Goverments creating digital currencies - Threat or Opportunity?

[Eugenar]

Some governments recently try to create their own crypto currencies (e.g. China), according to reports. Some welcome this as a good step towards mass adoption of cryptocurrencies, others don't like it. Still, the crypto media welcomes this and we should consider whether this is good news in general or not.

What would be your opinions be on this? Should more and more governments create their own digital currencies and introduce them to their population or should we not support the creation of digital currencies made by governments?

Well, if that really happens, then I think it would be significant to all of us, there is nothing terrible by creating new currencies, but I doubt that they can create it as quick as is, creating cryptocurrencies is so hard, it takes so much time before you have that thing. I hope that they will create a currency that can reach the value of the bitcoin.

I know that is is really impossible because bitcoin has so much value for now compared to other currencies. However, I am still hoping that there would be a currency that will reach the price of a bitcoin. China is a significant and advanced country, so I believe that they can create a useful currency.

[awik p]

Some governments recently try to create their own crypto currencies (e.g. China), according to reports. Some welcome this as a good step towards mass adoption of cryptocurrencies, others don't like it. Still, the crypto media welcomes this and we should consider whether this is good news in general or not.

What would be your opinions be on this? Should more and more governments create their own digital currencies and introduce them to their population or should we not support the creation of digital currencies made by governments?

Well, if that really happens, then I think it would be significant to all of us, there is nothing terrible by creating new currencies, but I doubt that they can create it as quick as is, creating cryptocurrencies is so hard, it takes so much time before you have that thing. I hope that they will create a currency that can reach the value of the bitcoin.

I know that is is really impossible because bitcoin has so much value for now compared to other currencies. However, I am still hoping that there would be a currency that will reach the price of a bitcoin. China is a significant and advanced country, so I believe that they can create a useful currency.

cryptocurrency is a global currency, and if the government creates a new currency, I think it must get support from other countries, so that it can be of global use as well. maybe the government can pressure its people to use it, but to be accepted in all countries and have value is not easy

[Ozero]

In my opinion, stable digital coins of the states that are now planned to be issued by many of them will be evidence of the adoption of this technology by the states and will contribute to the further spread of a decentralized cryptocurrency. It will also be an additional opportunity for people to choose means of payment. Stable coins of the states will combine the capabilities of cryptocurrency and regular currency. Therefore, this is an opportunity. However, stable state coins contain a certain threat to cryptocurrency, as they will distract people's attention as a means of payment. Decentralized cryptocurrency as a means of payment can noticeably lose due to this demand and popularity.

[semobo]

Even though most people consider it as good for crypto community its actually not because there is no point of creating such centralized cryptos which makes no difference from the fiat digital transactions.Most governments afraid of decentralized economy so they want to stop it as soon as possible by spreading their own cryptos and asking people to use it to save them from getting scammed.

[South Park]

Even though most people consider it as good for crypto community its actually not because there is no point of creating such centralized cryptos which makes no difference from the fiat digital transactions.Most governments afraid of decentralized economy so they want to stop it as soon as possible by spreading their own cryptos and asking people to use it to save them from getting scammed.

Those coins may seem useless to people like us, but the rest of the population does not really understand how their money works so they are going to be easily convinced by their governments that they have their best interests at heart when that is not the case, the creation of centralized cryptocurrencies is only going to benefit the governments of the world but it may be too soon to try to do that as the number of people interested in this market is still low and most of us will never touch those centralized cryptocurrencies.

[USBitcoinServices.Com]

Even though most people consider it as good for crypto community its actually not because there is no point of creating such centralized cryptos which makes no difference from the fiat digital transactions.Most governments afraid of decentralized economy so they want to stop it as soon as possible by spreading their own cryptos and asking people to use it to save them from getting scammed.

Once people read and do their own research they will realize that anything centralized is not good for humans. They better support decentralized projects like Bisq or similars where there are no intermediaries like governments or commercial parties.

[Negotiation]

It will be a great opportunity for the government to make digital currency but it will still take a long time to improve the economy of the country In the work area everyone is more involved with the project than the centralized project. The government has no control here and everyone uses cryptocurrency as they wish In that case if the government made digital currency it is a positive idea but it has a negative impact on many

[imons]

It will be a great opportunity for the government to make digital currency but it will still take a long time to improve the economy of the country In the work area everyone is more involved with the project than the centralized project. The government has no control here and everyone uses cryptocurrency as they wish In that case if the government made digital currency it is a positive idea but it has a negative impact on many

the government has almost unlimited power to popularize things so thats why its really picky about all sort of things.
So if govs will adopt crypto - they'll make sure most of the population has access to use their crypto as payment option and will greatly help to adopt other crypto also

[FlightyPouch]

the government has almost unlimited power to popularize things so thats why its really picky about all sort of things.
So if govs will adopt crypto - they'll make sure most of the population has access to use their crypto as payment option and will greatly help to adopt other crypto also

Not sure but obviously, people should be using it since the government will just give some time for the people to use fiat and then it will all be cryptos. But always remember that this will not happen that easily, I don't think it will even happen. Governments obviously are looking at digital currencies being used in their country but it takes time, a lot of time.

[hahay]

Regardless of their goals, I think this news will have a good effect, because with more and more governments in conclusion, more countries have their own digital currencies, so that gradually it will also make greater changes and certainly very positive for cryptocurrency itself for a big adoption, because when they have their own digital currency, then of course there will be more and more people who are aware of digital currencies and especially for cryptocurrency at least it will be of greater concern for them.

