Will countries or central banks create their own cryptocurrency? - page 22.

mostkey

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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?

probably everything will be realized, some local banks want to be able to monitor the movement of bitcoin. they will try to develop blockchain technology in order to monitor the whole on their coins.

Xester

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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?

In my opinion yes it could be possible that countries will make their own cryptos. But even if they make their own cryptocurrency, still its price will be based on bitcoin. Creating their own cryptos, they can regulate it more and maybe imposed some tax. Which in return can give additional profit.

Nick Abimanyu

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Most likely, yes !.
Because since 2017 they have studied the blockchain system even there have been some countries that have succeeded in implementing it into their banking systems, with the existence of such proof very possible if the central bank will issue its own cryptocurrency.

As you said "digital currency is not the same as cryptocurrency" i agree with your opinion about it and i divide it into 2 versions:
1. Digital currency Government Version, its nature is simple, just like ordinary fiat money that we use everyday or not fluctuate (non volatile).
2. Digital Currency Mining Version, this is the actual kriptocurrency, fluctuating, volatile and so forth.

audaciousbeing

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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?

As development in technology continues in the areas of crypto currency, its only safe to say Central Banks will create its own crypto because of two reasons

1. The cost of printing more paper notes will continue to increase and every alternative will want to be harnessed in other to reduce that cost and if crypto would do that after several consultations they would go for it.

2. The teeming youth won't want something else no matter how you tried to cajole them or threaten them otherwise you would then be forced to give them what they want or they go for the decentralized one.

Based on the above, the only concern would be the decentralization part which I know would be difficult to give up because that will mean giving up power but they will find a way around it.

John Wallker

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I think if the situation on the market will be staible and there'll be no so hard regulation from the government, banks will have to adapt.

automail

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It will be great if a country will have their own crypto. This will show how a country support crypto currency. Also, if they will be able to create their own, ICO scams will be minimized because there is no way a crypto representing a country will be scam. I will hunt for those ICO for sure. I am tired of those ICO who just ended up being a scam. I provided majority of my time working for those scam ICO but I still ended up with nothing in return.

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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?

Yeah I heard that some countries or central banks are planning or creating/backing digital currencies like Ripple but I don't think people will love them as those currencies are centralized and cryptocurrency enthusiasts hate it most especially if they are not in full control of their funds. I myself hate centralized asset not because it can be taxed but the fact that other people or entities can see and may abuse our privacy and that is against our right as humans. I will still love the idea of decentralized blockchain technology most especially a crypto called Bitcoin.

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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 yes they will. The Bank of England is looking at a digital version of sterling.

When the Great Financial Crash happened, the UK govt asked the BoE if they could take over customer accounts if some of the banks went bust. The BoE said no - their capacity was for about 500,000 transactions a day, which is all they needed to transact between them and the big banks. There was no way they could handle the 5 billion or so transactions that go through the UK payments system every day.

So the govt had to bail out banks in part to preserve the payment system that the economy depends on.

But if the BoE can handle transactions via a cryptocurrency, that changes things, it means that the govt won't need to bail out banks in the future. The govt is looking into this because of taxpayer pressure. The banks of course are unhappy (but they are unhappy about a lot of things like Brexit too, and the British govt is increasingly ignoring them).

BigDig

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not many countries decide on this. all the same, full control over all finances is their usual policy. crypto currency is not included in this framework

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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?

Actually:

Quote from: MainIbem on February 16, 2018, 02:15:30 AM

Zimbabwe, Venezuela and Sudan have taken the lead of countries to launch their cryptocurrency. How many others that will join we will see.

Wow, the world poorest countries club. I have a feeling I know how this will end.

Quote from: TIDOVEE on February 16, 2018, 09:20:28 PM

This can happen if the countries can positively embrace bitcoin and accept it as part of them, same as the bank if they can accept to produce bitcoin in fiat form. It will be fine.

Producing BTC in fiat form will certainly not be fine.
It will be just fiat. What's the point?

Quote from: andrey111 on February 16, 2018, 01:56:55 PM

Yes, and with each month they will all be longer. Here's an example - in August last year, the Swiss bank UBS in conjunction with Clearmatics Technologies created a new crypto currency, which he called "utility settlement coin"

That is a private project that will be used by UBS initially and Barclays and Credit Suisse for internal settlements.
It's not really a coin, not mined, printed (minted) as much as they agree on, it's not public, of course it's not decentralized, and will most likely have no value for anybody other than those banks.

deppil

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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 don't think that the government will make cryptocurrency because they do not like decentralization. yeah you're right. I'm more inclined to think that the government or central bank will make digital money. this is certainly the influence of the needs of an increasingly advanced era and requires governments to make their local currency into digital versions. cryptocurrency and digital currencies are different

superjeyy

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Despite the development and boom in cryptocurrency, with regards to how our government work, I don't think that the central bank has the motivation to create their own cryptocurrency; instead they want to try the implementation of the usage of Bitcoin. Our Central bank has been dropping hints lately on how flexible Bitcoin is and how they want to adopt its system and implement its usage. I guess it needs a lot of studying before they push through with it. On the part of other countries, I guess when its adopting to progress they are all for it but it's how they can't gain control over cryptocurrency is what worries them.

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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?

Here in our county, five banks are in the news recently for adapting the blockchain technology. They are contemplating on using Visa's blockchain payment platform. However the adaptation does not extend to bitcoin. But who knows, maybe in the future they will try to create their own cryptocurrency if they could see the advantages it brings.

pinkflower

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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 they dont want decentralization and yet they want to use a blockchain, then all they would adopt is a centralized version of an inefficient system that cant scale.

Why dont they use a database and make that viewable to the public? It would be much easier to maintain and more scalable.

TIDOVEE

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This can happen if the countries can positively embrace bitcoin and accept it as part of them, same as the bank if they can accept to produce bitcoin in fiat form. It will be fine.

mikyadel

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while everyday people are more knowledgeable about blockchain technology , countries and banks will have to ride the wave and create their own in an attempt to fool people that they also will decentralize everything ,but in fact these currencies will be controlled by them !

sserge009

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While governments are wary of creating their own crypto currencies. They have not yet decided on the general policy in the crypto market and what consequences for them can from its development. Sooner or later, such projects will necessarily appear.

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I don't think so Grin

. Almost bank system in almost country all over the world don't support cryptocurrency cause it can harm the economy especially bank system. Beside cryptocurrency is uncontrollable and it's really easy taken advantage to commit guilty so I don't think there is any country or central is going to create their own cryptocurrency.

Dragon5

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Quote from: mrcash02 on February 16, 2018, 01:52:08 PM

Crypto-Currency can't be stopped and governments know about it, and they also know most part of their citizens don't know much about it and that they can be easily manipulated. So there isn't any difficult in creating a centralized local Crypto-Currency and telling the people that "it is like Bitcoin, but much better, because it's regulated/protected by the country's laws".

I don't think it's good, but as you can see, many people ask for regulations and more regulations, always celebrating when a new one is approved by a government. So governments can do what they want, in parcery with banks, and in the end there will be a lot of people applauding these ideas.

That's how things always go in the world. Those, who have power, do everithing to gain more and more. Governments will try to take controll of that new idea. That's for certain. But admitting only a group of people use cryptocurrency nowadays, governments could help to get citizens used to it.

Potatohead

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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?

Maybe as more and more people accept and adopt cryptocurrency some countries and maybe even banks would start making their own currency. As we all know, not everyone is aware yet of the convenience, innovation, and evolution cryptocurrency and blockchain has brought. If people, government, business establishment would start adopting cryptocurrency and blockchain technology in their system, it would be convenient for everyone.

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