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How can a government possibly hope to convince everybody to use one cryptocurrency that the any one government creates? Cryptos are only as good as the decentralized community of individuals that creates, maintains, believes in and pushes it along. I can't see any government garnering the support and community involvement required to create an effective and wide-ranging blockchain currency. Especially when there is already cryptos that do it better AND when people are sick of, and distrustful of government (including the IMF). What blockchain CAN do is help to create government services better and more efficient.

Also I don't believe they can hope to really effectively ban crypto (currencies) in the long term. Mostly because you'll have trouble telling humans they are not allowed to trade amongst themselves for things, something we've been doing since we evolved to walk on our hind legs.

Sure there's gonna be ups and downs and winners and losers (maybe not bitcoin as #1 in the long-term) but the blockchain is here to stay as really a very perfect and wonderous idea.

Having said that there is definitely elements of "bubble" about some of the hysteria and people clamouring to put all their $$ into Bitcoin. There will be ups and downs. Ups are fine, downs will scare people, especially those uninitated to trading, as you see when you read hotcopper threads..