Some governments have plans to launch their own cryptocurrency

[TopT3ns]

if a government in a country has received and provided full support for the use and development of cryptocurrencies then that can be a very good step because it can make it easy to make transactions and of course can have a good influence on coin prices because if the product developed is good then it can provide very high demand.

[Hisbullah]

if a government in a country has received and provided full support for the use and development of cryptocurrencies then that can be a very good step because it can make it easy to make transactions and of course can have a good influence on coin prices because if the product developed is good then it can provide very high demand.

Yes, If it happened, I think It will have good influence for crypto currency.
I think we will do transaction or for payment easily.
We always hope government will have own crypto currency.
Hopefully it will happen soon.

[Doctor]

if a government in a country has received and provided full support for the use and development of cryptocurrencies then that can be a very good step because it can make it easy to make transactions and of course can have a good influence on coin prices because if the product developed is good then it can provide very high demand.

Yes, If it happened, I think It will have good influence for crypto currency.
I think we will do transaction or for payment easily.
We always hope government will have own crypto currency.
Hopefully it will happen soon.

Of course, it will have good effect, if the government support crytp currency and launch tehir own crypto.
maybe at several countries already addopt and support cryto currency such as El savador.
But also there are several countries have blocked crypto.

[Noverteno]

They began to realize that they have nowhere to go from the cryptocurrency, so they are introducing state-owned cryptocurrency to keep it under control. Since now the government is missing out on a very fat chunk of taxes, which no one pays them.

States will not issue their own cryptocurrency. They will issue their digitized currencies, which cannot be classified as cryptocurrencies. This will be their usual fiat, only in digital form, that is, fiat on the blockchain. They will compete with the current stablecoins and it is difficult to say how they will affect the cryptocurrency.

[Lifetime]

China plans to launch DCEP later this year. A payment system created by the Chinese state and known as Digital Currency Electronic Payment (DCEP). However, DCEP will be centralised and state-run, unlike Bitcoin or Ethereum which are free of state control.

[Alcor]

Governments that introduce their own cryptocurrency understand that it is useless to argue with progress, and the sooner it is adopted, the sooner everything will work out. and the sooner they begin to control the population.

The point is most likely not in the need to keep up with progress and not in the fact that cryptocurrency forces states to issue their own digital currency. The states saw that the digitized currency would be faster and much more efficient than their current non-cash payments. The digitized national currency, that is, the stable currency of their central banks, can hardly be attributed to a cryptocurrency. It will be very different from cryptocurrencies. Apparently, their classification will be refined as they appear and function in practice.

[bayiajaib]

Many countries including Venezuela, China, USA, Russia and others are planning on launching their own cryptocurrency since the growth of Bitcoin has caught the public eye. The difference between the decentralized and centralized cryptocurrency (CDC) lies in ownership or lack of it thereof.
The anonymity, maintained in decentralized currency, is one of the major factors which has attracted mass attention. The dearth of privacy in CDC, meaning that the government and anyone in the system can view the transaction details while controlling and denying it if they want is probable. Governments, possibly insecure of their future in the national economy, due to the mass adaptation of cryptocurrency have decided to join the game.
Even though Russia has an intent of taxing its black markets through its cryptocurrency, not all intentions are malicious. Using CDC is going to be much cheaper than using credit cards or paper money, due to the lack of middlemen. Another benefit of the CDC may be that interest rates may be altered, according to personal needs.

I think If the government will have plans to launch their own crypto currency, It will have good effect to crypto market
Because we all know, at several countries didn't allow crypto yet.

[Freemind]

I think If the government will have plans to launch their own crypto currency, It will have good effect to crypto market
Because we all know, at several countries didn't allow crypto yet.

No government has planned to launch their own cryptocurrency, you are very wrong. Some, I repeat, some governments have plans to launch their own CBDC, it is a type of digital currency that has been issued by a central bank and that is a digital representation of fiat money. Therefore, it has the property of being a form of money regulated by a state or by a union of states. They will likely use private blockchains, but it will be nothing like what we know now.

[Fenix]

I think If the government will have plans to launch their own crypto currency, It will have good effect to crypto market
Because we all know, at several countries didn't allow crypto yet.

No government has planned to launch their own cryptocurrency, you are very wrong. Some, I repeat, some governments have plans to launch their own CBDC, it is a type of digital currency that has been issued by a central bank and that is a digital representation of fiat money. Therefore, it has the property of being a form of money regulated by a state or by a union of states. They will likely use private blockchains, but it will be nothing like what we know now.

Well, the remark is correct. Governments have no intention of creating their own cryptocurrencies as their digitized national central bank currencies are not cryptocurrencies. The use of blockchain technology for this is not enough to call CBDC a cryptocurrency. The Chinese digitized yuan, they say, will not even use blockchain technology. CBDC will be an improved system of non-cash payments of national currencies of states and nothing more.

[Freemind]

Well, the remark is correct. Governments have no intention of creating their own cryptocurrencies as their digitized national central bank currencies are not cryptocurrencies. The use of blockchain technology for this is not enough to call CBDC a cryptocurrency. The Chinese digitized yuan, they say, will not even use blockchain technology. CBDC will be an improved system of non-cash payments of national currencies of states and nothing more.

Correct @Fenix. The Chinese government intends to modernize and upgrade its national payment system using digital technology. But it will have nothing to do with cryptocurrencies, no one should expect block explorers or public chains. What the government wants is not only to modernize the traditional payment system but also to save a lot of money in terms of imports and exports. In this way they can also avoid possible future sanctions and large scale money laundering problems.

[Jaephoenix]

What they are actually launching is a CBDC which is Central Bank Digital Currency. This is not actually a cryptocurrency because it is centralized and of course under government control

[aiviaa485]

If a country launches a cryptocurrency, it must be able to consider what will happen later after the cryptocurrency because the effects of cryptocurrencies are really changing all the time and this will be something that is ambiguous in the country.
More precisely, maybe a private company that has to create cryptocurrencies and then be supported by the government so that later when it collapses, it is certain that the government will not be completely blamed (if we talk bitterly later).

[therozaq]

What they are actually launching is a CBDC which is Central Bank Digital Currency. This is not actually a cryptocurrency because it is centralized and of course under government control

Yeah, crypto is decentralized, I think CBDC is not crypto currency.
I agree with you.
CBDC is still controlled by central bank or the government.
I think the government should allow crypto or decentralised system but should learn more about their impact.

[gurunanakji777]

Yes, many countries are already working on this to launch their own cryptocurrency even in the recent time India also announces to launch their own digital currency and I feel many countries know the power of cryptos so they also want to take the benefit of blockchain technology but in my opinion, countries will follow the centralized way not decentralized.

[Freemind]

If a country launches a cryptocurrency, it must be able to consider what will happen later after the cryptocurrency because the effects of cryptocurrencies are really changing all the time and this will be something that is ambiguous in the country.
More precisely, maybe a private company that has to create cryptocurrencies and then be supported by the government so that later when it collapses, it is certain that the government will not be completely blamed (if we talk bitterly later).

If you read some of my previous posts in this thread, you will find the explanation. No government can create a decentralized cryptocurrency, like Bitcoin or Ethereum, governments can create CBDC currencies, digital currencies created by the central banks of each country with parity 1/1. If central banks created cryptocurrencies (as we know them) as sovereign currency, the government of any other country could buy the entire supply and bankrupt the country in a matter of hours.