Topic: Countries developing their own Cryptos - page 2. (Read 882 times)
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
I think Canada already had their own cryptocurrency, it's called Mint Chip (if I'm not mistaken) and I saw that its value is very small when you compare it to the leading coins today.
I think countries who made their own cryptocurrency seems made a bad decision because that move was not very practical actually. It seems that they are the one who made enemies in their fiat money. Another thing, introducing another coin in the market is very risky, they must give more support there if they want to stay very long.
I think countries who made their own cryptocurrency seems made a bad decision because that move was not very practical actually. It seems that they are the one who made enemies in their fiat money. Another thing, introducing another coin in the market is very risky, they must give more support there if they want to stay very long.
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.
Since bitcoin and other crypto currencies shows a very successful market different countries saw the edge of having their own cryptos maybe because they want to obtain control over it or maybe because they see the need of adapting new technology in their economy but whether they have their own digital currency for sure they cannot take the place of bitcoin in globe market
The very fact that many countries have already acknowledged Bitcoin as a legal tender suggests that phase 2 is on the horizon for many, which will likely involve the reversing of their recognition of Bitcoin in the interest of successfully issuing their own cryptocurrencies.
All States will make such attempts but they are all doomed. All of them have one common drawback. This state control over currency. Users are not interested in such currencies. How it will differ from Fiat money? Only those that will be distributed in the network. Lol! If bitcoin will be regulated by the state, he'll die too.
I agree. Anyone can make a cryptocurrency, but getting people to invest in it is a much different thing.
Those government currencies will surely find people interested in them because not all people are individuals that want to stay independent. Some people like authority and will feel safer when others are in control. That said, I wouldn't buy a cryptocurrency if it was under the control of a government, especially a strict and unpredictable government like the one in China.
Nah! I don't think major tax-leveraging country will accept Bitcoin or any other crypto as a mainstream currency for running their economy, anytime soon. There will be a huge loss in upkeeping their economy on crypto if they suddenly deviate from their traditional standpoint.
On the otherhand, government can back some 3rd party startups that come up with a country specific crypto but won't support fully in the project.
But that doesn't change the fact that they are not actively developing it, rather that is done by the 3rd party.
On the otherhand, government can back some 3rd party startups that come up with a country specific crypto but won't support fully in the project.
But that doesn't change the fact that they are not actively developing it, rather that is done by the 3rd party.
All States will make such attempts but they are all doomed. All of them have one common drawback. This state control over currency. Users are not interested in such currencies. How it will differ from Fiat money? Only those that will be distributed in the network. Lol! If bitcoin will be regulated by the state, he'll die too.
I think it is good if they could make their own crypto but it will be underrated because they have their own currency. They could just make a mining infrastructures for bitcoin to at least help bitcoin surge and they wont have issues on illegal trades on bitcoin within their country. It is just nonesense for a certain country to have own crypto at the same time fiat. They may fear decentralized money but this way, many people now are rising to the economy especially in 3rd world countries.
All States will make such attempts but they are all doomed. All of them have one common drawback. This state control over currency. Users are not interested in such currencies. How it will differ from Fiat money? Only those that will be distributed in the network. Lol! If bitcoin will be regulated by the state, he'll die too.
i would say Canada, Canada has already tried TWICE to do it, and they just couldn't get all the factors lined up 
Back in 2013 Canada wanted to make a blockchain based currency "MintChip", didnt work
in 2016 they revised the idea, the jury is still out on it, hopefully it will work!
Back in 2013 Canada wanted to make a blockchain based currency "MintChip", didnt work
in 2016 they revised the idea, the jury is still out on it, hopefully it will work!
Lat year, I was saying that it would just took a little time when many countries would be introducing their own digital currency in answer to Bitcoin which is something they don't have a complete control of. Understanding the pattern of human nature, we are now hearing some countries planning to mint their own cryptos which can be state-backed and state-controlled (and that makes them really not cryptocurrency in the fist place).
I would say that it can be so difficult for any country to get into a very successful state coin because of the inherent control and influence of the state. It would lack all the necessary excitement (meaning there would be no volatility...in the real world cryptocurrency volatility can be a big turn off but can also be a big come-on factor and this is something nobody can deny as a fact).
