Patrick Iturra Report, EIG Asset Manager
Gov Coins are digital currencies proposed by the government against the value of USD. As an expert investment advisor, I will share my thoughts; Make sure that you read through! Is it going to be a big step towards the bright future of crypto?
If you have been following the whole cryptocurrency trend, you must have heard the term Gov Coins.
In case you haven’t heard of it, then make sure that you read this carefully! In the following blog section, I will share my opinion on the proposal of Gov Coins. Yes, it is the digital currency proposed by the Federal Government.
The Cryptocurrency Trend
Over the past few years, the cryptocurrencies such as Bitcoins & NFTs have become a hot topic for all crypto investors. Ever since cryptocurrencies came into existence, the government has been on & off with the whole idea of decentralized currency. The authorities were always on the lookout to create a combination of traditional fiat currency and decentralized currencies. Banks have constantly been neglecting the transaction in cryptocurrency. But this has changed recently with the announcement of GovCoins. It is also known as Government Coins. These are digital coins created to create a fusion of digital currencies along with the traditional banking system.
GovCoins: The digital currency of the future is here!
Let’s look into this in detail! Here are some of the facts that you need to know about the GovCoins:
- There might be many coins in circulation, but all would be issued under a central authority. For instance, there might be a Govcoin, a sand dollar, or a central bank digital currency, unlike decentralized currencies such as bitcoin. In this scenario, the digital currencies would be issued by a government authority.
- There are some issues with the traditional fiat currency, where managing & transferring takes up time & resources. All these complications create the time-consuming system of today. Transactions take time & come up with a lot of limitations! All of this is handled with one system that involves a lot of cost for operation & transfers.
- Once the GovCoins have come to circulation, there would be no need to go to the banks for an account. Now, you can continue to deposit your money in the banks, but you can withdraw digital coins with equivalent value using your phone!
- The government will have complete control & they will implement this monetary policy quickly, giving them more power to track the complete flow of money.
- The digital currency is already here! In 2020, the central bank of Bahamas issued the first digital currency known as the sand dollar, a digital variant of the country’s existing fiat currency. Many countries are looking to be the second one to implement this, and China tops the list currently!
I was sharing a strategic investment advisor’s perspective!
Over the past 24 years, I have been working as a strategic investor advisor for my clients in different industries. It’s been years, and people have shown a lot of interest in the concept of decentralization & cryptocurrencies.
This is the reason why cryptocurrency exchanges exist! People have always been optimistic about cryptocurrency. But it was due to decentralization that the government hesitated from digital currencies. Many experts suggested that cryptocurrencies are just another bubble that will lead to considerable losses to all investors. But, now the circumstances have changed, and even the government wants to participate in this rising trend of cryptocurrencies.
As a strategic investment advisor, I would say that, yes, this is the first step in the right direction.
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