Turkey working on their own digital by end of 2020

[zero714309]

Who cares if it's crypto when it's centralized, controlled and under the eyes of the government. They would never put a cap on fiat, they can change the rules, they can now just more easily spy on transactions if they produce the wallets. It's a shit scenario. Fuck state owned crypto.

At first time im hearing about country created own crypto im very happy because i think people will more open mind in digital currency but after read your opinian i feel bad. I think your opinian almost true. This is fact we need more pay attention.

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[takngantuk]

After announcement of the creation of own national cryptocurrency made by the Chinese government another country (Turkey) also  joined the race of creating their own national digital currency name Lira, which was the first basic monetary unit used by Italian and Turkey before the introduction of Euro in the year 2002.
Source
I believe the reason why country are planning their own national crypto was because the IMF boss advised and the question is will more countries also creating their own national cryptocurrency?

Turkey's steps are very good. I hope they can become a crypto-friendly country in the future. since China said even his country would focus on developing the blockchain, many countries began to be interested in developing this technology.

[dimonstration]

Definitely most countries will transform their monetary system through digital assets. The bold move of Chinese government is strong influence that soon more countries will follow same path. But yet digital currencies will have no problem and can coexist with Bitcoin but probably citizens will still prefer holding speculative digital assets.

The fear is when every country create their own centralized coin they might ban crypto since it's their way to operate and monitor the currencies that are used by their people, but if they only want a way o use blockchain and not to ne left out on it's potential usage then it's really a good decision in Turkey.

[Obito]

After announcement of the creation of own national cryptocurrency made by the Chinese government another country (Turkey) also  joined the race of creating their own national digital currency name Lira, which was the first basic monetary unit used by Italian and Turkey before the introduction of Euro in the year 2002.
Source
I believe the reason why country are planning their own national crypto was because the IMF boss advised and the question is will more countries also creating their own national cryptocurrency?

National cryptocurrency? Well will it be valuable to non chinese or non turkey citizen? Still a great news. I thought China wayback then shuts down crypto currency even in the mainland. Maybe this was influenced by China truly a new revolution. Venezuela from what I heard started already accepting Bitcoin, and in mid 2020 there will be a halving I think it would be a golden year for crypto currency community I hope so.

[irixo10]

Well this is a good news however one needs to fully understand the working principles of these countries digital currency so that one won't end up loosing all privacy etc. From another angle, this will give or throw more limelight to the crypto space and when people gets educated and finds out Bitcoin is better it will attract more growth to the crypto space. Furthermore, I think other countries will also be thinking of creating theirs because no one will like to lose out.

[shoreno]

Well this is a good news however one needs to fully understand the working principles of these countries digital currency so that one won't end up loosing all privacy etc. From another angle, this will give or throw more limelight to the crypto space and when people gets educated and finds out Bitcoin is better it will attract more growth to the crypto space. Furthermore, I think other countries will also be thinking of creating theirs because no one will like to lose out.

 a good news ? no i dont consider it as one  . i feel that its bad if a country creates thier own crypto because they can ask people to support it and refrain from using the traditional cryptos  but this is only my what if's and maybe people can still refrain from the offer of thier governments and they will still prefer to choose cryptos  .  china and other countries before have done this idea right  ? but i dont seen any updates from them about the status of thier coins .

[huu78]

I'm sure other countries will follow China and make their own currency to compete and hope to cope with the price of their fiat which is always down.
But if the state makes its national currency only to replace Bitcoins in that country using the currency they make. Where Bitcoin is the pioneer of cryptocurrency itself and they want to get rid of it I think impossible.

[tinyteapot]

After announcement of the creation of own national cryptocurrency made by the Chinese government another country (Turkey) also  joined the race

On the contrary Turkey announces its own blockchain before the chinese government https://cointelegraph.com/news/turkey-announces-plans-for-a-national-blockchain-infrastructure though their announcement did not drive the market price.

will more countries also creating their own national cryptocurrency?

More countries shall be showing interest as soon as China implement their own blockchain. We should expect so many other problems/challenges after each countries implement their blockchain because government are know to be greedy and self centered.

[Ferris419]

I am still confused that is national currency will be good for the crypto market or bad! When a government creates a digital coin that means that it will be backed by a dollar or they will control it! A government Won't create totally decentralized currency! I am sure that more countries will follow China's movements! 

[tenakha]

After announcement of the creation of own national cryptocurrency made by the Chinese government another country (Turkey) also  joined the race of creating their own national digital currency name Lira, which was the first basic monetary unit used by Italian and Turkey before the introduction of Euro in the year 2002.
Source
I believe the reason why country are planning their own national crypto was because the IMF boss advised and the question is will more countries also creating their own national cryptocurrency?

This will be good in terms of mass adoption, but on the other hand I am afraid of its bad impact on the decentralized world. If all governments join in this trend and everyone has their own digital money, others will not be given the occasion and will do anything to exploit their digital money. Therefore, what concerns me in this case is the future location of decentralization, and unfortunately, it does not look bright to me at all.

[Emmy92]

The only thing I see good with this news is that it shows that of a truth digital currency or cryptocurrencies are doing a good work or filling a huge void in our everyday lives. Apart from this, one needs to be careful with these government owned coins because it will be highly centralized. Also, with these countries taking this step, will make other countries to follow suit and in all, will show that indeed Bitcoin is the only truly decentralized cryptocurrency.

