As we can see, at the moment there is already an example of the fact that the country has created its own cryptocurrency - this is Venezuela and its token Petro. I do not think that this coin or some other one could pose a threat to bitcoin.
It is too early to say that banks will create their own cryptocurrencies, because the banking system and the domestic economy must change, but no one is ready for this.
Topic: What are the odds that the government/banks will truly create their own coin? - page 5. (Read 2091 times)
November 03, 2018, 07:14:09 AM
November 03, 2018, 04:09:37 AM
We've all seen this phrase before: that the government and/or banks will more likely to create their own cryptocurrency, but what are the odds that they really will? How can we be sure that these two sectors will create their own coins eventually and will it even change the game if they do? If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead? Do we really need more coins?
Banks are not going to create any cryptocurrency because that is not their work to do, they only focus on fiat. And as for the government, they also don’t need to create any cryptocurrency because there are lots of exchanges in the Blockchain today and most of them are being fully regulated, some not much and others not being regulated at all by the government. So there is no need for them to do that. And even if they do create a cryptocurrency I think it will centralized and nobody would be interested in it. 
November 03, 2018, 04:16:58 AM
We've all seen this phrase before: that the government and/or banks will more likely to create their own cryptocurrency, but what are the odds that they really will? How can we be sure that these two sectors will create their own coins eventually and will it even change the game if they do? If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead? Do we really need more coins?
I hope they don't. Even if they do, we shouldn't consider them as crypto currencies. Those coins we be under full control of the government. Thus they will be totally centralized. Why would we need centralized coins when we already have fiat currency? Those government created coins would just be scheme to deviate people from adopting the true form of crypto currencies. 
November 02, 2018, 11:10:44 AM
Some of the countries already created their own coin but not too successful, because when the government create a coin then the coin will be a centralised coin which will be almost like fiat, bitcoin and alt coins got a different unique feature, so the existence of new coin won't disrupt anything, to be honest we don't need any new coin, the crypto market already flooded with tons of coin that got no value
It cannot be successful because they actually or probably had an ulterior motive when creating it. For instance, take a look at the political sentiment surrounding Petro coin by Venezuelan government, I just simply see it just as any other bullshit I can ever imagine, and if this is the way most government want to be coming up with some silly idea. I am sure, people have gotten smarter over the years not to ever fall for rubbish like that as far as I am concerned. Although, at the end, whatever will come from the government will still remain centralized as it will be same old fiat, just that this time, it is on the blockchain.
November 02, 2018, 08:43:43 AM
The question is not if it would happen but when; and the answer is when people start accepting crypto currency and start forgetting Fiat. Countries would line up to create their own coin so that they could still habe a hand in controlling their economyfor themselves. They can manipulate prices and blockchains because it is their own.
True, because at one point or the other we are definitely going to see this happen. We are already seeing it happen actually; as we have seen some countries trying to take the bold step, although not in a way that would require applaud. Even before we start seeing some level of usage in the space as well as adoption, I am pretty sure, gradually, the government will start seeing to the use of blockchain technology and in this case, they will definitely end up coming with their own centralized currency on the blockchain, try to implement a cashless age, and of course, there will be no need for the printing of money anymore.
October 31, 2018, 07:53:06 PM
If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead?
No i don't think so. If they try creating their won cryptos, it'll mean first of all that trust is in crypto. Thereby driving in more people and that'll naturally make Bitcoin blossom.
Secondly, governments always like stable this and so they'll make sure their coins are stable whereas many would be interested in BTC that can grow in worth.
October 31, 2018, 06:14:29 PM
I don't see why should the banks and governments create their own Cryptocurrency except for some ephemeral fear of mission out on a new technology. Existing financial system is well-established and tested for decades, there are no signs that it will (or must) be replaced by Blockchain based currency. Fiat is relatively easy to regulate, while Crypto provides totally different features - decentralization is the opposite of control. I wonder how they'll implement taxation, for instance. All in all, I'd say fiat is more bank-oriented while Crypto is customer-oriented.
October 30, 2018, 09:27:51 PM
We've all seen this phrase before: that the government and/or banks will more likely to create their own cryptocurrency, but what are the odds that they really will? How can we be sure that these two sectors will create their own coins eventually and will it even change the game if they do? If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead? Do we really need more coins?
Its not a question of when, government has been interested on creating a state back-up coins. We already seen Petro from Venezuela, Rubble from Russia, then there's J coin from Japan, E-krona for Sweden and Estcoin for Estonia and so on. So it currently happening. Its the question of will this coins be successful? or will it enjoy the support of crypto communities?
I'm seeing that one reason why governments are creating their own coins is for tax purposes. They know that crypto is unstoppable, and they're having a hard time trading their citizens owning crypto for tax purposes. So they come up with the idea, since crypto is still in its hype and people are really interested, to join the picture, but with a good leverage, high taxes.
I don't think it will threaten bitcoins or altcoins at all though, people still prefer decentralizes coins not unless governments force you get their own crypto if you wanted to transact with them like Venezuela to force citizens to use Cryptocurrency Petro to buy passports.
October 30, 2018, 09:12:51 PM
I think they'll make their own coin doon enough. They use their national budget to back up this coin and would definitely impose a higher tax on transactions that use coins other than their own. Pretty sure all this will happen once we see adoption from other countries and see that their economy is actually doing great.
October 30, 2018, 08:35:54 PM
There are no odds if the government and banks create their own coin because they have the money to put in to it and the laws that the government should apply for that.
