Will countries or central banks create their own cryptocurrency? - page 21.

FutureToken

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Quote from: aso118 on February 16, 2018, 01:49:38 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?

It doesn't matter whether the government creates a digital currency or crypto currency. What matters is whether the currency is decentralized or not. This is not something which they will be keen on - why would they want to cede control to the masses? So a government created crypto/digital currency will be subject to the same old failings as the existing fiat currencies.

Totally agree.

pathapoddo

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CRYPTOCITIZEN $CCASH

Countries or Central Bank will try to create a digital currency but they will not keep it uncontrollable. Because the bank will try to keep tax on it.

ntoken

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Yes, they will.
Even the official bank of China will release its digital currency.
But that's barely currency, have much difference compared to the ones we discussed.

expless

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Quote from: Opnsrc on February 19, 2018, 11:24:10 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?

I think that many countries will try to create their own crypto currency, but these attempts will not be successful. Crypto currency was created for the purpose of anonymity and decentralization, and government crypto currency will not have such features.

I have seen some countries mention something about creating their own cryptocurrencies, but I don’t think such an idea will work out pretty good for them. It will just put them into a blind competition with others, where they will all gain nothing. Why I said this, is because their cryptocurrencies are likely to be centralized or something.

blogardianz

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[ CINDX ] REFORM HOW SELL & BUY CRYPTO

I don't think so. They cannot or forbidden to create currency besides FIAT. They only can make it digitalized. I heard some bank in some countries will learn about blockchain technology, but I think that issue only for increasing their FIAT or banking system services

ohlawdy

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- "Bitcore (BTX) - The Future is Now"

I think they will try , they have to money and resources to put up something good.
But i can only hope people won't fall for it, the beautiful thing about crypto is there is no way for people manipulating it like fiat is being manipulated.
If people will use a bankers coin , they don't see the value in a decentralized system.

rey.fudz15

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If they simply ignore their pride and doubt against cryptocurrency that might happen soon, i believe in crypto as the very future of our payment technology, this kind of currency are at a still young and development stage and besides a lot of government and banks still don't have a clear stance on crypto currency.

Xardasim

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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?

If governments will created their own digital coins i think this is the end of BTC and other altcoins because people mostly believe to their country than blockchain. Who wants the freedom will hold their BTC and others will follow their government.

hieuho381

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Quote from: boruto99 on February 17, 2018, 02:11:17 PM

yes of course baby

blockchain technology will be in use all companies, corporate, central bank, government. so in the future they will all print money by simply pressing the number keys on our laptop board.

but every central bank has its own criteria in terms of creating their own blockchain.

I think that will happen in a few years as governments and banks recognize the importance of crypto in their financial systems. Each country, the bank will have their own crypto to trade and exchange in the country. Also common crypto currents such as BTC, ETH, NEO, BCH ... will become the common crypto of the world.

faceoff97

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Quote from: makoto_takemiya on February 16, 2018, 01:14:41 AM

I don't think any country will create a fully public, P2P, blockchain-based cryptocurrency. Instead they will create currencies on blockchain platforms that are permissioned and that can be controlled.

This would probably happen, the government wants the full control over a cryptocurrency. They might make a centralized coin and this would be used and be recognized as a national coin. Due to an ever increasing demand of crypto, surely tge government will take action on how to do things well. There is no doubt that digital currency will be soon taking the lead in tge market place.

d5000

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Decentralization Maximalist

Well, tomorrow we will begin to see part of the answer to the question how a "state cryptocurrency" could look like: On February 20, the Venezuelan government will start the pre-sale of their Petro blockchain-based currency (Source in Spanish). As most will know, the Petro is meant to be pegged to the petroleum price.

There are several points that should raise the "alarm" (apart from the at least questionable governance in this country):

- as I understand it, first state agencies and state enterprises will be allowed to bid
- then in a second round, there will be an auction for private actors such as companies

Well that looks ... like a random ERC20 ICO, not? First the "friends of the devs" get their share, and then the general public (for a very likely higher price).

I am very, very skeptic about the success of this "coin", but I will follow the development anyway - because it will become interesting how the peg works and above all how the Venezuelan State would try to resolve conflicts arising from the implementation (e.g. what happens if the market dumps the price below the peg? What if the oil reserves go down and aren't sufficient anymore for the "backing" of the currency?).

FoBoT

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The Central Bank of my own country discussed with the National Legislative Arm on media last week that they can never at this point in time give in to Cryptocurrency or give it any sort of Backing/Regulations no matter how they are being pressurized to do so, where people will place their reliance on that for trading/investment. The reason they analyzed is that they are yet to understand the methods, ethics, generation and every policy guiding Bitcoin. This however to me means that the Central Bank can not create any cryptocurrency of their own, since they can not build any other Block chain, and unless probably the world Bank gives the go ahead may be to only develop another coin which may have some kind of regulation stuff for their citizens to trade in.

Opnsrc

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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?

I think that many countries will try to create their own crypto currency, but these attempts will not be successful. Crypto currency was created for the purpose of anonymity and decentralization, and government crypto currency will not have such features.

boruto99

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yes of course baby

blockchain technology will be in use all companies, corporate, central bank, government. so in the future they will all print money by simply pressing the number keys on our laptop board.

but every central bank has its own criteria in terms of creating their own blockchain.

petyang12

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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 is possible that they will make digital currency. Some countries did made a digital currency BUT it's not impossible to create one as long as the people in the country that plan on using digital currency acknowledge then why not create if they want a digital currency on their own.

Nahl

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in my point of view there is possibility to countries to create their own crypto because probably they're will inspired by successfully of cryptocurrencies however even though stil not addmitted bitcoin as the currency but there was a rumour my government will made their own crypto this year and i believe someday they will realize that

suvo05

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I think the central banks will surely going to use the blockchain technology in the near future. But the procedure will not same as we used to see in the public crowd funding or ICO. They may not introduce any new coin in the market or country but they will implement the blockchain privately in the existing currency and bank.

sofikurban

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I think it is possible because paper money moving so hard to all world but crypto currency is easy

yohaneshs

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Rumors said like that but the fact we can see statement central bank in some country like ECB and BoJ. The ECB and the bank of Japan have been looking into using blockchain for financial market infrastructure for over a year, reporting in September "promising results" but "no direct conclusion" for its practical use.

So for them it was not yet safe enough for use by central banks. Will central bank or country create their own cryptocurrency? I dont think it will be happen in the near future.

uttoransen

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GuestCrew

The biggest issue with any country or establishment is that they don't like to give power and control to the public - they hate the part where de-centralization comes into play ... They would avoid the part where the coin needs to be decentralized and look for ways to make a digital currency that they have full control over!

Blockchain is the banks or fiat currencies biggest rival and no bank would want a decentralized coin to exist and trade along freely, if that ever happens then why would anyone ever need a bank

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