I think it is something that they would put into consideration, because it reduces transaction costs and is easier to track even the smallest transactions.
However, I don't think that countries would likely create a cryptocurrency with an anonymous feature in it. They won't be able to take taxes if they do so.
Topic: Will countries or central banks create their own cryptocurrency? - page 19. (Read 3216 times)
February 26, 2018, 12:05:45 AM
February 24, 2018, 01:54:24 PM
A few countries and central banks have been talking about “digital currency”, and most of them are carefully ignoring the term “crypto”. Fact is- digital currency is not the same as cryptocurrency. These countries/central banks are recognizing the benefits of the digital currency features of cryptocurrency, but they don’t want any of the decentralized uncertainties that come with blockchain-based currencies.
Will countries or central banks create their own cryptocurrency?
Well, judging by the similarities of how governments and banks are reacting or dealing with bitcoins or with the crypto world as a whole together with all the actions of some of these country's government and banks, I pretty much think that something like this is pretty logical to think about and might really do happen anytime within the near of far future. Because clearly, even with the drawbacks of crypto currencies and all, it obviously has a lot of good benefits and innovations that banks and governments can clearly use to improve their monetary system and get more benefits for themselves with the plus of having a great alibi to rid themselves and their countries off of cryptos once and for all. That is what I think.
February 24, 2018, 06:24:45 AM
A few countries and central banks have been talking about “digital currency”, and most of them are carefully ignoring the term “crypto”. Fact is- digital currency is not the same as cryptocurrency. These countries/central banks are recognizing the benefits of the digital currency features of cryptocurrency, but they don’t want any of the decentralized uncertainties that come with blockchain-based currencies.
Will countries or central banks create their own cryptocurrency?
February 24, 2018, 06:22:34 AM
I think my response on this is whether such Banks or Countries totally believes virtually all Cryptocurency fundamental basis and with the sole aim of Regulating its operate in their economy. The former is addressable, but the later would be giving them headache since they wouldn't be able to control Cryptocurreny wholesomely, may be to a large extent in their Economy alone or co habitat neighboring countries. To this end, there shall be great limitation to countries or central banks creating Cryptocurrency of their own.
February 24, 2018, 06:09:19 AM
As I understand Petrol, like Ripple, is not a real cryptocurrency, cause it's fully centralized. Am I right?
You are absolutely right. Petro is a centralized crypto currency. The price will also be indexed to gasoline prices. And you really believe that will happen?
Yes but not the major countries only the minor ones as they care more about people welfare rather than their own benefits
And doing so has many advantages as well allowing people to use cryptocurrencies increases security of funds , it is more easier and allows to eliminate wrong activities
And doing so has many advantages as well allowing people to use cryptocurrencies increases security of funds , it is more easier and allows to eliminate wrong activities
No, bankrupt countries, with people running low on food and basic stuff are doing this.
Are you seriously telling me Venezuela cares about the welfare of its citizens?
Do you even have a clue what a centralized coin means?
Security of funds? With just one click they can seize your coins, they can dilute the amount, they can even shut it down and all your coins and tokens would be worthless.
Countries like Russia, Venezuela, Japan, China and even Iran are reportedly planning to launch their own cryptocurrencies in the future and most of this are state-backed cryptocurrencies. The Crypto ruble, petro, and J coin are some of the supposed to be names of government-backed coins. These future virtual currencies will likely benefit governments because they are impossible to counterfeit, can be made with in-built taxing algorithm and they can be able to trade without using fiat.
Jcoin is a private bank project, it has nothing to do with the Japanese government.
February 24, 2018, 05:45:02 AM
A few countries and central banks have been talking about “digital currency”, and most of them are carefully ignoring the term “crypto”. Fact is- digital currency is not the same as cryptocurrency. These countries/central banks are recognizing the benefits of the digital currency features of cryptocurrency, but they don’t want any of the decentralized uncertainties that come with blockchain-based currencies.
Will countries or central banks create their own cryptocurrency?
You mean central banks or countries that can control their own cryptocurrency? I think that is possible but will be hard for each country because it will be closely monitored or regulated. If investors would know that is a coin from one country, they might as well be hesistant to invest.
February 24, 2018, 05:23:06 AM
A few countries and central banks have been talking about “digital currency”, and most of them are carefully ignoring the term “crypto”. Fact is- digital currency is not the same as cryptocurrency. These countries/central banks are recognizing the benefits of the digital currency features of cryptocurrency, but they don’t want any of the decentralized uncertainties that come with blockchain-based currencies.
Will countries or central banks create their own cryptocurrency?
February 24, 2018, 05:03:50 AM
For me yes. I've seen this in Facebook. Still haven't read all about it. They've created a cryptocoin of their own. Haven't fully read about it. https://qatarcoin.co/landing
Well, my point of view this is possible to happen in a country having actively participating in cryptocurrency if the government will accept to legalized the digital currency as part of the national currency in the there country.