October 30, 2018, 08:18:45 PM
Banks have their own currency; fiat. Which they control. Banks operate on a centralized system.
Cryptocurrency is decentralized and there is little control over the market. Sure the creators can control the technology and usecases. But that doesn't give them direct influence over the market, once you have sold up during your ICO, investors can choose to do as they wish with their assets.
I don't see how it would threaten bitcoin anymore than any other currency created by other devs.
If it is linked to banks it's safe to assume it is centralized and would be an avenue to utilize the blockchain technology. Which some governments are already doing.
Cryptocurrency is decentralized and there is little control over the market. Sure the creators can control the technology and usecases. But that doesn't give them direct influence over the market, once you have sold up during your ICO, investors can choose to do as they wish with their assets.
If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead? Do we really need more coins?
I don't see how it would threaten bitcoin anymore than any other currency created by other devs.
If it is linked to banks it's safe to assume it is centralized and would be an avenue to utilize the blockchain technology. Which some governments are already doing.
I am agree with you. If that cryptocurrency issued by government or central banks, its must be centralized and central banks still control the supply. Inflation happen because money supply always increased by central banks
October 30, 2018, 02:04:35 PM
They do havr their own currency depending on which country they belong and if incase they decide to have their own cryptocurrency I dont think it will affect Bitcoin and other cryptocurrencies. For sure bank’s own cryptocurrencies will be backed up by the government and it will only be centralized and regulated. No rival compared to other cryptocurrency’s decentalization.
October 30, 2018, 01:48:24 PM
It is really possible to see many banks and governments creating their own coin in the near future. I believe blockchain technology is developing at a very fast rate and pretty soon, governments around the world would have no choice than to adopt this amazing world of blockchain technology. Hence I for see more cryptocurrencies as new projects emerges.
Hmm... idk. Blockchain technology is developing at a fast rate, sure, but is it enough for the government to adopt to cryptocurrency just because they don't have a choice? If the government eventually decides to create their own coin, not having a choice is the least of the reasons I could think of why they would want to join the crypto world.
October 30, 2018, 11:21:32 AM
I don't think they will. At this point the government or banks may not even be that threatened of cryptocurrency's existence like people think they are. Why? Because they already have a currency that they are controlling and/or manipulating: fiat.
October 30, 2018, 11:04:42 AM
We've all seen this phrase before: that the government and/or banks will more likely to create their own cryptocurrency, but what are the odds that they really will? How can we be sure that these two sectors will create their own coins eventually and will it even change the game if they do? If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead? Do we really need more coins?
Anyone can create their own crypto currency with their own blockchain if they want so governments also can do and many governments were did that too but I don't see any difference in the digital fiat money with centralized crypto currency so people won't choose their cryptos over the current money because both are just same but when it comes to cryptos it is backed up by nothing so people have chances of accepting it over centralized coins. October 30, 2018, 10:56:57 AM
90 percent chance that government and banks will create their own cryptocurrency.
Blockchain is the main solution to have a better world.
Technology is getting faster and better, currency must be better also and has the development needed.
Blockchain is the main solution to have a better world.
Technology is getting faster and better, currency must be better also and has the development needed.
October 30, 2018, 10:49:13 AM
I guess there are no odds at all becaus they will not try it. They already got proper channelled system where fiat works systematically. Creating coin for their system will create unwanted diversion per se. The diversion in terms of its utility, circulation and trading. Fiat is best because it is in control and far more stable than cryptographs. There is no point really creating it and making things worse for themselves.
October 30, 2018, 10:28:55 AM
We've all seen this phrase before: that the government and/or banks will more likely to create their own cryptocurrency, but what are the odds that they really will? How can we be sure that these two sectors will create their own coins eventually and will it even change the game if they do? If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead? Do we really need more coins?
Well, if banks and Governments see cryptocurrencies that could bring them a nice future ahead of everyone they would eventually adapt it and make their own coin someday.
October 30, 2018, 08:34:11 AM
We've all seen this phrase before: that the government and/or banks will more likely to create their own cryptocurrency, but what are the odds that they really will? How can we be sure that these two sectors will create their own coins eventually and will it even change the game if they do? If they did, will it not threaten bitcoins and altcoins because the common people who haven't heard of bitcoin before might choose to use these bank/government-created coins instead? Do we really need more coins?
If ever banks and the government will truly create their own coin, I think they will be treated like normal Altcoins and nothing is special about them and the fact that they are not decentralized just like any other cryptocurrency which investors and enthusiasts supported for privacy and security purposes. I don't even see them as a threat to Bitcoin and one example in this discussion is Ripple and will soon add Petro of Venezuela which is a state owned crypto. 
October 30, 2018, 04:34:23 AM
They can definitely create their own coins but it wouldn't be like any coin we know. It would be highly centralized and definitely intensely checked for all the possible tax evasion and all the money changing hands. It won't be allowed to look the chain by regular people and only the finance department of the government will have the rights to check it and considering how the world is corrupt already and politicians allow it to be I am sure there will be some there too.
They will try to catch even a single dollar you try to not pay taxes for and/or spend on something they do not allow or whatever however at the same time they will allow people to just do whatever illegal and tax evasive stuff they want to do if they are rich enough and pay them for it as well.
They will try to catch even a single dollar you try to not pay taxes for and/or spend on something they do not allow or whatever however at the same time they will allow people to just do whatever illegal and tax evasive stuff they want to do if they are rich enough and pay them for it as well.
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