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Author Topic: Country's creating their own Crypto Currency  (Read 5159 times)
CryptoVzla
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December 16, 2016, 10:23:45 PM
 #41

Last year i heard about a crypto currency for Ecuador, also i heard that Bitcoin is banned over there but i don't know more... Probably they just failed like Canada
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December 16, 2016, 10:29:46 PM
 #42

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?

I will say it will be a total failure although I havent seen any country go that path but in the real sense its really going to be a waste of time because it will not be different from the Fiat currency that is different for countries which also means it wont be accepted by other countries and we will have to go through exchange to make that happen and we are back exactly where we started.

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December 16, 2016, 10:36:53 PM
 #43

I have no idea about that some country is creating it's own crypto currency. I think it's just hasn't sense and not wise. The wise would be to admit bitcoin on the same level as official currency of the country and to put some tax for all operations. that could bring money to the government and users would not have any big problems. And maybe bitcoin would be more safe in that case.

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December 16, 2016, 10:42:43 PM
 #44

The idea of creating cryptocurrency per country is okay, then they can and will regulate it. But for the fact that the government can control it, it's not anonymous, not decentralized, and controlled by a medium. So it is the opposite of what the Bitcoin does. It's best to have just Bitcoin for everyone.
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December 16, 2016, 10:45:35 PM
 #45

The wise would be to admit bitcoin on the same level as official currency of the country and to put some tax for all operations.

Good luck for the admission claim, I think you're gonna be waiting a long time for that to happen. As for the tax on all operations, how do you technically enforce that ?

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December 16, 2016, 11:01:21 PM
 #46

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money?

yes. Canada have tried, but they failed.


do you think any nations will attempt to do so to have more control over their citizens money?
probably. because their government want to control their citizen. but in my view, it will be so difficult to build a cryptocurrency that rival bitcoin. even some altcoins slmetimes do not work and end their business.

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December 17, 2016, 12:22:43 AM
 #47

Will chinese follow it? the interesting thing for watch it soon.  Cheesy
Atleast chinese government are doing research on blockchain tech http://calvinayre.com/2016/10/21/business/china-publishes-countrys-first-blockchain-research-report/

Actually many other countries are also conducting several research on use cases of blockchain tech including creating countries own crypto which will be centralized and backed by real cash/gold with infinite inflation just like paper cash we have now. They can't just compete with bitcoin, they will not get same level of community support bitcoin have.
Blockchain system has become any responsibility for building the crypto. But some question about building the nation crypto.
Are they ready with the transparency? Or they just use it for the alternative fiat currency.
And in the crypto all about the transparency, If the country want to do it and they must ready for that.

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December 17, 2016, 12:34:53 AM
 #48

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
They can do if they wish but you can bet they are not going to give up the ability to mine as many coins as they want, the ability to confiscate or freeze your funds, you will require verification to open a wallet and more, basically it will be the same as always except they will add the blockchain and that will be it.


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December 17, 2016, 01:07:36 AM
 #49

I just found this article https://news.bitcoin.com/shortcomings-central-bank-coins/

it talks about the Danish e-Krone and projects on Canada, UK, Singapore and Sweden. So, someone has to make it, now i think, will the exchanges like Bittrex take this coins??
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December 17, 2016, 07:12:40 AM
 #50

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
Canada already made one and totally failed.  Canada are leaders at failing. 
I doubt that any other countries would want to make a cryptocurrency after that catastrophe. And I don't think that a country would want to give up fiat and use a cryptocurrency instead.

Yes, because of ones failure it was everyone's impression that lasts, and I guess who will ever attempt to do so will have the same thing.

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December 17, 2016, 07:29:44 AM
 #51

its never going to happen because the logic behind it is counter intuitive. Firstly, no country is sophisticated enough to create its own cryptocurrency, secondly, no country will take money and time to focus on creating such a thing, thirdly, no country will actually go and enforce their cryptocurrency on its citizens. Also, cryptocurrency involves being digitally savvy, something that many people are not. A nation has fiat and they focus on that.

