Will countries or central banks create their own cryptocurrency?

[Saksham]

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?

A good answer to this question is PETRO, the Venezuela's cryptocurrency, it was all over the news so the incredible became reality, everything is possible.

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[Vatimins]

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?

     Well, judging by the similarities of how governments and banks are reacting or dealing with bitcoins or with the crypto world as a whole together with all the actions of some of these country's government and banks, I pretty much think that something like this is pretty logical to think about and might really do happen anytime within the near of far future. Because clearly, even with the drawbacks of crypto currencies and all, it obviously has a lot of good benefits and innovations that banks and governments can clearly use to improve their monetary system and get more benefits for themselves with the plus of having a great alibi to rid themselves and their countries off of cryptos once and for all. That is what I think.

[jeanne513lefe]

I think it is something that they would put into consideration, because it reduces transaction costs and is easier to track even the smallest transactions.
However, I don't think that countries would likely create a cryptocurrency with an anonymous feature in it.  They won't be able to take taxes if they do so.

[mbluxs]

I think this could happen. creating a digital currency for their own country whose price is not volatile. in my country The central bank is reviewing the existence of cryptocurrency and blockchain. they are looking

[liseff3]

In fact this has indeed happened and china has started it first  by launching its first coin which is named Neo. The move finally followed by Sweden with its coin called Sweden's Coin. Given the examples of such events it's certain that such actions will be followed by other countries in the future.

[wxa7115]

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?

That is already happening and I will be not surprised if almost all the countries of the world had their own cryptocurrency in just a decade but like always they are missing the point, they think people are using crypto just because it is new or because it is fashionable to do it, we use crypto because of its characteristics and one of those characteristics is the lack of centralized control which means most of us will never use a crypto released by any government.

[queenlaurel]

Whether they ignore the name or not, if it becomes possible for them to create their digital coin, they will still have to introduce it has something the people has heard off and they have knowledge about it. Its possible for them to create their own digital currency because someone started bitcoin and cryptocurrency,  so its possible. The thing their is that, just has their has been corruption in the previous fiat, there will be corruption in their digital currency. They always want to have control so they can eat more than the masses. I hope they dont succeed.

[andrei56]

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?

I think that many countries will try to create their own crypto currency, but these attempts will not be successful. Crypto currency was created for the purpose of anonymity and decentralization, and government crypto currency will not have such features.

I have seen some countries mention something about creating their own cryptocurrencies, but I don’t think such an idea will work out pretty good for them. It will just put them into a blind competition with others, where they will all gain nothing. Why I said this, is because their cryptocurrencies are likely to be centralized or something.

Why won't it work out if I may ask? Sure, it will be another centralized currency and moreover the cashless policy has already started making the usage of physical cash go into extinct in some societies, so using the blockchain to start generating currencies and throwing it out to the nation and making it tradable globally since that is one of the things that makes crypto trading tick, then I see no reason why it cannot make a lot of sense having them adopt blockchain technology.

Maybe it will maybe it wont, right now countries are not releasing their coins because it will be useless most users like us will never touch a coin like that so the coin will surely fail but as more people begin to buy cryptocurrencies it will be possible such coins become more successful as those that come later will not have as much knowledge and will not be as idealistic as some of the people in this forum.

[Bowly88]

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?

I think in the future they will decide to create their own digital money because they need to cope up with the technology innovation but the thing is they are thinking also about the people in their surroundings if they can also access it because money is important in the world you cannot buy or have anything without money and you cannot access digutal money without a device and poor people cannot have that so they cannot create some digital money today because that would be racist if they do that.

[d5000]

In fact this has indeed happened and china has started it first  by launching its first coin which is named Neo.

Neo is managed by the Chinese state? That is new for me. OK, China is a "communist" country with a mostly centrally planned economy where many enterprises are state enterprises, so  maybe technically you're right here ... but I didn't read anything about an engagement in the State in NEO, And even if that was the case, for me it's still very different from a real "state-managed cryptocurrency" like those proposed by Venezuela and Sweden.

The move finally followed by Sweden with its coin called Sweden's Coin.

