Government-based Cryptocurrencies

Authors

  • Srirath Gohwong Faculty of Social Sciences, Kasetsart University, Thailand

Keywords:

Government, Cryptocurrencies, Public Administration

Abstract

The objectives in this study were 1) to investigate the state of art of government-based cryptocurrencies, and 2) to discuss government-based cryptocurrency in sovereignty and control of government, government with her problems in possible unintentional failures and opportunism with third-party status, and information sharing. Documentary research was employed in this study. The findings revealed that government-based cryptocurrencies had a few interchangeable titles as follows: country-owned digital currency, national cryptocurrency, government-issued cryptocurrency/state-backed cryptocurrencies, and digital government backed cryptocurrency; the general characteristics of government-based cryptocurrencies were as follows: 1) The main objective of government-based cryptocurrencies was used against non-government-based cryptocurrencies, 2) Value and amount of currency were fixed by central bank, 3) Banning all or some existing nongovernment- based cryptocurrencies was conducted by government, 4) Government-based cryptocurrency could be invented by government or jointed venture, 5) The development of government-based cryptocurrency could be terminated by her government or by external entity’s order on her government, 6) The classification of government-based cryptocurrency could be fully activated currency, non-activated currency, and pilot-project-based currency, and 7) Some governments used their valuables for backing up government-based cryptocurrencies. In addition, Information sharing with equity of public, private, and people sector; formulation about rule and regulation of trade with attractive tax rate for legalized cryptocurrencies; AI in public policy analysis; and the foundation of an autonomous public organization were suitable solutions of macro economy and public financial management for lessening two important problems-loss of sovereignty and control of government and government’s unintentional failures and opportunism with third-party status.

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Published

2019-07-01

How to Cite

Gohwong, S. (2019). Government-based Cryptocurrencies. Asian Political Science Review, 3(2), 40–46. Retrieved from https://so01.tci-thaijo.org/index.php/APSR/article/view/242088