Will governments take into account cryptocurrencies?

The government of Venezuela announced that in a week its cryptocurrency will be pre-sold, which is the first cryptocurrency issued by a government officially: the petro, an initiative of President Nicolás Maduro. This happens in the midst of a crippling economic crisis for the Caribbean country and although the initiative, has many detractors, presumably trying to avoid sanctions imposed by various governments, the idea is also considered by other countries.
The well-known news agency Bloomberg, exposes a series of consequences and characteristics that will appear if more governments join this initiative in the world of cryptocurrency.

Are there more countries that are considering taking cryptocurrencies into account?
The deputy governor of the People's Bank of China, Fan Yifei, wrote an article on the possibility of creating a digital currency that would issue with Chinese commercial institutions, in order to take advantage of the benefits for the country the use of them. On the other hand the central bank of Russia plans to establish meetings with countries like India, China, Brazil and other former Soviet republics on the creation of a supra-cryptocurrency. Likewise, in Sweden, where the use of cash is disappearing, the central bank is investigating the issuance of its own digital currency.

But are not anti-government cryptocurrencies?
For now, yes. Bitcoin and its many competitors and imitators have developed independently of any central authority. But the blockchain technology that supports most cryptocurrencies does not prevent centralization, as is the case with Ripple (XRP). And in theory, that would be fantastic, since a government could have more control of a virtual currency than a paper currency, and seeing it from different points would have very positive repercussions in terms of corruption, but greater control by the Treasury, yes, nothing is perfect.

What benefit does it bring for governments to issue their own cryptocurrencies?
Without a doubt, monetary policy would be much more direct, and therefore more effective and profitable. Governments could take more reliable measures against tax evasion, since the transactions will be traceable. In addition, launching a digital currency could be attractive to any government that does not like how it is being treated by the global financial system. That includes governments that face international sanctions, such as the case of Venezuela.

How could sanctions be avoided through cryptocurrencies?
The United States applies sanctions by blocking banks and companies that do business with the target country within the US financial system. Offenders are tracked through their transactions in the international banking system. But if a government has its own digital currency, it would be difficult to detect transactions by foreign authorities.

What does all this mean for the international monetary system?
The global financial system is dominated by the West and it depends on a series of internationally agreed rules, norms and institutions that govern countries to trade and invest with each other. The United States exercises a degree of control over the system because the dollar has been the reference currency for decades. And if enough countries establish their own digital currencies, they would all operate outside the existing framework, undermining the influence of traditional central banks and the current global financial system.

What is your opinion?
Will more governments be entering the crypt?
Or will they be banned from the beginning for fear of decentralization?

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