[kooboat]

One of the easiest way for cryptocurrencies to increase the number of users, is through such governmental innovations. In this era where there  is great opportunity for people and nations to develop through modern technology, one of the best decisions that any government can make is to invest in blockchain technology.

[USBitcoinServices.Com]

Regardless of their goals, I think this news will have a good effect, because with more and more governments in conclusion, more countries have their own digital currencies, so that gradually it will also make greater changes and certainly very positive for cryptocurrency itself for a big adoption, because when they have their own digital currency, then of course there will be more and more people who are aware of digital currencies and especially for cryptocurrency at least it will be of greater concern for them.

You are right, Governments are a good addition to cryptocurrencies, they will increase the number of new people using cryptos, rather they have their own coin but who cares, the point here is that the government s keep themselves active with their own coin, after all, it is peoples choice which coin they want to use.

[South Park]

You are right, Governments are a good addition to cryptocurrencies, they will increase the number of new people using cryptos, rather they have their own coin but who cares, the point here is that the government s keep themselves active with their own coin, after all, it is peoples choice which coin they want to use.

While I would like to believe that as well, you can be sure that whenever most governments of the world create their own cryptocurrency then they are going to try to ban decentralized cryptocurrencies with an even bigger enthusiasm, if they let the market open and they leave the choice to what cryptocurrency to use to the people then I will be fine with it but most likely they are going to try to manipulate the people to adopt their coins knowing full well their coins are inferior to coins like bitcoin.

[ronbennett_]

I'm sure there are already many who know about this, and a lot of debate has taken place. there are always three main discussions regarding the reaction of cryptocurrency users in the adoption of this technology.

First, some users are happy because this is likely to have a positive impact on increasing demand in the crypto market, because it seems to have the support of the government. Secondly, with speculation from digital yuan (china) this will most likely lead to digital currency not a cryptocurrency, and certainly the digital yuan is central to almost the same as the yuan in general. this can change the image of cryptocurrency

This is a complete summary of what is currently being discussed here.

[GideonGono]

I honestly think that it is an opportunity and I don't see any threats especially to Bitcoin since Bitcoin would still be patronized over some government-backed cryptocurrency due to the fact that it is not government-backed. It is an opportunity in a sense that people would came to know the existence of cryptocurrencies and hence would have a huge positive effect on Bitcoin since it is natural for them to come by with cryptocurrency then on Bitcoin. There is something that Bitcoin can give that there cryptocurrency can't that's why I think that it would not be a threat and they would not be willing to offer these features since it would made them lose control in their own cryptocurrency.

[absy]

Some governments recently try to create their own crypto currencies (e.g. China), according to reports. Some welcome this as a good step towards mass adoption of cryptocurrencies, others don't like it. Still, the crypto media welcomes this and we should consider whether this is good news in general or not.

What would be your opinions be on this? Should more and more governments create their own digital currencies and introduce them to their population or should we not support the creation of digital currencies made by governments?

Any technology that takes economy away from traditional currency is a positive development according to me . But as people have mentioned already , there is a difference between digital currency and crypto currency .
Speaking of India - I actually feel its time for India to create fixed price digital Rupee , why?
1. Less corruption as everything will be transparent.
2. Less cost of management of currency .
and many more .

[Xampeuu]

I honestly think that it is an opportunity and I don't see any threats especially to Bitcoin since Bitcoin would still be patronized over some government-backed cryptocurrency due to the fact that it is not government-backed. It is an opportunity in a sense that people would came to know the existence of cryptocurrencies and hence would have a huge positive effect on Bitcoin since it is natural for them to come by with cryptocurrency then on Bitcoin. There is something that Bitcoin can give that there cryptocurrency can't that's why I think that it would not be a threat and they would not be willing to offer these features since it would made them lose control in their own cryptocurrency.

I think that happens in my country too. although the government has not legalized bitcoin, but the government does not prohibit having bitcoin, it is only not allowed for payment instruments. from here, the government seems to wait and see the development of cryptocurrency in general. they have not yet decided on a decisive step for crypto

[Gheka]

I honestly think that it is an opportunity and I don't see any threats especially to Bitcoin since Bitcoin would still be patronized over some government-backed cryptocurrency due to the fact that it is not government-backed. It is an opportunity in a sense that people would came to know the existence of cryptocurrencies and hence would have a huge positive effect on Bitcoin since it is natural for them to come by with cryptocurrency then on Bitcoin. There is something that Bitcoin can give that there cryptocurrency can't that's why I think that it would not be a threat and they would not be willing to offer these features since it would made them lose control in their own cryptocurrency.

One opportunity for crypto's presence to spread around the world is to be sure when governments start creating their own crypto but don't forget, the government always want comprehensive and independent domination, for similar and unlicensed products, they may consider restriction or removal. Crypto in the early and traditional era may be threatened by the government if the government's crypto doesn't take over the market but all are just predictions that could happen, right now, the government is still not too excited about crypto

[coinfinger]

I don’t really know what kind of effect this going to have on Bitcoin and cryptocurrencies.
The only thing I am worried about is that the government start looking for ways to ban Bitcoin and other decentralized cryptocurrencies once they create their own cryptocurrency.

The reason I’m saying this is because they might feel that the current cryptocurrency we have now might be standing in their way and block people from adopting their own cryptocurrency which will be centralized and regulated. The government wants everything regulated so that they can keep an eye on it.

[shushu9977]

It is good decision to create a digital coin for any country. I think, It is great idea. It is more faster than any other payment. This is very helpful for future. Though, there are a lot of crypto-currency creating day by day, but Bitcoin is the boss of all crypto-currencies.