Will the governments kill cryptocurrencies

[Peter90]

A couple of days ago we have heard of nothing less than China's monetary authorities developing their own Stablecoin.
Today we hear that the Gov of a tiny state is going to issue its own national cryptocurrency.

The particularity in this case is that this cryptocurrency will not be backed by the national currency (like in the case of, for example, China).
This cryptocurrency will be itself the national currency.


Marshall Islands Creating New Cryptocurrency In Push To De-Dollarize 

The Republic of the Marshall Islands has been using the US dollar since 1979. But in a new Bloomberg report and a statement from a senior Marshall Islands official, that could all change as the country with a population of 75,000 could soon issue a sovereign currency in digital form – using blockchain technology.

https://www.zerohedge.com/crypto/marshall-islands-creating-new-cryptocurrency-push-de-dollarize


It will be a stablecoin, which will be subject to a yearly monetary expansion of 4%
"The statement, published earlier this month, said the SOV has built-in compliance features and will expand 4% each year"

[cheezcarls]

I would honestly say that they’re not capable of “killing” cryptocurrencies, but to regulate instead. The government and banks don’t have the control of the blockchain. Even if they locate the center of everything, it’s impossible right now to be killed because it’s widely spreading to various hot and cold wallets, exchanges, etc.

There are some countries that did ban citizens from using Bitcoin and other cryptocurrencies, but it cannot be “killed” for good.

[mlawson71]

My thoughts exactly. Even if a jurisdiction bans cryptos that drives them underground but doesn't kill them, and that lack of oversight is bad for everyone.

[owmivmen]

everything can change. The government also has a way to take the positive things that are obtained when people use blockchain technology. We just need to wait when everyone needs blockchain technology. Have you ever thought about technological progress?  yes we are now at the stage where technology will be needed.

[alltalk]

I would honestly say that they’re not capable of “killing” cryptocurrencies, but to regulate instead. The government and banks don’t have the control of the blockchain. Even if they locate the center of everything, it’s impossible right now to be killed because it’s widely spreading to various hot and cold wallets, exchanges, etc.

I like your point of view. It is interesting to me. +1
Yes, governments won't kill cryptocurrencies even if they always try to kill it. Crypto holders/users are spreading out around the world and they can use many ways to keep the existence of crypto. Moreover, it is in the digital world, so it will be more difficult to control it.

[Somyt]

if for me the government won't kill crypto, because I believe crypto can also help the lives of people around the world, so I think crypto is also a good way to increase many benefits in the future, so I'm sure the government won't destroy crypto

[Hanhobi]

I think its the opposite. The government is just scared because they don't know how to have control over the current crypto market. They would try to adapt the technology and create their own digital currency in the near future i think.

[Topcrypoaltfan]

Chinese Ministry of Industry and Information Technology: ‘Promote 5G, Encourage Participation In Blockchain’
September 4th, the Ministry of Industry and Information Technology issued the “Guideline on the Development of Industrial Big Data (Draft for Comment)” to publicly acquire opinions from the public. The submissions explicitly mention the promotion of 5G, NB-IoT, to promote the deployment of IPv6, and encourage enterprises, research institutions and other entities to actively participate in key technologies such as blockchain and secure multi-party computing, reducing the risk of industrial big data circulation.

At the Chinese Academy of Sciences and the Chinese Academy of Engineering conference, President Xi Jinping pointed out: “A new generation of information technology represented by artificial intelligence, quantum information, mobile communications, Internet of Things, and blockchain accelerates breakthrough applications. The world is entering an information-led economic development period,” adding that it shows that the country’s policy makers should embody the important role of blockchain technology in China’s science and technology development.
Hyper Speed ​​Network (HSN) is dedicated to the use of blockchain technology to build a network security and trust mechanism for terminal uplinks applying 5G architecture. It can support the multi-source information interconnection and exchange of big data uplinks in the digital age.
NineChain Technology, a subsidiary of HSN, located in Shenzhen, China, also actively responded to the policy opinions of the Ministry of Industry and Information Technology. In addition to providing 5G+blockchain technical support for HSN, it provides solutions in areas such as data security and financial risk control.

[Alcor]

So far, there is no reason to believe that governments can try to destroy cryptocurrency even on their territory. In general, the leading world states do not suppress threats to global financial stability from the side of cryptocurrency. However, you should not calm down, since the interests of states and cryptocurrency holders will always be different and certain conflicts between them will be inevitable in the future.

[Peter90]

Some governments are starting to embrace blockchain and cryptocurrencies and others are literally closing the doors to this technology. Do you think governments will continue to fight back against cryptocurrencies and decentralization?

Governments don't fight against cryptos, they just want them to be regulated.

The real question is if the monetary authorities, i.e. the Central Banks, will allow a real competition to their currencies, to the "money" that they create and manage.
Hier the answer is no


G7 Panics, Says "Global Stablecoins" Pose Threat To Financial Stability

"...the introduction of “global stablecoins” could pose a host of challenges to the regulatory community, not least because they have the potential to become systemically important, including through the substitution of domestic currencies."

[SonyChristopher]

Many governments now allow cryptocurrency, because they realize that technological development cannot be restricted. and that cryptocurrency will be a future payment.

[tervel]

If bitcoin or another cryptocurrency become widely adopted, the entire banking system could become irrelevant.Governments do not like this and they are looking for an option for the created situation.

[Octoalts]

Cryptocurrency is a modern technology for more sophisticated payments. If there is a government that closes the door to this technology they surely worry that this system will defeat their Fiat money payment system. But even if there are governments that do that, they will not be able to kill Cryptocurrency, because this is modern technology that uses the internet. As long as there is still the Internet, Cryptocurrency will continue to grow and no one can stop it.

[trauchot]

The United States, of course, has the opportunity to kill cryptocurrencies, USA can influence the growth or fall to cryptocurrencies, and it is already impossible to completely kill cryptocurrencies, it is too late to do anything, because cryptocurrencies and cryptocurrency technologies are already used in many fields around the world.

[Lanirex]

The government has full power and access to regulations in a country, but they do not have the right to kill Cryptocurrency and will not be able to do it.  Cryptocurrency is broad and applies to the whole world, maybe they can limit the use of Cryptocurrency in their country, but they won't be able to kill it.