WHICH COUNTRIES INTEND TO CREATE THEIR OWN CRYPTOCURRENCIES?

[Richard Jonason]

The first virtual currency was introduced in 2009 with the spread of Bitcoin. This spread was limited initially. The virtual currency did not have any scope for use in buying, selling and investing. After a short time it became widespread in some countries in online purchases, which led to the widespread use of virtual currencies and the rise in Bitcoins value, drawing the attention of some countries to the importance of virtual currencies, and some began to think of creating a virtual currency, especially because of the widespread use of it.

Spread of virtual currencies in the countries of the world

After the success of the currency in the global economic environment, many investors in the world are investing in the virtual currency, and the authorities have responded by supporting investors. For example, the Belarusian president said that virtual currency trading is allowed and all related operations are implemented, as well as the government’s attempt to use virtual currencies to become a specialized country in this field. The storage, transfer and exchange of symbols in virtual currencies and encrypted operating systems are subject to both individual and institutional activities alike in this field.

Russia is expected to begin discussing a legal regulation authorizing the use of virtual currencies. A document is expected to be passed by the end of March 2018 to discuss controls on the use of virtual currencies, and Russian officials support the use of digital currency in Russia in general. Vladimir Putin, the Russian president, believes that the legitimacy of virtual currencies comes with specific limitations.

Virtual currency creation projects

Some countries are creating their own virtual currency because of their positive impact on the country’s economy. The Israeli Foreign Ministry and the Central Bank of Israel are considering the possibility of creating a digital currency for the Israeli government based on the Israeli government’s study and responding to the increased demand for virtual currencies by linking personal investor accounts with their phones to ensure that some tax payments are not evaded, The central bank will oversee the trading of virtual currencies.

As a result of economic transactions between Saudi Arabia and the United Arab Emirates, the question of the accepted digital currency in international trade was discussed. It’s a joint venture with the Saudi Arabian Monetary Agency aimed at using Blockchain technology to issue currency for trading between them.

Countries that intend to create a special currency

Germany is one of the first countries to officially recognize the use of virtual currencies since the emergence of Bitcoin as an electronic currency, and the recognition of the virtual currency from a state like Germany, which is one of the strongest economies in the world, is considered to be an indicator of the future currency trading in addition to the possibility of creating a currency for this country.

In Switzerland, Swiss rail companies announced a project to measure the acceptability of virtual currencies by starting to sell the virtual currency “Bitcoin” in stations last November. Swiss rail companies said they are testing the demand for the country’s virtual currency trading. The pilot project will last for two years, and if there is a reaction to the purchase of the currency, this indicates the launch of another project aimed at creating a virtual currency for Switzerland.

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[poodle63]

India, China, Venezuela (already created petro backed with oil but there will be another crypto called crypto oro backed by the gold).  But it looks like the majority of countries are intended to create their own cryptocurrency just seeing this as long-term plan and they will not try to do that soon.

[saruxanyan]

Yes, right now many countries are studying this policy of crypto currency and there are already new coins in use in the country where it is legalized.

[Klovezio]

The first virtual currency was introduced in 2009 with the spread of Bitcoin. This spread was limited initially. The virtual currency did not have any scope for use in buying, selling and investing. After a short time it became widespread in some countries in online purchases, which led to the widespread use of virtual currencies and the rise in Bitcoins value, drawing the attention of some countries to the importance of virtual currencies, and some began to think of creating a virtual currency, especially because of the widespread use of it.

Spread of virtual currencies in the countries of the world

After the success of the currency in the global economic environment, many investors in the world are investing in the virtual currency, and the authorities have responded by supporting investors. For example, the Belarusian president said that virtual currency trading is allowed and all related operations are implemented, as well as the government’s attempt to use virtual currencies to become a specialized country in this field. The storage, transfer and exchange of symbols in virtual currencies and encrypted operating systems are subject to both individual and institutional activities alike in this field.

Russia is expected to begin discussing a legal regulation authorizing the use of virtual currencies. A document is expected to be passed by the end of March 2018 to discuss controls on the use of virtual currencies, and Russian officials support the use of digital currency in Russia in general. Vladimir Putin, the Russian president, believes that the legitimacy of virtual currencies comes with specific limitations.

Virtual currency creation projects

Some countries are creating their own virtual currency because of their positive impact on the country’s economy. The Israeli Foreign Ministry and the Central Bank of Israel are considering the possibility of creating a digital currency for the Israeli government based on the Israeli government’s study and responding to the increased demand for virtual currencies by linking personal investor accounts with their phones to ensure that some tax payments are not evaded, The central bank will oversee the trading of virtual currencies.

As a result of economic transactions between Saudi Arabia and the United Arab Emirates, the question of the accepted digital currency in international trade was discussed. It’s a joint venture with the Saudi Arabian Monetary Agency aimed at using Blockchain technology to issue currency for trading between them.

