Venezuela started it with their government-issued virtual currency or called Petro but many considered it as a failure because it is not widely accepted or used by its own people. The plan of other countries to issue their virtual currency in the future will surely many challenges and their no assurance that it will be accepted like the leading cryptocurrencies. Wealthy nations like the US might successfully launch their own crypto when they pegged its price to their own globally used currency, the dollar.
I think to make a virtual currency by a country, it must have a reference to determine the value of each of these currencies, or if that is the case, how do they relate to the development of bitcoin?