Countries and their own cryptocurrency! - page 2.

Ucy

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Quote from: panganib999 on July 09, 2020, 06:34:46 AM

It is fascinating and interesting that there are really countries whose government are willing to adapt and create their own cryptocurrency because most commonly, countries are against the usage of cryptocurrencies for they have no control or they cannot manage the usage of it unlike the national fiat money they are using in a circulation for the whole country.

Like here in the country where I do belong, the government is not encouraging the usage of cryptocurrency, although it is not prohibited, but they do not support the usage and adaptation of it and stated that we must get into it on our own risk. Though I understand why their stand is something like that, still I am wondering or wishing that adaptation even without creating our own national cryptocurrency can be possible so that the users residing in our country can have convenience using our cryptos.

Nothing stops them from regulating it, just that it won't be like the typical way of regulating things. People have to really be part of the law making, governance and regulations. Unnecessary permission/trust placed on things owned by stakeholders/public makes things harder for members of the community/society/network to participate in what they are fundamentally part of, and entitled to participate in

Kong Hey Pakboy

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Quote from: Salauddin1994 on July 09, 2020, 09:40:14 AM

Many people are currently suffering from dementia due to the virus in that case, if the use of cryptocurrency is implemented in our country, then the economic development will be very fast at the same time with the introduction of Bitcoin people will be able to find a source of income and solve financial problems very quickly. The country and its government will depend on it to use their own cryptocurrency.

Indeed. If other countries would start to implement cryptocurrency, there are cases that it could help to improve their economy that it could lessen unemployed people for them to provide their necessities. Since virtual payment is now a trend, cryptocurrency could reduce virus cases during this pandemic because it could avoid having physical contact when it comes to buying groceries.

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Many people are currently suffering from dementia due to the virus in that case, if the use of cryptocurrency is implemented in our country, then the economic development will be very fast at the same time with the introduction of Bitcoin people will be able to find a source of income and solve financial problems very quickly. The country and its government will depend on it to use their own cryptocurrency.

hunter7519

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I would agree by creating crypto currency in every country because they could just pay easily by using their own crypto without presenting paper money. That would be helpful in what we are facing right now in this pandemic.

Will, there is a possibility of treat buy using crypto but they can still working on it by securing their own block chain.

Heart18

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I do hope that my country will soon be included on the list you've shared. If only the Government will legalized the usage of cryptocurrency, it would be better especially during this Pandemic. We need to do a lot of transactions online, and Cryptocurrency is a big help for cashless payments to avoid the contact of virus. I heard some rumor that one of the highest leaders was proposing a digital coin but it is not yet release in public. Well, I just really hope we could also launched our own crypto so it would be much easier to manage our finances digitally.

panganib999

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It is fascinating and interesting that there are really countries whose government are willing to adapt and create their own cryptocurrency because most commonly, countries are against the usage of cryptocurrencies for they have no control or they cannot manage the usage of it unlike the national fiat money they are using in a circulation for the whole country.

Like here in the country where I do belong, the government is not encouraging the usage of cryptocurrency, although it is not prohibited, but they do not support the usage and adaptation of it and stated that we must get into it on our own risk. Though I understand why their stand is something like that, still I am wondering or wishing that adaptation even without creating our own national cryptocurrency can be possible so that the users residing in our country can have convenience using our cryptos.

pokeronlinestatus

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All these cryptocurrencies you have mentioned seems like they are not active, even if there is any one of them that is still active, it is not well known and used by people.

I don’t really think that cryptocurrency is something that the government are serious about as of recent, though China has said they will be releasing their own cryptocurrency, but they didn’t state when it’s going to be, they just made the announcement and that’s it. I don’t know of any other country that have announced they are releasing a cryptocurrency. But, I have seen a bank that released a cryptocurrency.

wozzek23

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That’s the new thing, though as of recent it seems that the attention of everyone has been drawn away from it to other issues that are more important, like the outbreak that has happened recently. So, nobody is talking about that right now.

But, I’m hoping that things gets better very soon and we can go back to normal things and also talk about this. China announced their cryptocurrency last year and it seemed they have halt the project right now because I have not been seeing any news concerning that as of now. Between Blockchain and cryptocurrency, Blockchain seems to be getting more attention and adoption by a lot of companies these days than cryptocurrency.

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Quote from: bitcoinst on March 12, 2020, 12:21:13 PM

It's funny that due to the advent of the coronavirus epidemic, the process of creating and introducing coins of this type can be accelerated.
It is obvious that the country that presents its coin to the market and realizes its ability to use, will occupy a rather significant place among the markets of digital assets.

The isolation that accompanies the Coronavirus epidemic can easily contribute to this.

Have you heard anything about Tunisia's success in the cryptocurrency market? But it was Tunisia that first introduced a national digital currency in 2015.

And the fact that now more than 60 countries are working on creating a national digital currency has nothing to do with the coronavirus. And we can not say that the main reason for the spread of coronavirus is the use of Fiat. This is the usual course of development and adoption of new technologies.

