national cryptocurrency: how far are we from seeing a country mainly rely on one

[fourplealise]

As far I understand government try to make a policy that why crypto and regular currency both are the medium of transaction. It will take time but I belive after some years crypto will accept all over the world

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[Wexnident]

how long before a country will implemet a national cryptocurrency that will be main currency?

Such government will still try to study and understand what is all about crypto. They are going to make it better first before implementing anything. We should try and wait if they are going to use cryptos in the future.

Definitely, cryptosystem is under observations of mostly governments as of now. They really wanted to study it first before they implementing just to have the assurance that it can't cause damages to their community because this is a very important matter that needed a deep observations and studies. The government wanted the best for their economy and their community so for now maybe they needed much more time to having decisions for this matter.

[Herbys]

how long before a country will implemet a national cryptocurrency that will be main currency?

I think it should take 5-7 years after the legalization of the cryptocurrency at the government level.

But national cryptocurrency will be in circulation on the rise with the usual currency.

[Juggy777]

Some countries are making some real good progress but it's yet early to say that'll happen to soon it can be only be possible whose currency is devaluating and badly needs another currency and one that can be globally accepted. Another problem many countries are not accepting so one country can't fully rely on bitcoins but in coming months we could see that change.

[KingScorpio]

venezuella unleashed one, and also, iran is doing, so there are already existing

[Reatim]

venezuella unleashed one, and also, iran is doing, so there are already existing

I was about to say that. However, are they really making government backup coins to circumvent trade sanctions against them by the West lead by the US? Or they are really doing it to save their country? There's a lot of questions as it is pegged on oil and gas if I'm not mistaken, so those states can clearly manipulate it in their favor that could really damage cryptocurrencies reputation.

[unusualfacts30]

Some countries are already considering it because hyperinflation is killing them. How long can you act like it's all fine and reset the currency by changing its name or cut a couple zeros. Last year your loaf of bread costed 1000, now it will cost you 10, because that's how we roll, and in 2 years it will al be back to 1000 again
People are already preferring to trade phone cards instead of their national currencies, it won't take long before they learn how to use BTC.

lol. that is an accurate statement. I'm seeing a lot of movement from many countries whose economy is ready to jump off the cliff. It won't be too long before we start seeing a ripple effect and everyone starts choosing crypto

[Nisharawal]

how long before a country will implemet a national cryptocurrency that will be main currency?

Right now the overall cryptocurrency market is not having strong support from the majority of countries in the whole world and i think there will be some meetup or summit where major countries would plan to regulate the cryptocurerncy with some strict universal or atleast national rules and regulations by which they can atleast control the cryptocurerncy to a certain level and i believe that it will happen soon.

[oseikuf44]

I think it depends on the development stage of the country. A developed country with a higher rate of literacy and understanding of Fintech will likely implement a cryptocurrency into their main currency system that a less developed country.

[CanineDanny]

"national cryptocurrency"
These two words coming together sound like an oxymoron. The word "national" here is ironic because it contradicts the main idea behind any cryptocurrency, i.e. decentralization. Aren't I right?

"Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems."
(Wikipedia)

[BitBustah]

I don't think we will see a national cryptocurrency.  Government money works on fractional lending and endless amounts of debt.  With cryptocurrency you can't loan money you dont have.  Fiat is the only way these governments can print and loan endless amounts of money.

[louie69]

I think some of the countries that has mass adaptation may consider cryptocurrency to become a national currency since these countries are seeing great advantage when this will be implemented.  However this may take time for deliberation and discussion by the government considering to such proposal.