Many have predicted anticipated governments developing their own currency blockchains. Venezuela seems to be the first jumping into this game.
Alex Merced’s prediction is eventually the BIS will create a form of Ethereum/NXT/BITSHARES and allow all countries to create their domestic currency as an asset on that Blockchain (kinda like ICO tokens on Ethereum).
Having them all on one Blockchain offers several benefits I doubt governments will ignore.
Easier to track payments for AML purposes with one shared Blockchain.
Each central bank can act as a masternode for processing each other’s transactions
Easier for tax collection
Having the BIS be the center would make it easier for international payments.
Is this a good thing? Not really, but it’s the likely outcome of government application of the tech.
Fortunately they would have no choice but to compete with existing private blockchains as they are now since they are decentralized and near impossible to eradicate unilaterally so people can diversify their monetary mediums which will still put pressure on governments to be more accountable.
Also BIS having visibility of international transactions may make it harder for governments to start wars with each other on some level.
Although I can think of several nations who would opt out of such a regime, the benefits to international trade and their economies may force them to be more transparent and join in.
An interesting thought.
We hope that in the future the Central Banks will disappear...
How will govern-cements adopt block-chain?
A little at first, then all at once, with a gun to their heads!
Govern-cements will be demanded to be more and more transparent. And if they don't do it themselves, then someone in the community will do it for them. They will be put on the block-chain for all to see.
The trouble with bureaucracies is that they are very very slow to move. And so, if they began, right now, in earnest, to make a bitcoin like FED controlled currency, by the time they implemented it, bitcoin would have changed into something 10x better. (so slow, maybe 100x better)
And, basically, they will want to collect tax on every transaction, so their system would have super high transaction rates. Super high inconvenience. It would be like the DMV of block chains.
(you hear an engine rev and horn honk)
MEEP! MEEP!
(the window on the humvee rolls down to reveal a warm smiling face)
(the window rolls up and the engine roars as it drives to the next person on the list)
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if they couldn't stop crypto wave , they had to join it , or die . new freedom is coming sooner then anyone could dream about . big bankster brother will be past perfect tense soon .
Nope.
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