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December 17, 2016, 07:38:32 AM
 #52

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?

I will say it will be a total failure although I havent seen any country go that path but in the real sense its really going to be a waste of time because it will not be different from the Fiat currency that is different for countries which also means it wont be accepted by other countries and we will have to go through exchange to make that happen and we are back exactly where we started.

If they try to mimic bitcoin then I think they will definitely fail.  Because their concept of financial system is centralization while bitcoin is the opposite.  They were good at the beginning then somewhere in the middle they fail because they plan to execute what bitcoin or other cryptocurrency promotes like anonymity, but that will defeat their purpose of controling everything which then obviously break their law of individual privacy, making them to halt any development of that cyrptocurrency.
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December 17, 2016, 09:39:33 AM
 #53

So far I've heard about Denmark and Sweden planning to do that but I think this will end as a failure, because it is an option not appropriate for nearly anybody. Those who use btc won't use country's currency, because they enjoy freedom whereas fiat fans will think of a digital currency as of something too unstable potentially even though it will be regulated by the government.

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December 17, 2016, 09:54:49 AM
 #54

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?

I will say it will be a total failure although I havent seen any country go that path but in the real sense its really going to be a waste of time because it will not be different from the Fiat currency that is different for countries which also means it wont be accepted by other countries and we will have to go through exchange to make that happen and we are back exactly where we started.

If they try to mimic bitcoin then I think they will definitely fail.  Because their concept of financial system is centralization while bitcoin is the opposite.  They were good at the beginning then somewhere in the middle they fail because they plan to execute what bitcoin or other cryptocurrency promotes like anonymity, but that will defeat their purpose of controling everything which then obviously break their law of individual privacy, making them to halt any development of that cyrptocurrency.
I think its still possible to mimic bitcoin but in a centralized coin.Fails do normally happens since there are really trial and error regarding on making crypto currency and it would takes time to perfect and test out that could able to show it or implement on whole nation maybe for now they cant really release it easily. Making own digital currency is not that easy.


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December 17, 2016, 03:40:32 PM
 #55

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
Canada already made one and totally failed.  Canada are leaders at failing. 

What is the reason canada fail in cryptocurrency? Is it in goverment issue, or no support from their citizen?
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December 17, 2016, 08:54:55 PM
 #56

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
Canada already made one and totally failed.  Canada are leaders at failing. 

What is the reason canada fail in cryptocurrency? Is it in goverment issue, or no support from their citizen?

I think it's the same failure as  Ecuador... no support from the people, probably they need an informative campaign or something
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December 17, 2016, 09:07:09 PM
 #57

I have not heard about a story like that, but if some countries did it, they probably failed. No one is going to use a cryptocurrency and endorse it as a national currency, there is not much people that know about cryptocurrencies. It would be a wreck, cryptocurrencies are all about being decentralized.

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December 17, 2016, 09:34:26 PM
 #58

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
Canada already made one and totally failed.  Canada are leaders at failing. 

What is the reason canada fail in cryptocurrency? Is it in goverment issue, or no support from their citizen?

I think it's the same failure as  Ecuador... no support from the people, probably they need an informative campaign or something

it's same condition with pesobit, cryptocurrency from philipine. developer very active to reach their goal, but it looks like no support from community. But i hope, it won't happen with pesobit

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December 24, 2016, 01:52:51 PM
 #59


Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
Canada already made one and totally failed.  Canada are leaders at failing. 
I doubt that any other countries would want to make a cryptocurrency after that catastrophe. And I don't think that a country would want to give up fiat and use a cryptocurrency instead.

I think it would be hard to make the virtual money to be fiat one, if so, just make sure that the country know what will happen for them
to support it, but then again it would be hard, you must conduct many tests so it would be successful.


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December 24, 2016, 01:59:27 PM
 #60

This could be an alternative. because it can make a country characterized by their digital currency. but there will be problems, is implementing the price when juxtaposed with bitcoin. ICO would be there, and it looks like an impossible thing for me.


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