Will countries or central banks create their own cryptocurrency?

jbarcenas18

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Quote from: waqasniaz007 on February 16, 2018, 12:56:48 AM

A few countries and central banks have been talking about “digital currency”, and most of them are carefully ignoring the term “crypto”. Fact is- digital currency is not the same as cryptocurrency. These countries/central banks are recognizing the benefits of the digital currency features of cryptocurrency, but they don’t want any of the decentralized uncertainties that come with blockchain-based currencies.
Will countries or central banks create their own cryptocurrency?

It has a big possibility that countries and central bank would create their own cryptocurrency because they would not allow any crypto to envade into their territory. Just like the fiat currency has its own unique and security features that only their people can use of it.

BennyK

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As crypto becomes more familiar and its demand increases significantly, the governments will have no other choice than to give in to this revolutionary technology. However, the governments will create their own crypto yet make it centralized in order to hold the power of the finances of the people.

Escf4

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When the time comes that cryptocurrency will be recognized and accepted all over the world ,then their will be possibility that the countries or central banks that accepted cryptocurrency will create their own cryptocurrency, like the fiat currency , each country also have their own fiat currency of their own, that might be happenning also to cryptocurrency.

IndeecV

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States are very interested in creating their own cryptocurrency. But it will be absolutely centralized and controlled. Governments will promote their cryptocurrency and ban others.
Right now, the attention of state economists is drawn to the development of cryptocurrency. But stable developed countries will not go to such an experiment first. Everyone is waiting for a successful experience from others and the development of technology.

Yusuf77

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we will not know whether in the future there will be a country that makes its own cryptocurrency, but there are many countries that do not like crypto because it is difficult to control because it is anonymous so the government does not do justice. but if it exists then it will make the country faster and more efficient in transacting so that many countries will imitate it.

ivanst776

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Quote from: 10c on September 28, 2018, 07:17:19 AM

I think that over time , all banks and even the state itself will create their own digital money, and it will be just the same step into the future.

There will be more and more countries that will jump into cryptocurrency, we can't do anything but to accept that the technology is very fast and even currency change.
One example here is Venezuela, they banned dollar in buying oil, which they replace it with PETRO COIN.
This is one big move from a country to use cryptocurrencies. If you can't stop one thing, can't beat the odds, all you can do is to join them on their victory.

10c

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I think that over time , all banks and even the state itself will create their own digital money, and it will be just the same step into the future.

bajigur894784

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What I know, there are countries that have issued cryptocurrency before. What we need to see is their motive for doing it.

Let's look at Venezuela, a country that claims to have raised $ 3 billion in initial coin offerings. Their cryptocurrency is known as Petro and is supported by oil and gas.

According to the news, Venezuela has been sanctioned by the US and Petro is a way to avoid sanctions. The Venezuelan currency has lost value. Therefore, it makes sense for the South American country to issue its own cryptocurrency. Other countries such as China, Israel and Dubai have considered doing so.

Also, because cryptocurrency continues to gain popularity, they will threaten the existence of central banks. To maintain a valuable existence and little control, I think, they will issue cryptocurrency as a way of remaining in "cash games".

yatogami

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Quote from: waqasniaz007 on February 16, 2018, 12:56:48 AM

A few countries and central banks have been talking about “digital currency”, and most of them are carefully ignoring the term “crypto”. Fact is- digital currency is not the same as cryptocurrency. These countries/central banks are recognizing the benefits of the digital currency features of cryptocurrency, but they don’t want any of the decentralized uncertainties that come with blockchain-based currencies.
Will countries or central banks create their own cryptocurrency?

The main peculiarity of cryptocurrency is that it can be mined by anybody and almost in any place having Internet connection. These very efforts of thousands of miners give the actual value to crypto.
Image that a bank decided to invest in mining equipment and issue their own money - will they be as anonynous and demanded as conventional cryptocurrencies? No. So that's actually the answer to your question.

Katystrong

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wow. seem like it comes true now. To what I know, there are some countries and central bank have their own cryptocurrency

deloreswest

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Quote from: tonyparker on September 24, 2018, 03:59:02 AM

If the banks will make such a thing, who do you think will use it? Nobody. Will be like another obscure altcoin... Let them try, will be hilarious.

well if goverments do support it and it were backed by particular fiat currency i believe it would be possible to be use massiveliy by the citizens.

kobecury

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Yes, To quickly and securely move money between the central bank and the private banks as needed. It's not exactly revolutionary, but at least they are actively working on testing use cases.

tonyparker

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If the banks will make such a thing, who do you think will use it? Nobody. Will be like another obscure altcoin... Let them try, will be hilarious.

boyz97

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Quote from: Andika23 on September 21, 2018, 10:07:22 AM

I think maybe later that day will happen, but I don't know exactly when it will happen, but I'm sure because cryptocurrency is growing and many know about cryptocurrency and from some of them investing in cryptocurrency one of them is very popular bitcoin and king of all coins.

its only about time.soon or later we will see many central bank create their own cryptocurrency.if this is not happen, at least they will implemented blockchain technology.this thing enough for cryptocurrency community.their confidence rise sharply about crypto.

peterstark

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If a central bank created a cryptocurrency that they themselves couldn't manipulate (no arbitrary inflation or account closure/seizure) then it might be just as good as Bitcoin, and who cares which won? More likely, though, the central banks will create "cryptocurrencies" that are just blockchain based fiat, in which they retain the power to inflate. And in this case, how is that fundamentally better than the digital dollars we already have in our bank account?

horaceN

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That would take blockchain and some of bitcoin's technology to the next level, but at the same time, it might be the end of bitcoin as a currency.

Barretwallace

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At some stage, the crypto market will need new currencies to sustain the existence of cryptocurrency. Businesses or banks play an important role in the market development process.

justspare

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Quote from: streazight on September 21, 2018, 03:05:14 AM

Quote from: waqasniaz007 on February 16, 2018, 12:56:48 AM

A few countries and central banks have been talking about “digital currency”, and most of them are carefully ignoring the term “crypto”. Fact is- digital currency is not the same as cryptocurrency. These countries/central banks are recognizing the benefits of the digital currency features of cryptocurrency, but they don’t want any of the decentralized uncertainties that come with blockchain-based currencies.
Will countries or central banks create their own cryptocurrency?

They were talking about it, but they never said they were going to release their own cryptocurrency. Don’t mind the media, they are fond of carrying fake news which you will get to find out is fake if you dig in properly on the issue. If banks create their own cryptocurrency it will be for the purpose of investment and a way to bring more income to themselves and to those who invest… Just like investment does, you know.

I think central banks do kind of have their own "crypto" currency. Maybe not as digital as you might think but comparatively speaking the "banknote" money the "cash" you hold in your hand is just a small portion of the "money" that exists.

Dollar for example has certain amount printed but god knows how many times over they have that in digital books that changes hands here and there with stocks and derivatives and so forth that in the end they say trillions of dollars over the cash limit and still call it a legit money.

Crypto at least has a limit and its miles better in technology compared to old cash. So if its "digital currency" than dollar is already more digital than cash.

Andika23

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I think maybe later that day will happen, but I don't know exactly when it will happen, but I'm sure because cryptocurrency is growing and many know about cryptocurrency and from some of them investing in cryptocurrency one of them is very popular bitcoin and king of all coins.

Angna27

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I don't that would be easy to any country just create coin on their own, bitcoin still the one recognized and accepted by many but if any country capable of doing so will take time and if so happen they create their own that would their biggest advantage and their biggest asset.

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