Bitcoin Forum

Should small island economies like Jamaica,
Malta, Seychelles, Cook Islands etc develop their own Crypto currencies?

What is the way for these small economies
to be part of Blockchain world ; and use to improve their trade
and economics with rest of the world?

It would be a good transition but this decision would be entirely depending on the government views related to blockchain technology or do create their own cryptocurrency since they do have a small vicinity this would be a good idea. Im not seeing any countries or places did such thing but sooner or later we would able to witness that thing because decisions would really be made.If they would go with such innovation or would stick into traditional ways.

It will be very difficult to do. The economies of all countries integrated into the world economy. If the key players of the financial market would support the ban of cryptocurrency around the world the island States will not stand a chance. In addition, the cryptocurrency is not controlled by government and regulation of economic processes with its help it is impossible.

No, it won't help them. There are countries who created their own cryptocurrency they were ignored and it's no implemented.

People will stay on bitcoin.

They can use the technology itself "blockchain" on their banking system or if there's a company there that's willing to apply it.

If a small country did create a coin, they wouldn't have to pay a 3rd party to print currency.

But with that being said, It would also cost less just buying a coin and then running an off chain exchange to deal with the transactions in country. This would also give the people the ability to transfer out of the country to buy stuff.

Like if East Timor that uses USD, took that USD to the US then purchased something.

Having a small pool could also have some price stability too.

There is no use in creating separate crytpo currencies for each countries because we can use any crypto currency anywhere in the world the only requirement is internet.But if they want to create they can also create and they can limit their coins to unlimited or desired level of the person who is setting the maximum level.But it won't get value like other crypto currency like bitcoin because the price of bitcoin is just based on the supply and demand so specific crypto currency of a country will just act as their fiat currency there may be no change in the value.But their transactions are safe due to P2P transaction.

It can help economically but on what reach this country has connection to the riches of the world, strongly matters. This would be a good start for them, then it should be done immediately. If a crypto coin is endorsed or legally backed up by a specific government then there is a big chance it will be as much successful as bitcoin, as the investors won’t hesitate to spend hundreds or thousands of dollars to it. The only problem is, if this country public officials are not controlled by the central banks officials then it has a chance to prosper.

For now I think it would be useful for them to attract Crypto investors from the world to their nations. These little countries don't have a big income, so they could see the difficults developers and businessesmen are having in other countries and offer to these businessmen advantages on theirs. Advantages like cheaper taxes, more friendly rules to Crypto-Currency development.

Or they could follow an example of another island nation, Vanuatu, and sell citizenship for Bitcoins: http://fortune.com/2017/10/10/vanuatu-accepts-bitcoin-for-citizenship/

I don't think creating their own Crypto-Currency would be a better deal, as they need foreigners to bump their economy, why not use a currency that is already used by foreigners (Bitcoin)?

What countries have created their own cryptocurrency?



The blockchain is not a magic wand that goes poof and your producing Mercedes cars and LPDs instead of bananas and oranges.
To force trading through the blockchain there is one tiny requirement, the other guy that will receive the coins must have enough faith in the coin and also in it's value and the fact that it won't lose value before accepting it.

Now, asking you, would you trust a crypto issued by the government of Jamaica?

It could be interesting it that new local crypto would be at parity with the local fiat currency, with free, unregulated exchanges between fiat and crypto. The people would then have the choice to use one or another, and we would see which one is the most successful.

Sorry if I missed anything lately, but was there a country that already has a national cryptocurrency or was it all just announcements of developing one?

As I know Its Venesuela.President Nicolas Maduro has just orderd 100milion 'Petros' (coin) and they are going to sell it to institutional investors which i think is a very big nonsense and noone will use it,because there will not be TRUST.We use secure coins because they are fast,secure and helpful for our business or personal goals,but where can we use this Petros?? I cann't understand why Venesuela spends finances in it, may its just a gesture? So I want to say that In centralized financial systems,there is no possible to make completely non-reversible transactions.

I don't think this will be a pretty good idea. Small Islands like Jamaica etc. requires some great deals of funds to arrange finances for their tasks. Moreover due to a less amount of population they need to ensure that whole of their population grows together. Crypto solution will not be able to cater such needs. Cryptos are too much hidden so the tax problems will continue to arise. On the contrary however if they are able to create such crypto where everyone is assigned their own address with KYC and accountability is kept such a thing would really defy the greatest feature of crypto that is the P2P transaction system.