Countries that intend to create a special currency

Germany is one of the first countries to officially recognize the use of virtual currencies since the emergence of Bitcoin as an electronic currency, and the recognition of the virtual currency from a state like Germany, which is one of the strongest economies in the world, is considered to be an indicator of the future currency trading in addition to the possibility of creating a currency for this country.

In Switzerland, Swiss rail companies announced a project to measure the acceptability of virtual currencies by starting to sell the virtual currency “Bitcoin” in stations last November. Swiss rail companies said they are testing the demand for the country’s virtual currency trading. The pilot project will last for two years, and if there is a reaction to the purchase of the currency, this indicates the launch of another project aimed at creating a virtual currency for Switzerland.

Hi, Many countries have plans of nationalizing the cryptocurrency. I think, the rise of new economic age with cryptocurrency as a national currency will make quantitative easing much easier. Quantitative easing is an economic concept, whereby the central bank purchases predefined amount of financial assets and government bonds to give a boost to the economy. By having a national cryptocurrency, it will be easier to execute the concept of quantitative easing.

[European Central Bank]

i think when countries start looking into the actual mechanics of doing this they'll realise it's pretty much pointless.

i'm not gonna include the venezuelan one as that's probably a cash grab.

canada looked into this with the mintchip idea a few years ago and shelved it. i don't really see where the advantages lie for them. it'll have to be pegged to their existing currency. why not stick with the existing currency and make it slicker to use?

[oludare1]

Ecuador, Tunisia, Senegal, Estonia, China, Russia, Japan, Venezuela, Marshall Islands among others.

Portugal has its own national cryptocurrency by the name CryptoEscudo (CESC) which is named after the pre-Euro currency of Portugal.

Other countries planning to create their own digital currencies are listed below:
Sweden
United Arab Emirates
India among others.

[European Central Bank]

Portugal has its own national cryptocurrency by the name CryptoEscudo (CESC) which is named after the pre-Euro currency of Portugal.

maybe it's been put together by someone who once went on holiday to portugal. that's as official as that gets as far as i can tell.

look into the 'country coin' craze of a couple or more years ago. they were all crap created by scammers.

[LamontFalkner]

The first virtual currency was introduced in 2009 with the spread of Bitcoin. This spread was limited initially. The virtual currency did not have any scope for use in buying, selling and investing. After a short time it became widespread in some countries in online purchases, which led to the widespread use of virtual currencies and the rise in Bitcoins value, drawing the attention of some countries to the importance of virtual currencies, and some began to think of creating a virtual currency, especially because of the widespread use of it.

Spread of virtual currencies in the countries of the world

After the success of the currency in the global economic environment, many investors in the world are investing in the virtual currency, and the authorities have responded by supporting investors. For example, the Belarusian president said that virtual currency trading is allowed and all related operations are implemented, as well as the government’s attempt to use virtual currencies to become a specialized country in this field. The storage, transfer and exchange of symbols in virtual currencies and encrypted operating systems are subject to both individual and institutional activities alike in this field.

Russia is expected to begin discussing a legal regulation authorizing the use of virtual currencies. A document is expected to be passed by the end of March 2018 to discuss controls on the use of virtual currencies, and Russian officials support the use of digital currency in Russia in general. Vladimir Putin, the Russian president, believes that the legitimacy of virtual currencies comes with specific limitations.

Virtual currency creation projects

Some countries are creating their own virtual currency because of their positive impact on the country’s economy. The Israeli Foreign Ministry and the Central Bank of Israel are considering the possibility of creating a digital currency for the Israeli government based on the Israeli government’s study and responding to the increased demand for virtual currencies by linking personal investor accounts with their phones to ensure that some tax payments are not evaded, The central bank will oversee the trading of virtual currencies.

As a result of economic transactions between Saudi Arabia and the United Arab Emirates, the question of the accepted digital currency in international trade was discussed. It’s a joint venture with the Saudi Arabian Monetary Agency aimed at using Blockchain technology to issue currency for trading between them.

Countries that intend to create a special currency

Germany is one of the first countries to officially recognize the use of virtual currencies since the emergence of Bitcoin as an electronic currency, and the recognition of the virtual currency from a state like Germany, which is one of the strongest economies in the world, is considered to be an indicator of the future currency trading in addition to the possibility of creating a currency for this country.

In Switzerland, Swiss rail companies announced a project to measure the acceptability of virtual currencies by starting to sell the virtual currency “Bitcoin” in stations last November. Swiss rail companies said they are testing the demand for the country’s virtual currency trading. The pilot project will last for two years, and if there is a reaction to the purchase of the currency, this indicates the launch of another project aimed at creating a virtual currency for Switzerland.

i am not here to name countries but share my opinion that governments of counties should make these crypto legal like some countries are still making crypto illegal this is the future..

[junrecana]

I think all countries would make their own crypto currencies after a couple of years do to the influence of cryto. They would try to make a good project to spread worldwide. Let just see what happen next in the future.