I don‘t see much sense in a cryptocurreny issued by a government but it could be a catalyst for broader acceptance and adoption of cryptocurrencies:
https://www.theverge.com/2018/5/23/17384608/marshall-islands-cryptocurrency-us-dollar-usd-currency
Good news or bad news? What do you think?
This are good news for the worldwide acceptance 👍
Hey @roy2016,
Always a complex question!
The introduction of Government issued Cryptocurrencies is to be expected and can be a positive thing.
It will eliminate money management costs, tax evasion, reduction in crime rates (offline at least!) and forgery would be eliminated.
But for a regime such as a dictatorship, it would be a dream come true as Cryptos do not necessarily need to be open source and decentralized. This would be a nightmarish scenario in which they could economically control or destroy their citizen's lives at a click of a button.
On a different note, I don't think this will spell doom for coins such as Bitcoin, the ones with genuine use case and real-world adoption. The Commodity Markets have already introduced mainstream acceptance, have been reducing volatility and I can see an ETF being introduced as soon as the DoJ and CFTC root out Market Manipulation (News Source). I cannot see why national and current cryptos cannot exist side by side.
I do believe a good shake out is needed though as The Wall Street Journal Study indicated that a significant proportion of the existing ICO’s showed red flags and another study from China detected 421 fraudulent Cryptos, which are similar to current SEC findings.
Cheers,
Shenobie
Interesting answer. I am curious how this will play out.
Its good news. Nothing is as powerful as an idea whose time has come.
I think it's nice decision.Cryptocurrency is better than Dollar And It is growing very well..
I think it's nice decision.Cryptocurrency is better than Dollar And It is growing very well..
all we need is a catalyst boom right now and who knows govt might do wonders too
It's a good new ps I guess! But still there are pros and cons with the sudden the adaption of new currency