If the government created and issued a government-backed crypto currency to all citizens (or just low income people), and ordered all businesses that are able to accept it do so, explain in comments how that would play out? Good or bad? #cryptocurrency #coronavirus
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The issue is identity. We have no way of doing it securely. Face recognition and touch recognition can all be duped.
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Hmmm... I suppose it would have to be convertible into dollars at a legal rate, like gold used to be, for that to work. And you'd have to somehow add in consumer protections, which would make it not anonymous, but you'd be able to track the money and get lots of economic data.
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Fraud would probably drop tremendously (at least using that CC) due to tracking. If it were legally convertible, the country could still inflate away debts denominated in it by printing more dollars.
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