Bitcoin News Is Not For Sale

Please don’t skip this message — it only takes a few minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent media that is bitcoin-only is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21. 

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 won’t break you, we hope.

To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support. 

How You can chip in:

  • Send sats as a tip to a writer. Each and every one of our writers has an active tipping widget.
  • Join our campaign on Awesome perks are waiting for you such as the Bukele Blend Coffee.

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.

Funding Progress

Economist Mohd El-Erian: Government Issued Cryptos Are the Future

written by

Economist Mohd El-Erian: Government Issued Cryptos Are the Future

Support free journalists: > send a tip

Renowned economist Mohamed El-Erian has said that he sees ”officially sanctioned” cryptocurrencies prominent in the future of government-issued currencies.

As reported by Bitcoinist, El-Erian noted that the ability for government-issued cryptocurrencies to be successful lies in the trends of customers choosing to use cashless payment methods.

“We are moving away from cash. Go to Sweden and you’ll see how fast,” El-Erian said, pointing to the country where 98% of all transactions are conducted without physical cash.

The 2% of cash transactions in Sweden is even suspected to decrease to just 0.5% in 2020, with the US, UK and Canada all predicted for similar trends.

‘Bitcoin’s cost lets it down’

El-Erian has noted in the past that he believed Bitcoin to be overpriced, letting down its ability to be allowed by governments. This does show a degree of ignorance to the fundamentals of how the technology works, however.

The decentralized nature does not present a choice for governments whether the cryptocurrencies will be adopted by citizens; the globally distributed system is made accessible to everybody. Unless the government chooses to sensor areas of the internet, nobody is discriminated against in their ability to use cryptocurrencies.

Is government-backed crypto the answer?

Government-backed cryptocurrencies have the potential to ease a countries economic situation should they be suffering from hyperinflated local fiat currency or other severe economic issues, such as Venezuela did.

It would seem, however, that any government-issued cryptocurrency would have to be viewed fundamentally differently than such a crypto as Bitcoin, which was created with a prime purpose of overturning governmental and banking power over an individual’s finances.

An officially-sanctioned digital currency would be liable to be tracked by the government, and be required to pay taxes on. As this goes fundamentally against the original decentralized blockchain ethos of cryptocurrencies, it makes it difficult to comprehend how government-backed crypto alternatives would be of more value than standard fiat currencies.

While government-backed cryptocurrencies may be beneficial for institutions and companies looking to trade and provide services internationally, individuals seeking the financial autonomy provided by Bitcoin may resent adopting it.

El-Erian’s prediction for governments issuing digital currencies could potentially be made in disdain for Bitcoin’s decentralized ethos and functionality, rather than merely due to cashless trends.


Follow on Twitter at

Telegram Alerts from at

Enjoyed the article?

100% of your tips go directly to [email protected]
Need a wallet? Get it here

⚡️ Tip The Author

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


Read More Bitcoin News


Join our Newsletter


Latest on Bitcoin News

Video of the Week

Join our Newsletter