I think you mean the E-krona. However, the launch is expected to take place "in a couple of years", according to the article I linked. Venezuela very likely will be faster as the pre-sale has already begun, but I have not exactly very big expectations for the possible success of their "Petro", to say it in a polite manner.

[Rony24h7]

Who knows? It is not very easy to create own cryptocurrency because it is related with blockchain technology. A country have thought about creating that but I don’t know what happened next. it is depending at their own necessity only. We can not say anything about it. There is no any official declare about to creating this by any bank or countries.
We only can see what will come at future. if they feels the necessity of this then they wmay create but it will not effect on current cryptocurrency so that you should put your mind on your current deal so that you can able to get benefits from these system you have right now.

[andrei56]

Who knows? It is not very easy to create own cryptocurrency because it is related with blockchain technology. A country have thought about creating that but I don’t know what happened next. it is depending at their own necessity only. We can not say anything about it. There is no any official declare about to creating this by any bank or countries.
We only can see what will come at future. if they feels the necessity of this then they wmay create but it will not effect on current cryptocurrency so that you should put your mind on your current deal so that you can able to get benefits from these system you have right now.

It may not be that easy for the average person but for a country that has almost limitless resources creating a coin is trivial, it is not really that hard at all, the biggest difference is they cannot really create something like bitcoin not because they are unable to do it but because they do not want it they do not want to give freedom to people so they will create a coin that is the same as fiat.

[linshisui38]

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 guardians of the global economy have two big problems to solve. The first is that the rise and development of private cryptographic currencies has received increasing attention - is the bank issuing a formal official version?

The central bank has said that policymakers should not ignore the growth of cryptocurrencies and consider whether to issue their own digital currency at some point. The bis says: "bitcoin has gone from being an obscure curiosity to a household name. One option is a currency that the public can use only if the central bank can issue units that can be converted directly into cash and reserves. However, Banks may run more risk and commercial Banks may face a shortage of deposits. Privacy can also be a problem.

[dollarneed]

Who knows? It is not very easy to create own cryptocurrency because it is related with blockchain technology. A country have thought about creating that but I don’t know what happened next. it is depending at their own necessity only. We can not say anything about it. There is no any official declare about to creating this by any bank or countries.
We only can see what will come at future. if they feels the necessity of this then they wmay create but it will not effect on current cryptocurrency so that you should put your mind on your current deal so that you can able to get benefits from these system you have right now.

You know what there are so many countries out there are starting to learn blockchain technology, it is impossible for them to accept bitcoin or another crypto but to creating one it might be possible they realize that the blockchain is the powerful technology which can revolutionize their banking system from traditional to modern one, there are so many advantages if this technology could be implemented for example cutting to much cost, increase acceleration and strongly secure.

[marcbitcoins]

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?

They already did like Venezuela in which they name it Petro coin and there are countries like Sweden (Sweden coin), China( Neo) have created their own coins too but the status still uncertain except NEO. We will just and wait see for the others if it will works in the long run but if the people will fully support their created coins then i believe it will be worth for competency with the other existing coins in the market.

[brotherwood12]

maybe but ithink they need something " new " to get their own investor because yah you know , crypto right know better than central bank i think

[Aryanto28]

it seems so. Seeing the development of the era that is now easy with online-based there are some banks that began to make crypto which was launched from the bank system that he has the way it works almost the same as the system widely used by crypto in general. except that he is legitimate from the bank.

[Riddikulo]

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?

I have not heard about the banks, but several countries are going to create their own cryptocurrency.

https://news.bitcoin.com/putin-cryptoruble-sanctions-bank-of-russia-skeptical/

[gua86402]

China's central bank is already studying its own digital cryptocurrency!

In my view, the central bank's focus on the digital currency is about its traceability.

[Rooster101]

Some countries have already launched their own cryptocurrencies and more will be joining in the future. Cryptocurrencies are traditionally decentralized and not even the government's central bank can control it but this is also one of the reasons why some governments wants to create own virtual coin. Some central banks thinks that they would also benefit from creating their own cryptocurrency because it impossible to counterfeit because it is cryptographically secured and can't be copied.