A cryptocurrency sponsored by the government is nothing more than the digital version of their fiat money...nothing more nothing less and that lacks any excitement at all...meaning a big boring venture. And many of those people pushing for this can be out of touch with the reality.
Russia wanted to launch their own cryptocurrency - crypto RUBLE 
It will be fixed on real Russian Rub. Is that crypto,lol?
Japan also did it but with more positive way.
It will be fixed on real Russian Rub. Is that crypto,lol?Japan also did it but with more positive way.
I think another country is Asia will go and create their own crypto. But not to rivaled bitcoin or altcoins but to have something that they can offer their citizens who are also in crypto. But for me, I haven't seen any country that's became successful in making their own crypto. So I doubt that it will successful in the future. Each country and government should stick to bitcoin only.
If you can't beat them, join them..
It is an interesting idea for countries to have their own cryptocoins, but and it is a HUGE but, I do not believe, they would create a currency with a limited amount of coins.
They would probably create a currency that they can dilute the same way that they do the fiat currencies at this moment. And that means the value would be going down. In that regard Bitcoin is much better.
They would probably create a currency that they can dilute the same way that they do the fiat currencies at this moment. And that means the value would be going down. In that regard Bitcoin is much better.
Estonia did but EU did not recognize it. Russia is working on its own coin, Japan as well and also Dubai is working on one. My bet is on RU or JAP since they don't have the EU regulation that would stop the development and implementation on state coin.
it is difficult to predict which country will create their coins, too much news with other countries will make their coins but only a little speculation and can not even deny that my country will also make its own coin but if seen from the news speculation Now may be the next country in asia who will create their own coins
Im sure ive read an article about Russia and having a Crypto Ruble, not 100% how accurate the reports were but I can see countries will probably develop their own soon enough.
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?
Economic giant countries are currently developing their own crypto currency because this is the future of economic trading.
Bank of Korea Governor said that "Neglecting Bitcoin is neglecting the future of economy and the continuous research and development of this blockchain will stabilize every country's economy."
China, Russia, Korea, European Countries are now developing their own versions of digital currencies that has a capability to replace their local monetary system.
Bank of Korea Governor said that "Neglecting Bitcoin is neglecting the future of economy and the continuous research and development of this blockchain will stabilize every country's economy."
China, Russia, Korea, European Countries are now developing their own versions of digital currencies that has a capability to replace their local monetary system.
i would say Canada, Canada has already tried TWICE to do it, and they just couldn't get all the factors lined up
Back in 2013 Canada wanted to make a blockchain based currency "MintChip", didnt work
in 2016 they revised the idea, the jury is still out on it, hopefully it will work!
Back in 2013 Canada wanted to make a blockchain based currency "MintChip", didnt work
in 2016 they revised the idea, the jury is still out on it, hopefully it will work!
You're messing up a few things.
Just because the government backed a program that would create a crypto it doesn't mean that it was created by the government.
They just handed 50k$ (that's hooker money) to a project and checked the developments.
In order for them to create that coin legally they would have first to fill in the legal stuff.
MintChip was never regarded as a currency.
http://developer.mintchipchallenge.com/challenge.php
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Estonia possibly, they announced Estcoin
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The currency, he suggested, could be called “estcoin”. The post went viral, and soon enough many were misconstruing the idea as an official government proposal. Which it wasn’t.
Rather, it was Mr Korjus’ vision of an initiative that would provide Estonia, which has been part of the eurozone since January 2011, with the means of raising funds via the mechanism of “initial coin offerings” (ICOs). The aim, he said, would be to invest the funds in technology and innovation for the public sector.
Rather, it was Mr Korjus’ vision of an initiative that would provide Estonia, which has been part of the eurozone since January 2011, with the means of raising funds via the mechanism of “initial coin offerings” (ICOs). The aim, he said, would be to invest the funds in technology and innovation for the public sector.
Do you really think a country is going to launch it's own crypto via an ICO?
What's the point?
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