Topic: Countries and their own cryptocurrency! - page 4. (Read 1312 times)

so there will be a struggle for people's interest even for the type of cryptocurrency of a country.
what if 1 country has more than 1 type of crypto, as you said all banks might make their own crypto, so there will be how many crypto in the whole world later, regardless of the BTC and altcoin that already exist now.

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.

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.

cryptocurrencies are well suited for circulation by a country so that each fund can be tracked through the Blockchain..  Countries that have issued cryptocurrency, they have realized the great benefits if they started adopting cryptocurrency from now on.  hopefully, more and more countries will issue their own cryptocurrencies in the future.

This is exactly what can happen with absolutely any coin and with state coins in particular.
The market itself dictates its own rules and conditions, which can lead to unpredictable consequences for any market participant.

In addition, there are many on the market who manipulate the market, which means that almost any coin can be lowered if desired.

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.

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.

It's good to hear that many countries have already put their trust to cryptocurrencies and thinking that other countries sees this as a threat. Actually our country virtual currency is not illegal in fact they already released a guidelines to improve and aware people about fake cryptocurrency and scammers. They already approved virtual currency exchangers and wallets to secure their financials ans they can put their trust. I think more countries in the future will adopt and open their doors to the new currency.

We actually have that one in our country, it's called TEN. It's made by one of the CEO of the biggest crytocurrency in our country. The problem is TEN suffers a lot and can't compete against the top coins on that exchange, so the price is somewhat really bad. Maybe they lack of promotion? I don't know.

1. Dubai (Encash) - Couldn't find anything about Encash

2. Venezuela (Petro) - Launched in February 2018, is a cryptocurrency issued by the government of Venezuela. As of August 2018 it does not appear to be used as a currency. Source: https://en.wikipedia.org/wiki/Petro_(cryptocurrency)

3. Estonia (Estcoin) - Estcoin is a mooted national cryptocurrency, devised by the Government of Estonia in August 2017. In June 2018, amid criticism from banking authorities, as it will be restricted to individuals within the Estonia e-Residency program, it cannot be exchanged freely and thus technically doesn't qualify as a cryptocurrency. Source:

4. Russia (cryptoruble) - This will be a crypto, to say it better it will be a stable coin. "The CryptoRuble is a digital currency currently in development, commissioned by Russian President Vladimir Putin. It likely won't be a cryptocurrency in the way that Bitcoin or Ethereum are, as it would be issued by the government and not mined. The value of the CryptoRuble is identical to the value of a regular ruble." Source: https://www.investopedia.com/terms/c/cryptoruble.asp

5. Sweden (e-krona) - As I found out they are making digital currency, but there's no mentioning blockchain in few articles I have read. Anyway this is a pilot project and we will see will they do more with this or not.

6. Japan (j-coin) - Digital wallet. "In their bid to embrace a cashless or electronics payment system, Japan’s Mizuho Financial Group along with sixty other banking organizations have together launched a digital wallet known as the J Coin Pay." Source:https://medium.com/cpayfoundation/what-is-jcoin-and-why-is-it-so-popular-in-japan-44d98f382083

We will have to wait longer to see countries adopting blockchain. But as they are thinking what to do, decentralized projects are gaining popularity among people in the world. I think it will be a big war between governments and banks that wish controlled currencies with decentralized coins that will have support among people.

I think that the main issue when creating a national digital currency should be the national security of the state. And this is achieved only by full control over the blockchain and independence from anything outside the state. Along with full control of the blockchain, the state gets full control over its citizens.

This could be a better indication for the standing of crypto currency around the globe. As the countries are now adopting the nature of crypto currency, this might in fact be the solution to the economic instability the countries are facing from the effects of inflation and other economic disaster. Still, this would impose new set of rules and regulations referring to and varying from these countries that have made and integrated crypto currency into their own financial symbol. We should see in the coming years on what would be the effect of these events between the economic state and crypto currency around the globe, it is still unsure what might be the outcome of its use in every branch of a country. On the other side, negative possibilities might also arise as the digitalization is changing every part of the world.

And what's wrong with the Ethereum blockchain in this regard? I mean, I really can't understand, why it is better to create your own blockchain, when you can use an existing one, time-tested and working, like Ethereum's, for example?

Is it just about having the full control over your own blockchain, or, are there other reasons?

States will issue their own stable coins in order to maintain their national currency. Stable coins of states, this is the same currency, only in digitized form. The state will not have direct profits from creating its own stable coin. However, the circulation of its currency improves the economy of the state. Therefore, stable state coins will positively affect both the state economy and decentralized cryptocurrency. After all, people will see that states also use digital money and confidence in a decentralized cryptocurrency will also grow.

That is a risk but what is exactly stopping governments from using their fiat right now to buy all the bitcoin they want? They can print all the fiat they may need and bitcoin is up for sale for anyone that has the money to pay for it, this is no different than what  happened to gold and it is most likely the option governments will follow, first by backing their digital currencies with bitcoin and then abandoning the bitcoin standard at some point in the future by using some excuse, still the model to skip their fiat system will be in place and they know that, even if they could take control of bitcoin another cryptocurrency will emerge on its place.

of course there are many positive sides I will support it can be realized in all countries, if countries have their own crypto currency then the demand for Bitcoin will also increase, because the pair of the crypto currency itself will certainly have something to do with Bitcoin, will very interesting in the future

Creating your own digital currency requires much more effort than you write. This is on the Ethereum blockchain, you can create your token in 10 minutes. And the creation of a digital currency is done on its own blockchain and aims to ensure interaction with the Fiat national currency.

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

30%-40% of $60? I'm wondering if that's true. Petro is not listed on Coinmarketcap, at all. And when I tried to google it, I came across this site saying:


Also there's no info on Petro on Cryptocompare either.

I doubt it's possible to sell PTR even for $20 a piece. Also, check out these limits:


It's clearly a scam project that should be avoided.

I know about some of the coins you have mentioned here, but that Dubai Encash I don’t think there is anything like that that was released. I even searched for it to see if it was released and I didn’t see it. I do know about the Venezuela Petro but it seems like its no longer active or something , and I also heard that they are mainly making use of the US dollars there.

Estcoin is mooted and news from CNBC says that they are no linger going to issue the coin because they never planned to lol.The only country I know that seems to be serious about having a cryptocurrency of their own is China and they are still yet to release it, though news have it that it’s going to be this 2020.