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Move Aside Bitcoin, it’s Time for GovCoin!

The rise of Government-backed digital currencies

Salman Hasan
Predict
4 min readMay 20, 2021

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Photo by Bermix Studio on Unsplash

There has been a mad dash for Bitcoin, the so-called future of money. The value of Bitcoin has soared and even institutional investors bought it in hordes. But, what is Bitcoin backed by? nothing really! And its success is quite flimsy — as a single tweet from Elon Musk drove down its value by 17%. While the value of investing in Bitcoin is debatable, there is also some new development on the horizon that may fulfill some of Bitcoin’s promises — fast, seamless, and digital transfer of money (though not anonymous)! All backed by the guarantee of Sovereign Governments! Make way for Government Coins aka GovCoins!

What is a GovCoin?

GovCoin is just a term for a digital currency launched and backed by the Federal Government’s Central Bank. It can be the e-Dollar or e-Yuan or a Digital Rupee. It can also be the Venezuelan launched Petro which tanked quickly.

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Salman Hasan
Salman Hasan

Written by Salman Hasan

Trained scientist; Business consultant; Armchair philosopher; I write on various topics including science, climate change, startups, and business.

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