Topic: The Government-Backed Digital Dollar (USD) - page 6. (Read 1158 times)

Is it being traditional of the US government or being Patriotic with the images in every dollar bill?
Are they just hard-headed?

They have their reasons. Trump is one which in disagreement about this. That is their President.
With half of the US citizen which believes him then I guess it will be difficult to change that kind of belief.
I don't really know what is going on in his mind but I do think it is deep.
There might be something that could affect their financial industry which Trump owns a large percentage of it.

United state ask to other country keep adopt USD as currency payment for every transaction in the world and never take chance with other digital currency like Bitcoin, the United state have try to stop using bitcoin as investing assets and banned using bitcoin in their country, they ask many country for stopping their people use with bitcoin and back to the unusually transaction by USD but China have fight with using their own crypto.

You know that most of the Bitcoin developers originated from the USA right? The USA can quickly get some of these developers together to create

their own government coin. Ripple will be too glad to fulfill that role and Mike Hearn and his team are already geared to provide their surveillance

coin/technology that they are working on now. Nothing in Crypto currency is protected or intellectual property rights signed to one entity, so they

can just take what they want. If you ask me, then I will say the US are more than ready to launch a quick US version of Bitcoin. 

It's actually pretty interesting to see that Libra, a coin that was shot down by a lot of people, partners and the US government has sparked a trend in the world, and has likely been a reason to some of this happening so soon. Although I don't think we are going to see a cashless society, cash is still very useful for a lot of people, and instead, we might see something where governments transition from their currency to a virtual kind.

It does seem true, it's been left behind in the blockchain race, even though there are an abundance of companies in the US that are willing to work with blockchain, I'm 99 percent sure they must have some sort of undercover team working on it though.

Absolutely yes! Digital dollar is not just a mere possibility, it's an imminent future!

Majority of the developed nations will digitize their fiat system sooner or later because it has some major benefits if seen from the perspective of a government. It will offer them the power of supreme vigilance.

Supreme vigilance: if the entire fiat system is channelized through a digital platform, enforcement agencies will have complete visibility on what's happening on the economic front. Money laundering will be caught immediately. The chances of tax evasion incidents will be reduced to zero annd most importantly, financial crimes will be easier to catch and prove.

So not just US, you can expect all developed nation to issue their own digital currencies in future.

Governments and central banks were talking about digital national currency even before Bitcoin was a thing, yet we all see what came out of it - nothing. All these digital currencies don't exist even in project, all we have is statements from some official saying "yo, let's make digital currency". USA isn't lagging behind anyone, and I think it's actually smart for them to let others go first and then only develop a national digital currency if it is indeed beneficial for them. We actually have one example when such project failed - Venezuela's Petro.

Wouldn't it be useless as it won't truly be a cryptocurrency. No matter what there is no chance in the world that US govt. wont keep regulation upon their currency which means chances are that they would know who owns how much and who is transacting with whom irrespective of calling the whole system decentralized. Secondly what about the demand supply issues? Cryptocurrency's power is in it's hard to mine quality which may not be a priority of currency which US govt. would develop as they would want something whose supply can be quickly created or destroyed. So one way or the other we would end making this cryptocurrency much like fiat only.

yes who knows.

but weren't USDT the first to have been created as stablecoin in crypto? it may not be backed by the government but its something they could track still since its centralize. its interesting to see if the blockchain of these government backed digital currencies are for open to public which the address of institutions are also being identified because if its gonna be that way, government are going to have a transparency, i don't think they'd like that.

Who knows if one day they would announce that they would create their own digital dollar on least we expect.
We've known that US govt is really strict to cryptocurrencies but it wont really be limited generally in terms of blockchain tech
and things tied with it.They might possibly consider it but we dont know on when but for now they are just sticking up with their
own laws and terms.

After Facebook announced it's Libra digital currency, several countries have expressed their interest of launching a digital currency of their own. China has already announced that it'll be working on Blockchain technology for a digital version of the Chinese Yuan while other countries have done the same. Most recently, German banks have requested the European Union to launch a programmable "digital euro" that would replace the current monetary system (physical Euro). All these developments shows us that we're getting closer to a "cashless society" than we've thought.

While all of this is exciting, it seems that the USA will be left behind in the development of a blockchain-based "digital dollar" (USD). After all, the country has been known to be quite strict about the development of the crypto industry. With many fierce regulations against crypto and Blockchain tech, many mainstream crypto businesses and companies have decided to stop providing services to US citizens. Poloniex will no longer serve US customers, which greatly diminishes the adoption of crypto within the US. This makes me wonder whenever the US will allow a "Digital Dollar" to happen in the future or not? If it doesn't migrate to the digital realm, then I'm afraid that other countries will take the lead in the world's economy. It's a matter of being ahead in the latest technologies to obtain supremacy. If the US remains reluctant to accept Blockchain technology into its current monetary system, then it'll be left behind without a doubt.

What do you think?