Topic: Will governments create their own cryptocurrency that will replace fiat? - page 14. (Read 39328 times)

I do not think so. The government is likely to create digital money based on the Blockchain platform for transaction and circulation in the e-commerce market to keep pace with the technology-related trade trend. But it is unreasonable to replace digital money with traditional money. Cash still has its historical value and its own usage value. So, the government will use these two currencies in parallel.

I think that there is a huge chance for government to create their own cryptocurrency since most of the countries has the same problem today and that's the growth of bitcoins in the market which they cannot control.

It is possible, The crypto is the future currency. The governments should accept or they create a new crypto. because No one can refuse technology, we will see.

I don't know about that. But I'm pretty sure once fiat money is out and crypto currency is reigns all over the world. Governments will make their own coins yoctake advantage of the market. They can back it up with resources, gold and others like money then they have to keep it up so it would still be strong like other coins. That is my opinion though.

I am not sure. The governments will create their own cryptocurrency that will replace fiat, they can accept the future technology and improve their fiat.

I yhink they will because that is a requirement in the future because I know that in thr future the world will be all digitally occuring and it is more convenient than fiat because it needs some raw materials that are naturally occurring. While in digital money all you need is technology and electricity and we all know that in the future that is easy have. And when all the people want to use the digital thing of course the government will not allow some decentralized brand to be rge one of course they will make their own that is stable and will represent each country

Very unlikely to happen indeed. Why would they jeopardize the well beloved fiat that they continue to print year-to-year? Plus for fiat, they have total control of it and even can de monetized it just like in the case of the Indian government.

Not just serve no purpose but creating their own problems and competitor. However, they can do their own crypto backup, but the thing is, are people going to support it? I doubt that we will because we don't like centralization which is the main point of crypto. Other scenario I'm thinking is that maybe advance government can do cashless society but it doesn't mean as well they are going to eliminate fiat. As much as we hate fiat, there's no way that we can exist without them.

They most certainly can but it is equally highly unlikely to happen. Every government had already their own established fiat currency that they fully controls. They will never ever create a thing that will not serve a purpose to them.

Even it was already taking too long for that 100 years to come and happen from our current time right now, I think the government will not still create their own cryptocurrency because in fact, they are terribly disagree with it because it makes regular fiat or currency comes into a senseless matter and also physical jobs on the other hand because people nowadays are just focusing into this type of currency that is why the total manpower needed by the state or country to become productive in all aspects are lessen that is why there are already countries where cryptocurrency was banned or never come to be legalized.

100 year is such a long period of time. I think government will never replace their fiat currency. Because the fiat currency of a country represent their history. Every currency in the world is very valuable to their people.

The governments are thinking about that strategy and they will start to create when they see the whole world involving in it. It is sure that if the governments will create their own coins then the fiat will be replaced as the governments will prefer their coins for the trade and for the businesses than their fiat which will create a condition which will be in the favor of their cryptocoin.

The agreed protocols that govern Bitcoin are effectively its monetary policy. In exchange for expending computing power to verify the legitimacy of transactions and record them, Bitcoin “miners” get paid in Bitcoin. These rewards increase the supply of Bitcoin, but the growth of the Bitcoin money supply is constrained by the increasing difficulty of verifying transactions. More and more computing power is needed to verify each transaction and create new Bitcoin. While Fiat money has its own protocols that give rise to a different monetary policy: appoint a bunch of clever people and tell them to stabilise inflation using interest rates and bond-buying.
 In order for cryptocurrencies to be more widely accepted, there are a number of hurdles it need to overcome. One of the major factors that puts many off entering the digital currency market is that cryptocurrencies are not easy to use.
while Handling fiat currencies comes almost as second nature to most people. Whether in paper or in their online banking system. They understand its value, how to trade it for products and services, and how it stacks up against a few other foreign currencies relevant to their lives on the global exchange. Central banks could simply step in and offer their own digital currency, to pre-empt a Bitcoin takeover. There is such a thing already, of course. It’s what happens whenever central banks buy assets by creating bank reserves. It’s all just digital entries on a spreadsheet. Creating central bank “digital currency” simply means offering existing digital account services to a wider group of entities. Just that this will make a lot of people loss their job

They can surely do that, but on the other hand, I don't think they will do that to replace fiat. I think they will do that because of the fact that they want to also take advantage of the good things, and most importantly, the profit that they can get from the market, having to see how the cryptocurrency market has brought a lot of money to many people, I think that it will surely be a convincing factor for a government to also try their hand in it, since the global popularity of the cryptocurrency market has been increasing in the past several years.

I think that in future the states will use various combinations of cash, cash and non-cash money, securities and so on. An interesting example can now be given with banknotes of the Singapore firm Tangem, which issued such banknotes with a denomination of 0.01 and 0.05 bitcoins. Something like this will happen in the future. Advantages in different types of money will be connected and it is possible, the future currency will look completely different than we imagine it now.

Yes if government will create their own cryptocurrency so they will make it more beneficial as bitcoin, so i think people will invest in government's currency but it will never replace in other digital currency because everything has their own value and popularity.

if thee demand of crypto currencies increased in future so government will surely create their own crypto currency but the thing is that it will not replace the fiat, it will surely for onlinne system., the government will control it in online technology and fiat  wwill remain as ssame and also the main thing is that it will be centralize crypto which i think many will not like it..

Agreed every technology replaced and innovations took place but fiat money still existing even it is risky and cant restore long and hurdle to make global transaction.So government must realize that crypto currency is need of current generation changed and their taste changed should offer service accordingly.

I am sure some governments have already created their own cryptocurrencies. Meanwhile, it does not mean that the crypto which is the official one will replace the fiat money.

if a government is going to create a Crypto currency, I don’t think they will make any success in it, and the coin won’t achieve much because it is likely to be centralized and not decentralized like Bitcoin.

I don't think that will have a lot of support and following though since it goes against the nature of btc that people look for. Decentralized and beyond any government's control. I don't think any government would try that and it won't qualified as a cryptocurrency if ever.