Dubai Will Issue First Ever State Cryptocurrency

[Tyrantt]

I've wanted to post this in alt-coin section but something came to my mind.

so:

According to Ali Ibrahim, Deputy Director General of Dubai Economy, the token will be considered legal tender “for various government and non-government services, from their daily coffee and children’s school fee to utility charges and money transfers.”

I believe this is something everyone wants for bitcoin, to be used just as described here, but as we can see, every time some country is adopting crypto they're speaking of their own state currency. So sometime in the future, every state will have their own local crypto currency and where does that put bitcoin? Will bitcoin become a full investment asset once every country has it's or crypto? Thoughts?


source: https://cointelegraph.com/news/dubai-will-issue-first-ever-state-cryptocurrency

[949miner]

Yes but this is pretty old, those who are really stunned into this forum should know that this notice has been published in here a few weeks ago, or maybe months, i dont remember it well.
But yes, it is a very good idea and maybe some other countries should start to do the same, just like Russia is doing with their cryptorubles. But seeing it coming from Dubai is a little bit shocking for me, anyway, those are good news after all.

[megynacuna]

It's encouraging to know that one of the biggest Middle East economies have begun this innovation. It speaks volumes of what a revolution Bitcoin and its accompanying blockchain technology has brought to our world and we should all support and embrace it.  I wish their tokens will be mineable too so that we can mine and go shopping in Dubai after a decent maturity of the coins.

[cynical]

It puts bitcoin in exactly the same position it is in at the moment, an alternative option to fiat currency and an alternative to investing in traditional stocks all controlled by governments and banks

[aisyah88]

we pray that the dubai state be the first and we must continue to support it so that dubai remains confident to make it the first country of dubai cryptocurrency...

[BTCLovingDude]

i do believe that in the near future, there will be many state local currencies issued by the governments of different countries. but most of them will mostly fail to gain any traction.

it is a simple matter of fact too. people who don't understand the new technology wouldn't want anything to do with those coins and will stick to fiat and banks (old system) and those who understand the blockchain technology wouldn't want something that is centralized as long as the decentralized bitcoin lives so they choose bitcoin over others any day.

but most of the times when i hear the country crypto currencies i hear they want to improve their internal banking systems more than wanting to release a stand alone currency.

[paloloy]

They are revolutionizing cyptocurrency as if they want to adapt the future of economy and trade. After Dubai, Russia and other powerful countries will then develop their own digital assets and the rest of the world will follow what they are doing.

[paloloy]

i do believe that in the near future, there will be many state local currencies issued by the governments of different countries. but most of them will mostly fail to gain any traction.

it is a simple matter of fact too. people who don't understand the new technology wouldn't want anything to do with those coins and will stick to fiat and banks (old system) and those who understand the blockchain technology wouldn't want something that is centralized as long as the decentralized bitcoin lives so they choose bitcoin over others any day.

but most of the times when i hear the country crypto currencies i hear they want to improve their internal banking systems more than wanting to release a stand alone currency.

Yes, there are too many Altcoins today and these Altcoins has the possibility that cannot be allowed to exchange to the local country. Every nation will have a cryptocurrency next to their fiat.

[Ctn]

I think that will still run on the blockchain technology and that means its going to be great help to the people of crypto community. How? May be Dubai will invest great amount of money into the blockchain and then this will help grow the money into bitcoin development funds leading technological advancements. If this happens then we will see rise in the prices of bitcoin ultimately. So one way other it might just help bitcoin though it is not bitcoin itself.

[peterthegreat]

Why are such old topics always posted? I thought everyone knew about DubaiCoin already. It has been around since mid 2016...

[Kprawn]

Bitcoin will be borderless and not bound to the political decisions of a single country, making it even better. We have seen how

stupid political decisions has ruined Fiat currencies value in some countries. {Zimbabwe, Venezuela etc...} These "State"

Crypto currencies will follow the same path. The governments wants more coins, so they just change the code <-- It's biggest

point of failure. 

[BitProNews]

Bitcoin will be borderless and not bound to the political decisions of a single country, making it even better. We have seen how

stupid political decisions has ruined Fiat currencies value in some countries. {Zimbabwe, Venezuela etc...} These "State"

Crypto currencies will follow the same path. The governments wants more coins, so they just change the code <-- It's biggest

point of failure. 

Discussable view point !!
This will be the great fail for cryptocurrencies environment. Centralized authorities want to manage the crypto world without solving issues of inflation and ask/bid further using crypto for international trade.

[goldenmistletoes]

I've wanted to post this in alt-coin section but something came to my mind.

so:

According to Ali Ibrahim, Deputy Director General of Dubai Economy, the token will be considered legal tender “for various government and non-government services, from their daily coffee and children’s school fee to utility charges and money transfers.”

I believe this is something everyone wants for bitcoin, to be used just as described here, but as we can see, every time some country is adopting crypto they're speaking of their own state currency. So sometime in the future, every state will have their own local crypto currency and where does that put bitcoin? Will bitcoin become a full investment asset once every country has it's or crypto? Thoughts?


source: https://cointelegraph.com/news/dubai-will-issue-first-ever-state-cryptocurrency

That would be a good news since dubai is a known develop country. If they're going to embrace and accepts cryptocurrencies then I think bitcoin and all altcoins would benefit too.

[BrewMaster]

i also doubt that Dubai is the first, they are probably not even fifth country to issue a state cryptocurrency. and that is all advertisement for their new altcoin that also happens to be very centralized.
and altcoins like these have failure written all over them. and it is not just the fact that this altcoin is centralized to one government but it is also limited and centralized to one country!

for example as long as there is the global and decentralized bitcoin, nobody is going to use DubaiCoin the exchange rate alone makes it not a wise decision.

[paul00]

If this will happen, bitcoin value would probably be a hit and will increase due to investors. And we are not just talking about few medium investors but big time investors who are willing to take higher risk due to higher credibility of bitcoin. I just hope that once this happened to Dubai, our country as well as yours will adapt the same thing.

[bitbunnny]

Many governments are trying to issue state covered cryptocurrencies. The main reason is probably the control they could have that way and centralization, of course. But such cryptocurrencies can't reach the success of Bitcoin and such broad implementation, not the significant number of users. So, I don't realy see the point of that.

[stompix]

Why are such old topics always posted? I thought everyone knew about DubaiCoin already. It has been around since mid 2016...

Dubaicoin was just an ordinary altcoin with a fancy name.
We had spaincoin, auroracoin, italycoin, ...every damn country on this earth coin.
And regional coins also, scotcoin, cataloniacoin,  even newyorkcoin.

This time we're talking about an official crypto backed by the government with a fixed value.
Not a pump and dump scheme like the others.

i also doubt that Dubai is the first, they are probably not even fifth country to issue a state cryptocurrency. and that is all advertisement for their new altcoin that also happens to be very centralized.

They still might make it to number one.
Until now we had no official crypto issued by a central government. Plans don't count.

[khaled0111]

During last years, Dubai started investing in new technologies which turned it to one of the richest cities in the world and it is attracting new investors every day. This project will succeed because there will be a lot of money pumped in it.

[wooch4aeye]

Russia also want to start them own one not know what will be difference between it and BTC .
Dubai will make it’s own coin and will start accepting bitcoin in future

[SushGo]

That would be great if Dubai launch the cryptocurrency, Dubai is known for adopting the new technology and I am sure they will set an example for other countries to follow the crypto revolution.