Will countries or central banks create their own cryptocurrency?

[diva.man]

In China, the central bank is preparing to issue digital money!

They feel that the development of digital currency is bringing new opportunities and challenges to the monetary issuance and monetary policy of the central bank.

[btcrut2017]

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?

For now i don't think so that they will create their own cryptocurrency. They are keen on adapting or utilizing the blockchain technology for their payment system. Maybe in future if they can see that it is advantageous on their part to use their own cryptocurrency.

[JesusCryptos]

Venezuela has already made an ICO of its national cryptocurrency, Petro, backed by oil, and if I remember well it has raised 735 Million $, and it's now planning another currency backed by gold. And the news has just come in that now also Iran plans to make a national cryptocurrency.
Sooner or later, also governments of the rest of the world will follow.

[Dragon5]

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.

[spacesniper93]

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.

[mezzaluna]

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.

[zergenyt09]

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.

[DirtyMiner]

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

[mai2mai]

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.

As I understand Petrol, like Ripple, is not a real cryptocurrency, cause it's fully centralized. Am I right?

[political1907]

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.

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.

[jonaire99]

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.

[Semaj123]

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.

[vv181]

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.

[JL421]

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

[torch2121]

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

[Bitcoinjheta]

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.

[Choyor]

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?

The countries of the world do not close their eyes to the widespread crypto. Therefore, each country will also utilize blockchain technology which is the basic technology of bitcoin and other cryptocurrency operations. with this technology, does not rule out if there are countries that change their money with digital money and create their own crypto. .

[CherRic]

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.

[stompix]

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

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.
 

[atomicgroup]

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.