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0 pointsProblemFactory9y ago0 comments

A government cryptocurrency could be built on a blockchain, but there is really little point. Some properties that it would need are:

* It's backed by usual pounds by the treasury, which means only they get to issue new coins (no public mining rewards).

* Court judgements must be able to block, reverse or force transactions. This means either the government gets a copy of all private keys, or simply has master keys for the system.

* UK government would probably want to attach names to all accounts, so new wallets could probably be only generated on some gov.uk site, or participating businesses like existing banks.

In the end, the blockchain is wasteful and inefficient when you could just have a big-ass server somewhere with an API.

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deno9y ago

> * Court judgements must be able to block, reverse or force transactions. This means either the government gets a copy of all private keys, or simply has master keys for the system.

You can certainly avoid that, just make it part of the protocol. You could create currency with such rules on top of Ethereum today. Court judgments simply become a part of trusted oracle.

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