Bitcoin Forum

https://bitcoinist.com/john-mcafee-says-national-governments-going-war-bitcoin/



Who will predict the next country to express interest in making their own digital currency?

Estonia possibly, they announced Estcoin

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!

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




Do you really think a country is going to launch it's own crypto via an ICO?
What's the point?

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.

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?

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.

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

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 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.  :D

If you can't beat them, join them..

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.

Russia wanted to launch their own cryptocurrency - crypto RUBLE ;D It will be fixed on real Russian Rub. Is that crypto,lol?
Japan also did it but with more positive way.

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.

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.

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.

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.

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.

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 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.

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.

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

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

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.

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/

Well in past we have seen different crypto but they were fail I think it’s not so easy to develop or start new crypto because as I know bitcoin when it take a start in market so its bring a lot of facilities with himself and it was very easy in with even transition a very fast and it also provide a lot of good source of income for the people so I don’t think so other crypto can be same like bitcoin.

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.

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

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'.

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.

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.

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 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.

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.

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.

From my point of view any of national state-issued or/and state-regulated cryptocurrencies is an oxymoron. Just nonsense.

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.

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

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

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.

Russia will not be long to think. I'll try to create a crypto-ruble and develop it. Check, will ;D