Everything will depend on the US government itself in order to eliminate physical cash (USD) for good. With the US' collaboration, we could experience a cashless society sooner than we've thought. I believe that slowly but surely the US and other countries will start launching digital currencies of their own until physical cash is wiped out of existence once and for all. Just my thoughts

I think that in most of the announced cases, nothing further than the announcement will advance.
In any case, until the first precedent for the release of such a working and fully functioning product appears.

In my opinion, too strong a smell of politics hovers around such statements.
Now every country, one way or another, is trying to show that it understands the digital field no worse than others.

In fact, America is a country that is ahead of the trend and they are very good at technology. For blockchain technology, they are still applied in many businesses producing or distributing products but they just do not support large enterprises entering a market full of manipulation. I think they were right to stop aggressively on the Libra project. If their country has a very large business that cannot control its cash flow, it may cause further harm in many other countries.

I think it's also governments who are heading off currency liquidity risks. Everyone is becoming increasingly worried about the next financial crisis and its effects on liquidity. When depositor money is locked inside the banking system (as opposed to cash), it's easier to prevent shocks to the economy. There are no bank runs in a cashless society.

The Chinese stable coin has already been announced to the website of Tether and it's going to be CNHT. This broke the news of crypto ban to the country years ago and this is a good progress not just for them but for the crypto as a whole.

With the moves of US gov't, we don't know if they are just playing around and soon they'll also join the adoption. But I never thought of it that they'll be left behind specially when it comes to this kind of innovation.

The world is a lot closer to this than we think. Sweden and China are increasingly going cashless, and contrary to what most crypto enthusiasts think, it doesn't necessarily have to be done on the blockchain, or have anything to do with crypto at all.


This will only be true if a blockchain-based or crypto-like national currency would be as important as you project. As China and Sweden demonstrates, digital fiat is already a thing, which leads me to question the significance, and even use case, of a national crypto. We all know that China is challenging the US for global supremacy, and the fact that the US doesn't feel the need to announce a competitor to China's own crypto implies that they don't think it's important for the global race. China's own crypto could very well be just a tool to apply even more control on their citizens without any global use or impact whatsoever. Either way, all we can really do is wait and see.

To think that the United States will be left behind is something that I have not seem to phantom and it won't come as a surprise should they also announce their own digital currency which might even surpass the countries that seem to take the lead here. Facebook would go ahead with the backing of the United States and when they combine forces, it just go way ahead of any national digital currency that is either out there or about to launch. I have a feeling that because of the current political landscape that have engulfed the entire space in the States, there is hardly any room for news or announcement but that does not mean that serious research and development is going on underground.

In the end, isn't it just a coin without it's physical matter? BTC was famous, growing, invested on, and believed to replace fiat is because it isn't controlled by anyone, backed by the miners mining them, and is safe to say that no one could probably obtain ownership of them. Plus, once the mining era is done, BTC basically has a limited supply, avoiding the issue of inflation which is caused by the ability of the current fiat system to basically just keep printing money.

I'm not particularly sure how countries would even plan on letting their coins flow in the world, but I see no difference with the current fiat except that its a virtual currency. Plus, it lost its entire purpose the moment the government made them, since it's basically defined as being monitored by then.

The reason bankers and the wealthy are throwing mountains of capital and political leverage behind mass adoption of cashless societies is the greater control it offers. If they illegalize cash and paper money. Then they have complete control over monetary transactions. They could ban demographics whose politics, opinions or views they dislike and there would have no other system they could utilize to buy or sell things. That's the motive behind the large campaign pushing "cashless society" as an ideal.

You can see something similar happen with internet personalities that are banned from social media, instagram or youtube. That's the future the rich and powerful want for money. To create a cashless frontier where they can simply ban anyone who doesn't adopt their values, politics or lifestyle.

USA may not be pioneering this move towards currency digitalization but eventually it will adopt into it when many countries have already successfully entered the game. Now, being not the pioneer, USA can be spared from the many mistakes that the pioneer will eventually be making, so this can in fact be an advantage. The strength of the digital version of any currency is still dependent on the strength of the real fiat currency, the one backing the digital. I am sure that central banks are now seeing this digitalization move as an opportunity to be able to control the fiat money movement and the chance to just produce the digital money almost with no cost plus these digital currencies can be tracked and controlled, the best joystick for control-leaning governments. With that scenario, should we not be happy that USA is not on the lead?