Topic: The world that all money have become crypto currencies issued by government - page 2. (Read 1736 times)

Countries and governments issuing their own crypto currency is an obvious political and economic move to rrmain in control of their monetary assets. They wouldn't even need an ICO. They could always back up the coin long enough to be self sustaining and they could even issue perks to anyone who uses it with tax exemptions and what not.

The biggest advantage that I could think of for the government themselves to implement this system would be that they would have a much stronger grasp over the economy, as they would be able to track and manipulate each and every transaction and token/currency that circulates around the blockchain due to the centralized nature of the currency blockchain that they've set up.

Obviously for citizens, all the advantages of cashlessness would apply. Increased convenience, etc. Almost exactly the same as electronic banking, no difference here for the end user.

But you have to ask yourself - is this necessarily something that you'd like to adopt - a centralized cryptocurrency that is issued by the government? Wouldn't that be the same as any other fiat currency, just spawned in a different format? To me, it makes much more sense to hold onto decentralized alternatives than to jump on board national cryptos like the Petro, even if it was issued by a more trustworthy government.

This isn't entirely true. If you want the government to have a good relationship with blockchain or the cryptocurrency industry they must find a way to (legally) bond with them in terms of legislation and regulation. Creating their own state-issued cryptocurrency is really not part of any way of blending in with blockchain as this state issued coins are only based on their personal interest with the market. Just take a look at how the RBI (India's Central Bank) is handling things by removing the competition (exchanges & cryptocurrencies) and limiting the cryptocurrencies allowed in their country just to make way with their own state-issued cryptocurrency, this example of India just shows that they really don't care about the adaption of the market as they are keen on having the whole demand focused on what they are only offering.

I don't really mind if things were to get cashless society but I guess we still need banks and our Governments for us to get our loans and other needs.

I think this is a development trend. In the next two years, many governments will issue their own coins. It is necessary to know that there is a close relationship between the blockchain and the coins. To embrace the blockchain, coins must be set up.

It is true to an extent. I'd think that the central banks and governments will just treat crypto currency as any other currency they could control because I'm pretty surr they won't be issuing an ICO for the whole nation but back it up with the country's value to make the coin stable. This in turn will be in their control of course.

I've heard that many country are making there own cryptocurrency and the fact is they're similar to there fiat currency.

Therefore, the centralized cryptocurrency of individual states will only be an addition to the national money, centralized cryptocurrency can not replace the national money, it simply does not make sense. They will give the national money additional cryptocurrency features. This will be another form of money and we do not yet know how it will take root in society.

Also another plus would be the limitation if we could. Laws change all the time, politics change, hell the people change in the world so it wouldn't be a set on stone type of thing but if lets say there was a set amount of dollar coin for example by the government that would help a lot.

Eventually rich could have all the dollar they want on the earth because the amount is increasing all the time with new prints constantly however if there was an amount that was purely set and not moving any higher than rich people would end up buying stuff and paying for them which would eventually make them go down a tiny bit whereas people who are dead poor would have a chance at survival. Much better option for everyone in the world, having a limited amount of money that's not going up is definitely a great news for poorer people and bad news for the rich.

This has been discussed many times here.A government backed cryto will not ensure any of the freedom, we are now enjoying with bitcoins. That is the core benefit of adopting a decentralized system.

Creating there own currency would be useless since bitcoin has hug demand. Also if you exchange that currency you will surly pay some highly taxes since they would be centralized and government has power to control it price whenever they want.

Slow transaction process can be solved in the future. It is not a problem. The problem is this that crypto is not centralized and most of the governments do not accept cryptocurrency. If they issue crypto of their own it may be devalued because one country will not accept crypto of other country. The best solution is this that all countries accept and legalize bitcoin as their regular currency.

If the Central bank of every country should issue crypto currency which will be controlled by the government at the end of the day it will be contrary to the main reason why crypto currency was originally created for, not minding the fact that such decision may bring about increase in crypto adoption and probably increase its market value. Decentralization is one of the main purpose for crypto currency existence and any thing contrary to that may take us back to where we were before the introduction of Bitcoin and crypto currency in general.

If the international governments will take a foul view on how you do things, maybe you should take another look at yourself and evaluate hwo you do do things in order to get a profit. If that thing is unethical or immoral, it's probably a good idea to question that before you get in too deep and you can still pull yourself back out again in case your anonymity slips or you make a mistake...

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It's kinda the only reason we need governments to get involved so people stop thinking "oh yeah, bitcoin's that thing the people use on the dark web to try to get illegal drugs... pay off a hacker... etc etc".


Hacks of the Bitcoin network and the bitcoin blockchain are in themselves very rare and usually don't affect people unless the yfiddle too much with the rules of how their bitcoin nodes function. If you set up a bitcoin node for a payment system and configured it badly, that's on you, there is no one else liable for the damages and maybe it means that you shouldn't fiddle in areas you don't really understand because you won't get very far (if people are starting out it's probably best to try to learn a bit about the currency in order to avoid having any major hacks happening on your system).
Wallet hacks from viruses are quite common however, most people should try to get some sort of antivirus (And make sure when you update your computer, it gets a signature from the publisher which is checked by the computer to ensure that the software is safe to be used and any damages incurred by it - by malicious intent - are the oweness of the software's creator).

Do you think that cryptocurrency makes the economy chaotic and leads to a breach of financial discipline in it? This statement will be true only if the decentralized cryptocurrency is recognized as the main currency of the state and replaces the national money. Then chaos will indeed begin in the economy, given its high volatility.
If the decentralized cryptocurrency will go along with the national money, it can bring convenience to people and profit to the state.
I also believe that from the centralized cryptocurrency of individual states there will be no harm to another, decentralized cryptocurrency.

I really do not want the government to participate in this market. Because I know that this market is filled with sin and it is part of helping me become richer. Government intervention will make my transactions more difficult and my profits will certainly decrease.

Yeah, the hacking issue is one great problem but it seems developers are now coding "well." I say so because the recent news have beenvoid f hack issues for sometime. It's been a while since i heard of a major hack, kike an exchange but as for personal wallet hacks, they happen each day and that's why we need to be careful.

Merit:
-Encouragement of the government to use cryptocurrency by using mainstream media and social media.
-Lessen until posssible Eradication of poverty by giving people small investment and teach them how to trade.
-Upgraded technological infrastructure.
-All transaction is traced.
-Centralized bank

DeMerit:
-Big funds needed for upgrade and maintenance.

Technology today is getting advanced but still there are people who are much more advanced the "Hackers"

For users:
-Hassle free no fall in line scenario.

You just sounded like you know exactly what would happen in the future. However, I believe at some point, we could end up getting to see this, and it would be an opportunity to bring some level of transparency into system of banking and governance as time goes on.

One way or the other, with the way governments in the countries all over the world are looking at the use case of blockchain technology and how they can benefit from it and for the fact that we are already having few countries proposing it, it would eventually spread.

I think it is hard for the government to offer a separate and exclusive cryptocurrency. It just makes the economy become chaotic and lack financial discipline.

Stable coins had been created already even the Gemini brothers have a stable coin. If governments are going to creating their own, it wouldn't be a crypto. They do have it already you can check it on Forex market. IIf you have noticed it already Forex brokers are also into cryptocurrencies these days, they now offer BTC, ETH adn XRP on their platform.