A government backed crypto is what world governments have wanted for years. A cashless society where every single transction is logged. No cash in hand jobs so the tax man won't ever miss a single penny. It's a sad reality but it's happening and most of the population will use it because they will simply have to.
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Unfortunately those are my thoughts as well. Where does that leave bitcoin?
Governments will no doubt prevent you buying other cryptos with their government backed one. Just like a lot of banks are threatening to close peoples accounts for using Coinbase.