One information error. Encash is not really a cryptocurrency of any sort. It's like a wallet which can hold your dirhams pretty much in a same way the bank hold fiat money. It neither uses a blockchain nor it is known as cryptocurrency. So they can be removed from the list. Also I doubt Encash is still operational!
Also looking at the list, you can't say the governments are positive about cryptoa. Because as you have rightly pointed out, these are just digital representation of the traditional currencies. It saves cost for the governments and provides them great insight on every transactions.
We will see more and more government joining this league in coming years. But that certainly doesn't mean that they are positive or bullish about cryptos.
Topic: Countries and their own cryptocurrency! - page 8. (Read 1313 times)
I don't know if this is a good idea or not...
A lot of the times if a country is in war with another country, they'll try to attack its currency system to make it weaker, there may be more of a way to do this if the funds are controlled by a central bank/government.
Have these currencies yet seen acceptance in shops? Other than Venezuela who were accepting dash or dollars at some point, have any other countries actually taken on board the idea of giving shops ways to accept the currency.
I'm also not sure if just inflation alone keeps the currency stable or whether counterfeit money also allows for the country's monetary system to run a little smoother (that being said inflation is actually measured by how much essential goods increase in value over time - milk, meat, bread, flour)...
A fiat cryptocurrency also might hurt banks as it means they may have less power to produce money when necessary if its stored on a public ledger.
A lot of the times if a country is in war with another country, they'll try to attack its currency system to make it weaker, there may be more of a way to do this if the funds are controlled by a central bank/government.
Have these currencies yet seen acceptance in shops? Other than Venezuela who were accepting dash or dollars at some point, have any other countries actually taken on board the idea of giving shops ways to accept the currency.
I'm also not sure if just inflation alone keeps the currency stable or whether counterfeit money also allows for the country's monetary system to run a little smoother (that being said inflation is actually measured by how much essential goods increase in value over time - milk, meat, bread, flour)...
A fiat cryptocurrency also might hurt banks as it means they may have less power to produce money when necessary if its stored on a public ledger.
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/
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?
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/
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?
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