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Quote from: senin on March 12, 2020, 12:11:45 AM

Quote from: Betwrong on March 10, 2020, 04:42:04 AM

Quote from: tvplus006 on March 08, 2020, 03:43:13 PM

~ Each state will provide different support for its national digital currency. This will depend on the country's economic strength. And if the state has a Fiat currency that is highly susceptible to inflationary processes, then all these disadvantages will be transferred to the digital currency.

That's right, and we also know that all fiat currencies are susceptible to inflation to a certain extent. That's why centralized government issued crypto currencies isn't a good idea, human factor is playing too much a part in their real buying capacity. As we can see, governments like Maduro's can break their promises regarding coin's purchasing power and many people can end up in a horrible situation, horrible mainly because it wasn't at all expected.

When the market determines the value of your currency, you know that anything can happen, and you are ready, you are prepared, your destiny is in your hands, not in the hands of some corrupted government.

In any case, stable coins of various states will play their positive role in the financial world as a means of payment. These are digitized ordinary currencies of various states. They do not resemble cryptocurrency, but they will be necessary and will occupy their niche among other means of payment. They will also draw people's attention to a decentralized cryptocurrency, but they will also compete with it as a means of payment. Although this is a logical process of developing monetary relations, while creating their own stable digital coins, states will try to impose them on people so that they make less use of decentralized cryptocurrency.

Right, so these are two faces of the same coin: much more people than today can realize that all cryptos, including Bitcoin, are useful things, and are not going to vanish any time soon(governments are creating duplicates, after all!), but, at the same time, government issued centralized coins can serve as a substitute for the decentralized ones. Will people who are using decentralized coins switch to centralized ones? Hardly. Will at least some of them who still have never touched crypto start using decentralized coins, as the result? More than likely.

bitcoinst

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It's funny that due to the advent of the coronavirus epidemic, the process of creating and introducing coins of this type can be accelerated.
It is obvious that the country that presents its coin to the market and realizes its ability to use, will occupy a rather significant place among the markets of digital assets.

The isolation that accompanies the Coronavirus epidemic can easily contribute to this.

BuNga_cute

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I am among those who agree with each country that they will make their own cryptocurrency. Because that will make it easier to do
conduct financial transactions. Even though the government will definitely create a centralized cryptocurrency because it wants to control
cryptocurrency. But that is not a problem, because we cannot force the government to accept decentralized cryptocurrency. With the
government accepts crptocurrency will definitely have a positive effect. One of them will easily transact, because everything is completely
digital.

senin

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Quote from: Betwrong on March 10, 2020, 04:42:04 AM

Quote from: tvplus006 on March 08, 2020, 03:43:13 PM

~ Each state will provide different support for its national digital currency. This will depend on the country's economic strength. And if the state has a Fiat currency that is highly susceptible to inflationary processes, then all these disadvantages will be transferred to the digital currency.

That's right, and we also know that all fiat currencies are susceptible to inflation to a certain extent. That's why centralized government issued crypto currencies isn't a good idea, human factor is playing too much a part in their real buying capacity. As we can see, governments like Maduro's can break their promises regarding coin's purchasing power and many people can end up in a horrible situation, horrible mainly because it wasn't at all expected.

When the market determines the value of your currency, you know that anything can happen, and you are ready, you are prepared, your destiny is in your hands, not in the hands of some corrupted government.

In any case, stable coins of various states will play their positive role in the financial world as a means of payment. These are digitized ordinary currencies of various states. They do not resemble cryptocurrency, but they will be necessary and will occupy their niche among other means of payment. They will also draw people's attention to a decentralized cryptocurrency, but they will also compete with it as a means of payment. Although this is a logical process of developing monetary relations, while creating their own stable digital coins, states will try to impose them on people so that they make less use of decentralized cryptocurrency.

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Quote from: tvplus006 on March 11, 2020, 05:28:49 AM

Quote from: Leonardo7 on March 10, 2020, 07:52:40 AM

I won't trust any nation's cryptocurrency as the government will always seek to control it, and this will come with a high degree of censorship, nationals that have diplomatic frictions may want to pull or fight other nations currency by attacking their economy the very instrument backing the currency. If the world is truly ready, a truly decentralized digital currency like bitcoin should be considered.

Similarly, you can undermine the economy by issuing a fake national currency. And such cases have already been in real history. But so far, we see that the digital national currency has all the chances to start being the first widely used within the state on a par with Fiat. And people will have to accept its centralization, since salaries, pensions and other social benefits will be paid in the national digital currency.

we live in a state, so that even if the government's decision differs from our wishes, we must do it anyway. with the country having its own digital currency, this supports the development of digitalization, but it seems that the government has not been able to leave the centralized system, which the government can control

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Quote from: Leonardo7 on March 10, 2020, 07:52:40 AM

I won't trust any nation's cryptocurrency as the government will always seek to control it, and this will come with a high degree of censorship, nationals that have diplomatic frictions may want to pull or fight other nations currency by attacking their economy the very instrument backing the currency. If the world is truly ready, a truly decentralized digital currency like bitcoin should be considered.

Similarly, you can undermine the economy by issuing a fake national currency. And such cases have already been in real history. But so far, we see that the digital national currency has all the chances to start being the first widely used within the state on a par with Fiat. And people will have to accept its centralization, since salaries, pensions and other social benefits will be paid in the national digital currency.

