In my opinion, the move to create their own digital currency is a positive development.
It means, that the government believes the benefits gained from this technology.
With their action, they are indirectly showing to its constituents that they trust crypto.
Which will then give a positive mindset towards crypto and so it will create more demand of usage.
I consider it as an opportunity to widen the usage of crypto and not a threat.
People later on will see the difference between a decentralized vs centralized coin.
So it will be their choice which one they will use when that time comes.
You are right. It is indeed a positive development for every countries. Also, the fact that they now consider cryptocurrency is a good thing, the countries are now developing and having a positive insight for crypto. The technologies now are improving and advancing considering digital currency as a cash would be more easy for us. The positive side of this, not only government will acknowledge crypto but also the people in that country which they will learn the real use of cryptocurrency in our life, how this will help us to grow money, to trade, to invest and to earn and be part of the crypto world. The negative side of this, the government will be a big competition of old crypto they will advocate that what they created are legalized cryptocurrency which will lead to many questions for the old ones.
Yes, this is a wise choice for the government to create their own cryptocurrency serves as a sign of technology progress and economic development. This will help us when it is generally accepted and acknowledge by everyone.