Topic: Isn't it funny that countries are testing their own crypto? (Read 313 times)

yes you are really very funny because right now really many countries are trying blockchain technology and some of the technology used by cryptocurrency because previously they forbid the use of cryptocurrency but now they just want to learn it is really silly and like to lick his own saliva.

Central-bank-backed cryptocurrencies would be ironic indeed, given that Bitcoin was created as a way to circumvent the need for banks. Beyond that, the idea raises complicated questions about how such systems should be designed, built, and maintained, as well as how they could affect a country’s—or the entire planet’s—financial stability. That’s why Riksbank is hedging its bets, investigating not only distributed-ledger technology—which it describes as unproven but “progressing incredibly rapidly”—but also traditional, centralized accounting methods for its “ e-krona ” (pdf) project.
Some economists have argued (pdf) in recent years that a cryptocurrency tied to central-bank-backed money could give governments a way to issue digital tokens that are a lot like cash. Users of such a “FedCoin” would enjoy the level of anonymity that Bitcoin provides, goes the theory, while being protected against the volatility that has plagued cryptocurrencies. Many countries’ central banks are investigating this idea, but Sweden looks to be the furthest along.
But a cryptocurrency that’s available to all consumers “opens up a whole host of issues” and would pose new challenges for makers of monetary policy, says Rod Garratt, an economics professor at the University of California, Santa Barbara.

The situation has left Sweden’s central bankers wondering: should the country introduce a purely digital form of government-backed money? And if so, should it use technology similar to that underlying Bitcoin?
Riksbank isn’t the only central bank taking a serious look at blockchain, the technology that makes Bitcoin and other cryptocurrencies run. These systems, also called distributed ledgers, rely on networks of computers, rather than a central authority like a bank, to verify and record transactions on a shared, virtually incorruptible database. Government bankers across the world believe this has the potential to replace cash and make other payment systems more efficient.

One important role central banks play in the global financial system is to facilitate large payments between commercial banks. Commercial banks make deposits at central banks, and when they need to send a large payment to another bank, as they might during the sale of a company or house, they can rely on a central-bank-operated payment system. The central bank handles the “clearing,” or the updating of each party’s account to reflect the new transaction, and the “settlement,” or the literal transfer of the money.

Most countries  have realized that crypto is here o stay and that its the future of their economies, instead of ridding on BTC, they want to share the spoils and are now developing their own

Well they have the right to do this and they can do what they want to do but I think technically it is very hard because already bitcoin is very famous and it has the power to overcome even our real currency, then how they can think to invent any other currency, so for me it is not good and it does not make any sense, if they will make their own crypto it will take a lot of time for it to be famous and to be spread worldwide so I think nothing is better than bitcoin right now and no currency can replace bitcoin in any country.

The government want to implemented crypto but also want to fully control the crypto, so the country try to make their own crypto, which I think is no used, like OP said the main reason bitcoin created was to become decentralised and for sure the government creation will never be decentralised, its just fiat changing form into digital, I saw a lot of countries try to make their own crypto and all of them failed

To divert people from investing on decentralized coins and start using government made centralized (shitty) coins. The government hates bitcoins and other decentralized crypto currency and unfortunately it has become quite a nuisance for them to control and regulate it. So they chose to spread fear amoung people who invested on bitcoin and make their own coins so people start using them.

We now know why the several attacks on bitcoin. Government wants to bring bitcoin under control but it is meant to be decentralized. Government fears that cryptocurrencies will take the nation's economy away from its grip and now they want to own the cryptocurrency they can control. It won't change the fact that people have settled for Decentralization.

There isn't something in the world called "National cryptocurrency" and it won't be. If a government wants to create its own cryptocurrency, there is no doubt that the government wants to control it.
If a currency is controlled by an authority, it is not a cryptocurrency. Cryptocurrency is something like bitcoin which is not controlled.

Maybe government want to centralize crypto on their own or maybe they want to gain alot using their own crypto then introduce it to the market so they will benefit unlike using bitcoin they have nothing to get as long as they don't have tax which they can also be gained if a good law would be implemented

Governments already see that the introduction of crypto currency into our lives is inevitably inevitable, but they do not like the decentralized, uncontrolled crypts. So they are trying to create their national centralized crypto currency in order to create their own alternative and try to subordinate this new kind of financial relations. In each country there are also some of their reasons for the introduction of centralized crypto currency. Let them introduce. Vseravno we can not interfere with it. At the same time, in practice, we can see the difference between centralized and decentralized crypto currency and only in this way can we prove the advantages of decentralized crypto currency.

Who knows! Even if it's tradable on the exchanges what difference would it make than traditional online forex trading? Except for the new names of the currencies. Govt. acquiring blockchain is like redesigning an old CSS 2 website with Bootstrap! The administration stays the same, just a new cover.

I don't know if the idea of a government backed cryptocurrency makes much sense. Virtual fiat money exists and can be used in many ways, credit/debit cards, mobile apps. What would be the purpose of these cryptocoins? Would this coins be traded in exchanges?

I fully support you. Never cryptocurrencies that are produced by the state will not be popular. It seems to me that governments understand this and for this reason they do not create such cryptocurrencies. But they really want to take control of all existing cryptocurrencies. There are people who support it. But I'm a big opponent of legalization.

Most say that it's because they want control over the flow of money.
That might be right for further cryptos but not for the only one that is being "developed" right now.

The petro (or petrocoin) is just a way of getting money in a bankrupt country, I even doubt it it going to really work, but the ones that "invested" or are planning on doing so will never see a penny.

But those news are just news.
I've been hearing about a crypto rubble for years, nothing happened.
Just because they spent millions on "developing" it means nothing, I bet those money just entered the pockets of a a few corrupt officials and their businesses, printing thousands of papers and reports that could have been done by a monkey copy pasting.

I think they want own crypto because then people will make fees for them not to some random bitcoin, and you can control people more easier.

I partly agree with you in this matter. What I believe is if Govt. wants they can nearly kill bitcoin/crypto, at least in terms of it's value. I believe Govt. itself don't want to kill it, but wants to take profit out of it.

I think governments saw how popular are cryptocurrencies these days and they know they cant take bitcoin down because they would have to cut down the whole internet on the planet wich is ridiculous and impossible. By creating their own cryptocurrencies they want to take advantage of people and destroy bitcoin and other coin so that at the the end they are the ones that control the market of cryptocurrencies. Will be interesting to see how all this works but I dont think it is going to be very successful because people choosed bitcoin for the reason that is decentralized and it is not controlled by anyone.

Most of the countries are scared with the growth of bitcoins and no they want their own coins to keep control on it. They will not understand that bitcoins is now unstoppable.