Leonardo7

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I won't trust any nation's cryptocurrency as the government will always seek to control it, and this will come with a high degree of censorship, nationals that have diplomatic frictions may want to pull or fight other nations currency by attacking their economy the very instrument backing the currency. If the world is truly ready, a truly decentralized digital currency like bitcoin should be considered.

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Quote from: tvplus006 on March 08, 2020, 03:43:13 PM

~ Each state will provide different support for its national digital currency. This will depend on the country's economic strength. And if the state has a Fiat currency that is highly susceptible to inflationary processes, then all these disadvantages will be transferred to the digital currency.

That's right, and we also know that all fiat currencies are susceptible to inflation to a certain extent. That's why centralized government issued crypto currencies isn't a good idea, human factor is playing too much a part in their real buying capacity. As we can see, governments like Maduro's can break their promises regarding coin's purchasing power and many people can end up in a horrible situation, horrible mainly because it wasn't at all expected.

When the market determines the value of your currency, you know that anything can happen, and you are ready, you are prepared, your destiny is in your hands, not in the hands of some corrupted government.

tvplus006

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Quote from: Betwrong on March 07, 2020, 07:33:01 AM

Quote from: tvplus006 on March 06, 2020, 04:02:13 PM

Quote from: fullhdpixel on February 26, 2020, 12:26:58 AM

The truth is that it is not only nation’s that are looking forward to having a cryptocurrency of their own, even organizations/companies will all try to create their own cryptocurrencies/tokens in the future, that means we should be ready for a lot of them. There are banks that have tried to create their own cryptocurrencies, like JP Morgan coin that is still a prototype.

The way I see it, if one bank should release it’s own cryptocurrency and people starts buying it, other banks will also like to do the same. And in areas like real estates, they might create tokens as well that investors can buy, something that shows ownership.

There is nothing in common between the national digital currency issued by the government and other cryptocurrencies. The digital national currency will be backed by state assets , so it will not be as volatile as the rest of the cryptocurrency. But there is a negative side to this - it will be centralized.

Also, this "backing" is questionable, imo. Take Venezuela's Petro, for instance. In the beginning Maduro pledged that is would be be backed by the country's oil and mineral reserves, and that the price of 1 Petro would be always equal to the price of 1 oil barrel. But in reality when people try to liquidate their Petro holdings at the Bank of Venezuela, they receive much less than expected, because those words by Maduro were lies. There's no backing whatsoever.

Each state will provide different support for its national digital currency. This will depend on the country's economic strength. And if the state has a Fiat currency that is highly susceptible to inflationary processes, then all these disadvantages will be transferred to the digital currency.

BTCLiz

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Quote from: Betwrong on March 07, 2020, 07:33:01 AM

Quote from: tvplus006 on March 06, 2020, 04:02:13 PM

Quote from: fullhdpixel on February 26, 2020, 12:26:58 AM

The truth is that it is not only nation’s that are looking forward to having a cryptocurrency of their own, even organizations/companies will all try to create their own cryptocurrencies/tokens in the future, that means we should be ready for a lot of them. There are banks that have tried to create their own cryptocurrencies, like JP Morgan coin that is still a prototype.

The way I see it, if one bank should release it’s own cryptocurrency and people starts buying it, other banks will also like to do the same. And in areas like real estates, they might create tokens as well that investors can buy, something that shows ownership.

There is nothing in common between the national digital currency issued by the government and other cryptocurrencies. The digital national currency will be backed by state assets , so it will not be as volatile as the rest of the cryptocurrency. But there is a negative side to this - it will be centralized.

Also, this "backing" is questionable, imo. Take Venezuela's Petro, for instance. In the beginning Maduro pledged that is would be be backed by the country's oil and mineral reserves, and that the price of 1 Petro would be always equal to the price of 1 oil barrel. But in reality when people try to liquidate their Petro holdings at the Bank of Venezuela, they receive much less than expected, because those words by Maduro were lies. There's no backing whatsoever.

To back a currency you allways need property rights and the power to enforce these. This is a huge problem especially for development countries.

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Quote from: Betwrong on March 07, 2020, 07:33:01 AM

Also, this "backing" is questionable, imo. Take Venezuela's Petro, for instance. In the beginning Maduro pledged that is would be be backed by the country's oil and mineral reserves, and that the price of 1 Petro would be always equal to the price of 1 oil barrel. But in reality when people try to liquidate their Petro holdings at the Bank of Venezuela, they receive much less than expected, because those words by Maduro were lies. There's no backing whatsoever.

This is why representative currencies, currencies that are supposedly backed by something, always fail, the government can promise they are never going to stop backing their currencies but whenever it is in their interest to do so they will do it and you have no way to challenge them, that is why it is important to use the real thing, there are many advocating for the gold standard to comeback and I think that is a mistake, if gold is to make a comeback then we need to use actual gold coins or it is meaningless, but with the advent of digital money I do not know how many people will be willing to carry gold and silver coins when a better alternative in the form of bitcoin exists already.

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