Cryptocurrency of the state would not have the popularity. How it will differ from Fiat money? Administer electronic money will be easier but it will be enough to stop the use of cash. Many officials and bankers have the opportunity to receive hidden income because of the cash. So they will never allow the transition to cashless payments.

He is creating them (if!!) out of thin air and he is telling us people will start using it.
Of course is pure non-sense.

He just needs to continuously feed plans of recovery to the masses not to end like most dictators do. And if cryptos are the new trend he will go with that, if a a new trend starts tomorrow he will abandon the Petrocoin and he will say that humanoid rabbits will save Venezuela.

Cryptos are based on trust and nobody is trusting him.
Backing his coin with oil means nothing. He is backing his bolivar with oil and look how it went , down 3000% or so last year.

That would be a good idea to explore and i think if these small nations will get into the cryptocurrency platform they can easily connect with the global economy and can be a good way to promote their tourism and economic activities. However, I am not so sure if these small nations also have a group of people who can push the idea into their government but I am hoping there are some circles of people who can do it.

This will require the thorough total revision of the local financial systems and laws. But, yes, they should have their own cryptocurrencies. It may be helpful at stopping the government spending, for instance.

I honestly think that it would be much easier for them to embrace one of the existing cryptocurrencies. They are already established, tested, accepted by exchanges and have certain value. If a country uses their local economy to add value to an existing coin it will only strengthen that coin's position. There's no need fo a country to lose money and time just to name the coin themselves, but that's just my personal opinion.

These small islands as you say they are have investors pumping in money straight to their governments.
So why in the heck would they even consider to create their own crypto when fiat foreign currency are fueling their whole countries economies?
They would be signing their own death warrant if they were not shun out all other ways of funding their society by doing that.
If you want to see just look at Russia with their threats on those who want to allow crypto into their government owned countries economies.
What do you think if a tiny iddty bitty country such as the ones who listed did this.
They would be viewed by their investor's countries as trying to organize a economical type coup and cut them off of any more future funding for what ever arrangement they had before doing just that.

I think they shouldn't. We have too many shitcoins already. If all countries started to make their own there would be 2 times more and then everyone would start forking them to make money on their name and popularity. It's already a huge mess don't make it a bigger one!.

Maduro just ran out of idea on how to save Venezuela, and maybe he just referred the fact that there are so many Venezuelan who mining bitcoin, so he thinks cryptocurrency is the easiest and fastest way to earn money, like what shitcoins developers think nowadays. You are right, no government will support even create a decentralized thing, and in other hand no one will be interested to invest on something which government have full control on it.

Venezuela has large reserves of oil. This country can't be poor. I think the government should steal less money from the Treasury so that government could exist. For them no matter what to steal oil, Fiat or cryptocurrency. Therefore they have no opportunity to attract investors. I'm not sure that Maduro wants to change the situation. Good for him when people for a bag of grains can do anything.

Oh but it can! Look at it!
Want another example? Russia! Full of oil and the average wage is half that of Poland and one quarter that of Germany.
When you are led by idiots, who have no real goal other than share the money with your friends, then the country ends up like that and neither oil or petrocoin will save you

When corruption has hit those levels, having a crypto will just change the way they take bribes.
From cases full of dollars to a small qr code with their address.
I'm thinking that in a country that is so f* up like Venezuela an anonymous crypto will just make things worse.


We already have around 1500 altcoins, so 195 national coins won't make a difference.
The problem will only start when each city is going to have its own coin.  ;D

And it doesn't help with Trump mentioning about not wanting to do trading with Venezuela and Cuba due to their communist governments.
He said it right in his address to the union speech last night. :-\

America is not omnipotent. Venezuela can sell oil to other countries. The cause of poverty is corruption. For officials, the thieves not matter what to steal. Fiat or cryptocurrency will always fill the pockets of the kleptocrats. To create a cryptocurrency is not enough. You need to have the confidence in the world. If you go this route then each store will have its own currency.

This is true but nothing is surprising anymore,people have already started to use centralized currencies,they don't understand fundamental aspects of this technology or I,goverments can sometimes improve market outcomes and crypto market are usually a good way to organize economic activity  but not in this situation because there is no guarantee,First of all i trust blockchain and not any currency and thats why i use blockchain based technologies,In another situation there will be scarcity of everything...

Decentralization should never be limited to location.Whether island,peninsula or any other. Crypto
currency bridged the gap of location constraints.Any body anywhere regardless of government can
create and participate in crypto-currency activities via the decentralized blockchain technology as
long as there exist internet connection.Hence, Island occupants can always create, participate and
transact with the rest of the world without barriers.