February 24, 2018, 04:53:11 AM
For me yes. I've seen this in Facebook. Still haven't read all about it. They've created a cryptocoin of their own. Haven't fully read about it. https://qatarcoin.co/landing
February 24, 2018, 04:15:43 AM
Yes but not the major countries only the minor ones as they care more about people welfare rather than their own benefits
And doing so has many advantages as well allowing people to use cryptocurrencies increases security of funds , it is more easier and allows to eliminate wrong activities
And doing so has many advantages as well allowing people to use cryptocurrencies increases security of funds , it is more easier and allows to eliminate wrong activities
February 24, 2018, 03:58:13 AM
That will likely to happen. my country, Indonesia central bank is banned to use cryptocurrencies as a form to payments. In other hands, they will maximize the technologies of blockchain to create their own cryptocurrency, which is it will(I believe) be accepted as a form of payments. I'm sure government have no control over cryptocurrencies unless they regulate it, and even though they already regulate it, they still missing a control, so I'm sure they will create their own cryptocurrencies for their own people.
February 24, 2018, 03:54:26 AM
Countries like Russia, Venezuela, Japan, China and even Iran are reportedly planning to launch their own cryptocurrencies in the future and most of this are state-backed cryptocurrencies. The Crypto ruble, petro, and J coin are some of the supposed to be names of government-backed coins. These future virtual currencies will likely benefit governments because they are impossible to counterfeit, can be made with in-built taxing algorithm and they can be able to trade without using fiat.
Well, everything can be possible so it can be happen. Creating cryptocurrencies has already been made and the only only problem is that it is a p2p transactions. Once these problem can be solved I think this is the time government can already access our accounts and there will be taxes that will happen. February 24, 2018, 03:33:38 AM
Countries like Russia, Venezuela, Japan, China and even Iran are reportedly planning to launch their own cryptocurrencies in the future and most of this are state-backed cryptocurrencies. The Crypto ruble, petro, and J coin are some of the supposed to be names of government-backed coins. These future virtual currencies will likely benefit governments because they are impossible to counterfeit, can be made with in-built taxing algorithm and they can be able to trade without using fiat.
February 24, 2018, 03:02:26 AM
Venezuela has just created the first crypto currency emitted by a government, the Petro.
Allegedly every Petro is backed up by one gallon of oil. The first day brought the government 735 million US dollars.
Now they want to give out more Petro and emit another currency backed up by gold.
I see that developement very skeptical.
Allegedly every Petro is backed up by one gallon of oil. The first day brought the government 735 million US dollars.
Now they want to give out more Petro and emit another currency backed up by gold.
I see that developement very skeptical.
As I understand Petrol, like Ripple, is not a real cryptocurrency, cause it's fully centralized. Am I right?
You are absolutely right. Petro is a centralized crypto currency. The price will also be indexed to gasoline prices.
February 24, 2018, 01:39:03 AM
Venezuela has just created the first crypto currency emitted by a government, the Petro.
Allegedly every Petro is backed up by one gallon of oil. The first day brought the government 735 million US dollars.
Now they want to give out more Petro and emit another currency backed up by gold.
I see that developement very skeptical.
Allegedly every Petro is backed up by one gallon of oil. The first day brought the government 735 million US dollars.
Now they want to give out more Petro and emit another currency backed up by gold.
I see that developement very skeptical.
As I understand Petrol, like Ripple, is not a real cryptocurrency, cause it's fully centralized. Am I right?
February 24, 2018, 01:36:32 AM
The IMF (International Monetary Fund - THE Centre of Central Banks) already has its own "digital currency" they are called SDR's (Special Drawing Rights) Learn about them here - https://www.investopedia.com/terms/s/sdr.asp
February 24, 2018, 01:32:13 AM
Yes, they will.
Even the official bank of China will release its digital currency.
But that's barely currency, have much difference compared to the ones we discussed.
This is what will start happening gradually and eventually. Most countries are already getting aware of the future of blockchain technology and the next thing right now is to see how they can make it a possibility for them to be able to integrate it into the monetary system so they can benefit from it. A time will come when unnecessary printing of money will pass, and then we will get to see a lot of development coming up for most countries with the use of the blockchain. Even the official bank of China will release its digital currency.
But that's barely currency, have much difference compared to the ones we discussed.
February 23, 2018, 05:44:25 PM
I don't think any country will create a fully public, P2P, blockchain-based cryptocurrency. Instead they will create currencies on blockchain platforms that are permissioned and that can be controlled.
Good point. But I also think their own blockchain. Or banks would make their own block chain. This system has a good potential to be applied. However its anonymosity is what makes government doubt it. Since they want to "govern" everything lol.
February 23, 2018, 05:42:14 PM
I really doubt about this because they're saying they gonna apply the blockchain technology into their system , maybe they're really creating their own cryptos.
February 23, 2018, 04:55:57 PM
I suppose the difficulty is not in creating your own cryptocurrency, but in a good marketing strategy))) to sell it and make money - that is a draw of luck! But in general, a lot of banks and companies and countries are expected to create their own crypto.
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