Topic: Countries developing their own Cryptos (Read 882 times)
Russia will not be long to think. I'll try to create a crypto-ruble and develop it. Check, will
Its only a matter of time before every country, heck possibly even every state create their own online currency. I don't see why they wouldn't.
In 2015, Tunisia made the decision to boost its eDinar digital currency using the blockchain, with the help of universal contracting platform, Monetas.
According to an interview with Monetas’s chief executive, Johann Gevers, the eDinar can be used to make money transfers, pay for goods and services like bills, and manage official government identification documents
According to an interview with Monetas’s chief executive, Johann Gevers, the eDinar can be used to make money transfers, pay for goods and services like bills, and manage official government identification documents
I think local crypto currencies will be used exclusively inside one ( or a group of countries) , it's ok that such currencies will give something additional to the blockchain technology , but they won't be international coins since they are related to a specific state
It is true that The Developed countries are trying to create their own cryptos because of the future purpose, They have been realized that Cryptocurrency will dominate in the informal economy in the future. So that most of the Big fish countries have taken some steps regarding this point.
Basically, they are afraid of the popularity of Bitcoin that is why Developing countries are trying to create different crypto against Bitcoin.
Basically, they are afraid of the popularity of Bitcoin that is why Developing countries are trying to create different crypto against Bitcoin.
From my point of view any of national state-issued or/and state-regulated cryptocurrencies is an oxymoron. Just nonsense.
For the time being, we can only see and hear the loud statements of representatives of different countries about the intention to create their own national crypto currency. So far, no country in the world has such a crypto currency in practice. And it is still difficult to understand what exactly this crypto currency will be different from others. Moreover, the Expert Council under the government of the Russian Federation has already announced that it is impossible to create a national digital crypto-currency within a single state due to the very decentralized nature of the crypto currency. Therefore, I am skeptical about these endless discussions about the creation of my own national crypto currency.
Yes we are seeing countries starting to do this but they will pale in comparison the the price of Bitcoin. They will base their value off of BTC's 10-20 years from now.
I think the interesting question here is once the national coins are well established and used, what will be their relation to bitcoin and possibly several stronger altcoins?
I think if that happen, that some countries developing/creating their own crypto, they gonna have a big relation on bitcoin either, they cant use their own crypto outside their country, so if they want to get hit/use that crypto develop by their own by their country the way is to become bitcoin related to become more useful/successful in the future. and I think if that happen/Implemented, bitcoin price are more value after that.
I think not only countries but a number of different companies will try to make their own currencies in theory amazon has already does this with amazon coins which can be spent on digital goods.
i think this is not a shock, considering that bitcoin is really beating inflation, it is just normal for people to look for ways on how they can beat inflation and will look forward to a much better future, this is also the reason why the governments have bonds, though the investment is conservative it helps in building a nation, and developing cryptocurrencies made by the government will not be an exception. i think if governments around the world had develop their own cryptocurrencies, it will further give boost to bitcoin, since bitcoin is considered gold 2.0 and history just repeats itself, there would be a gold rush when it comes to bitcoin, and the value will sky rocket and soon they will consider bitcoin as reserves and a new market will be born, though there will be a lot of cryptocurrencies the country which has the mos bitcoin will be the richest, but also it will depend on the governments on how what they will agree upon, further developments will need to be done.
The problem with Gov coins is that it can only work with some sort of centralization, and that is the opposite feature of crypto currency where it is by design decentralized. But a digital currency would enable Govs to bring in some features of crypto to the fiat system and this way somehow discourage use of not recognized crypto currencies.
Well I think there were also some crypto in market before but all of them are finished some of them were fraud and some so them were fail and bitcoin is totally different than other crypto so I don’t think so it’s easy to bring new crypto with standard like bitcoin in market because bitcoin have thousands of good quality and now it’s almost every part of the world.
Then what is the reason to issue this weird coin? I can't guess any! Except one which is just to show that government, the Russian government in this exact case, is dealing with new appeal.
The message is 'listen, folk, we're on the way, don't be pissed off. You will soon have our own sovereign cryptocurrency. Ruled by us and controlled by us as well.' In this case 'us' means 'a very few people on the top'.
The message is 'listen, folk, we're on the way, don't be pissed off. You will soon have our own sovereign cryptocurrency. Ruled by us and controlled by us as well.' In this case 'us' means 'a very few people on the top'.
