Topic: Countries and their own cryptocurrency! - page 3. (Read 1313 times)

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.

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.

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.

I guess it's about people not trusting a centralized power rather than the trustless feature of real cryptocurrency.
In my opinion, a cryptocurrency could work well anywhere if it's built on basic crypto principles like transparency, immutablity, censorship resistant, trustless/permissionless transaction, privacy/anonymity, deflationary currency(& stablecoin)... plus things like security, usefulness, etc. There may be serious problems in future if you don't prioritize on those principles

In China, there are already proposals to ban all cryptocurrencies after the digital yuan is released. Although this is a private opinion of the official, but in China there have already been such proposals to ban ICO and cryptocurrency turnover. All this will be done to ensure that only one government-controlled digital national currency remains in the country.

In China, there are already proposals to ban all cryptocurrencies after the digital yuan is released. Although this is a private opinion of the official, but in China there have already been such proposals to ban ICO and cryptocurrency turnover. All this will be done to ensure that only one government-controlled digital national currency remains in the country.

Indeed, it amuses me every time I hear/see such kind of news. However if we are talking about countries having their own coin, Nah! I pass because I think it was a bad idea. Yeah! It really means that we're now having more crypto adoptions but the disadvantages are still greater. For example, imagine if a particular government decided to build their own token but unfortunately its citizens ignore it and still choose fiat, what do you think will happen? Of course it will be added on the sh*tcoin list *sigh.

So what country do you expect to launch their own cryptocurrency next?

First of all, the knowledge and understanding of every government about bitcoin/ crypto at large is incompatible which is the reason why some government legalized bitcoin while some detest the idea, so there's possibility of some government creating decentralized coin in the future.
Meanwhile, they are not all into crypto to maximize their power or tax things and never forgot IMF boss advise them to have positive impression towards crypto.

Not the state but the government.

It is true though that all of what the government will be making will be fully centralized and will take advantage of the system to monitor the transactions. Just imagine the government using Blockchain technology but instead of the transactions being publicized, it is being monitored by the government so they can maximize their power more and tax things they can't see in the past.

Bitcoin created by Satoshi and the national digital currency have very different goals. If for bitcoin it is full decentralization, then for the currency created by the state it will be full centralization. Therefore, the state will fully control all payments in the digital national currency.

Alternative to fiat and being controlled by the government it's not the same pattern for why crypto is being created, the intention of being decentralized is not present with crypto that being created by the government, they will make sure that everything will be controlled. A centralized authority coming from the govern bodies.

It will not be possible to manipulate the national digital currency, because all management of this stablecoin will be in the hands of the state. It may not even be represented on a cryptocurrency exchange. The main task of the national digital currency will be to displace the national Fiat currency from circulation.

With a continuous argument over cryptocurrency and the government, there are countries that support cryptocurrency and there are countries that don't. We know for a fact that some countries don't just support crypto, they're also planning on creating their own and the others have already launched one. But have you ever thought why would the government want to create a cryptocurrency when fiat is already doing good in the market?

Adapting blockchain technology and cryptocurrency always have a reason behind it, aside from technological development, cryptocurrency is slowly gaining attention but mostly they are decentralized cryptocurrency so the government must take actions because a government doesn't want something decentralized to run inside their country simply because they have no control over it. Some country sees it as a threat to them like China. But with their own national cryptocurrency, they can adapt to changes and at the same time, they can still control it.

Here are the list of countries with their own cryptocurrency:

1. Dubai (Encash)
First state-backed cryptocurrency back in 2017 and with this digital currency, it can be used for daily transactions like government and non-government services.

2. Venezuela (Petro)
We're all aware of Venezuela's struggle but back in 2018, Petro was launched and is said to be backed by oil and minerals reserve. This digital currency also have a purpose of circumventing US sanction and accessing international financing.

3. Estonia (Estcoin)
Has not been launched yet but it's hard not to expect from this because the country in general is a cryptocurrency friendly .

“An ICO within the e-residency ecosystem would create a strong incentive alignment between e-residents and this fund, and beyond the economic aspect makes the e-residents feel like more of a community since there are more things they can do together” said Vitalik Buterin.

4. Russia (cryptoruble)
The president showed an interest towards cryptocurrency however, Russian central bank hasn't yet showed any interest on the said crypto.

5. Sweden (e-krona)
Sweden aims to go cashless that's why they are still thinking about this cryptocurrency. But this cryptocurrency is so close from launching so we should just keep an eye on it.

6. Japan (j-coin)
Known as one of the friendliest country not only in Asia but around the world about cryptocurrency. Just like any other coin, it can be used for buying and selling of goods.

Source:
https://coinsutra.com/national-cryptocurrencies/

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Looking at it, there's a lot of countries that are positive towards cryptocurrency and if it continues, we can expect more country to start planning and launching their own digital currency. National cryptocurrency doesn't differ much from the traditional system because it's still like fiat but only in digital form.

Aside from the reason why the government launched cryptocurrency that I have mentioned above, this can also bring benefits to the government. With the adoption of cryptocurrency in a country, it can reduce expenses from printing money because it is already in the form of digital. Regardless of the reason behind launching it, it only means that the crypto population is growing rapidly and we can consider that as a piece of good news despite all the negative issues circulating. So what country do you expect to launch their own cryptocurrency next?

That's what I thought, full control over citizens, and no more other advantages. Well, I think it's just a matter of time when this will be a thing from the past. In the countries where governments are fairly elected, people may decide to vote for those who don't impose full control over them. With increasingly rising level of education among common people, liberal governments have more chance of being elected in the future. So, those centralized coins may vanish sooner than full adoption happens.