Russia wants to create the crypto-ruble. The problem with government money is that it is more fiat money in digital form than cryptocurrency. I guess we have to wait and see
You're right! I would say that cryptoruble and similar governments backed coins are exactly fiat money in digital form. And those digital fiat money do NOT have anything common with basic principles of cryptocurrency.
Just a bad attempt to look modern.
This cryptocurrency cannot be mined and will be issued and controlled and maintained only by the authorities. The CryptoRubles can be exchanged for regular Rubles at any time, though if the holder is unable to explain where the CryptoRubles came from, a 13 percent tax will be levied. The same tax will be applied to any earned difference between the price of the purchase of the token and the price of the sale So your kinda right in a way, its an bad attempt
Russia wants to create the crypto-ruble. The problem with government money is that it is more fiat money in digital form than cryptocurrency. I guess we have to wait and see
You're right! I would say that cryptoruble and similar governments backed coins are exactly fiat money in digital form. And those digital fiat money do NOT have anything common with basic principles of cryptocurrency.
Just a bad attempt to look modern.
https://bitcoinist.com/john-mcafee-says-national-governments-going-war-bitcoin/
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...there is the never-ending fight between decentralized digital currencies and sovereign national governments. It is this latter regard in which John McAfee, the anti-virus pioneer, remarked that the war between digital currency and world governments has already started.
Quote
Another interesting development is that some countries are making (or considering) their own digital currency. Estonia and India are two notable examples. A researcher at the Central University of Finance and Economics, Huang Zhen, has said that China should create its own cryptocurrency as well.
Who will predict the next country to express interest in making their own digital currency?
good news for that there's nothing impossible for the new technology to continue development using the internet the era of modern technology, hoping the bitcoin is the main cryptocurrency among us and the new coins exchangeable into bitcoin as national currency the new coins of every country are a local currency, like in the fiat money the usd are the international currency convertible into local currency anywhere in the world.
https://bitcoinist.com/john-mcafee-says-national-governments-going-war-bitcoin/
Quote
...there is the never-ending fight between decentralized digital currencies and sovereign national governments. It is this latter regard in which John McAfee, the anti-virus pioneer, remarked that the war between digital currency and world governments has already started.
Quote
Another interesting development is that some countries are making (or considering) their own digital currency. Estonia and India are two notable examples. A researcher at the Central University of Finance and Economics, Huang Zhen, has said that China should create its own cryptocurrency as well.
Who will predict the next country to express interest in making their own digital currency?
Other than China, Japan, India, Russia, and Estonia, there are other countries willing to or have been trying to do this. Countries like Tunisia, Ecuador, Senegal and Sweden as well. Sweden's e-currency which they are working on is named eKrona, and it will be introduced in 2018 if they finally decide to do it.
Source: https://www.verdict.co.uk/bitcoin-countries-digital-currency/
Source: https://www.verdict.co.uk/bitcoin-countries-digital-currency/
There are many countries who are already interested in developing their own coin. As you mention Estonia and i came to remember that Estonia announced to release its own coin Estcoin soon. And india have shown their keen interest in releasing their own Crypto coin name "LAXMI COIN" which is based on the goddess of money Laxmi and the Reserve Bank Of India are taking steps and are preparing necessary steps for regulating this Laxmi coin in their country. Even Countries like Canada, Denmark, USA, South Korea, United Kingdom, Netherlands and finland are among top bitcoin friendly Countries who are likely to introduce their new crypto coin in coming days or in future.
https://bitcoinist.com/john-mcafee-says-national-governments-going-war-bitcoin/
Quote
...there is the never-ending fight between decentralized digital currencies and sovereign national governments. It is this latter regard in which John McAfee, the anti-virus pioneer, remarked that the war between digital currency and world governments has already started.
Quote
Another interesting development is that some countries are making (or considering) their own digital currency. Estonia and India are two notable examples. A researcher at the Central University of Finance and Economics, Huang Zhen, has said that China should create its own cryptocurrency as well.
Who will predict the next country to express interest in making their own digital currency?
It might be that the cou tries are trying to study and research exhasutively about bitcoin and would be trying to replicate its success so that they might not depend on it. However even if they are doing this I still see it as a positive step towards countries embracing cryptocurrencies
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