[Wysi]

Well this is a good news however one needs to fully understand the working principles of these countries digital currency so that one won't end up loosing all privacy etc. From another angle, this will give or throw more limelight to the crypto space and when people gets educated and finds out Bitcoin is better it will attract more growth to the crypto space. Furthermore, I think other countries will also be thinking of creating theirs because no one will like to lose out.

Whenever a country says they are adopting blockchain technology or working in it they mean to create their own digital currency in order to stay up to the latest technology and now this news of China embracing blockchain technology has spread like a wildfire and there will be more countries who will follow the same in order stay up to date with modern technology and definitely this will benefit crypto as one the users studies more they will understand the benefit of crypto over centralized digital currency.

[Aabcde]

I am sure other countries will soon follow when China and Turkey succeed in implementing the blockchain in their countries.
There are definitely crypto lovers who disagree with this because what the country is making is a centralized currency digitalization. But I am neutral, as long as it is beneficial for the country and makes it easier for the people, I cannot say bad words. At least, later, many ordinary people will be aware of the existence of crypto beside their country's coin. And it is hoped they will buy other assets such as bitcoin and altcoin.

[saint_casanova]

Only under pressure of sanctions that countries start to pay attention to digital asset/cryptocurrency. Same thing with China as they also turn 180* about Bitcoin, remove restrictions on it and not so hell-bent on banning it.

[posi]

After announcement of the creation of own national cryptocurrency made by the Chinese government another country (Turkey) also  joined the race of creating their own national digital currency name Lira, which was the first basic monetary unit used by Italian and Turkey before the introduction of Euro in the year 2002.
Source
I believe the reason why country are planning their own national crypto was because the IMF boss advised and the question is will more countries also creating their own national cryptocurrency?

I never heard if the IMF boss has already advised the country to create their crypto. As far as I know, this to help the country to defend its country from an embargo that has already happened. Turki is also a country which is near from the crisis.


I never think if IMF boss gives advice for a country to create their own crypto because so many bankers are feeling contradicted with it. For me, it can't be a strong reason why more country is interesting to issue its own nation cryptocurrency.

We have so many things to be discussed. May I know where are you getting that rumour if IMF boss is giving it? I meant about advice that already mentioned in your post.

Christine Lagarde (IMF boss) make the advising statement last year November and a couple of countries about 20 if I can still remember correctly which China and Turkey was among vows to create their own national crypto then.
Meanwhile, the huge number of bankers which are against crypto by ignoring it better was the reason why she make that statement then.

Indeed more and more countries are joining the train. Binance has also announced its partnership with Ukrainian government to provide an advisory role in their upcoming finances digitization and crypto regulations. https://cryptopress.news/binance-to-play-advisory-role-in-the-upcoming-ukraine-crypto-regulations/

This is definitely also a big one and I'm sure the binance partnership with the Ukrainian government will yield something good to the crypto space.

[CjMapope]

After announcement of the creation of own national cryptocurrency made by the Chinese government another country (Turkey) also  joined the race of creating their own national digital currency name Lira, which was the first basic monetary unit used by Italian and Turkey before the introduction of Euro in the year 2002.
Source
I believe the reason why country are planning their own national crypto was because the IMF boss advised and the question is will more countries also creating their own national cryptocurrency?

Here we go i guess!  look for the next 10 years all sorts of countries to follow China in making a reserve currency
the temptation is too great, talk about greed tho, they already, by control of their countries mints, inflated most of their currencies to worthless status
Now they are making up NEW money systems to do it again.  Crazy greedy govs are

[hulla]

Who cares if it's crypto when it's centralized, controlled and under the eyes of the government. They would never put a cap on fiat, they can change the rules, they can now just more easily spy on transactions if they produce the wallets. It's a shit scenario. Fuck state owned crypto.

Aren't the so called big boys in the cryptocurrency space already an exact of what you just described? Ripple (XRP) and EOS are an example of a centralized cryptocurrency yet the community is patronizing them. If this is what we have to sacrifice for the adoption of cryptocurrency globally then I'm ok with government owned cryptocurrency although that doesn't mean I would be patronizing them. The development of this national cryptocurrency will skyrocket the awareness on cryptocurrency and probably enlightening more individual on digital currency.

We needs this government centralized coins so more individual can realize how important bitcoin is since it isn't operated in the manner those centralized coins would be. While bitcoin provides freedom, the government issued coin would just be a replica of fiat (mode of operation) on blockchain probably stablecoins.

You guys both make a good point and I don't think we should only focus on the centralized side of the coin which will be create by the government but the recognition and global awareness of blockchain and cryptocurrency which government issued coin will generate.

[suzanne5223]

Who cares if it's crypto when it's centralized, controlled and under the eyes of the government. They would never put a cap on fiat, they can change the rules, they can now just more easily spy on transactions if they produce the wallets. It's a shit scenario. Fuck state owned crypto.

Basically it is a step to turn their fiat into cryptocurrency. Not for the sake of being centralized and some characteristics that privacy coin mostly has. The main advantage they can see is to make their transactions much more efficient in terms of speed and reliability. The government will not and never support their own crypto if they will not have control over it in such a way that they need to regulate it for the sake of their economic stability and improvements.

The issue is the main governments that are starting to rally behind their own state ran crypto are countries that are full of civil unrest and pseudo dictatorships. This doesn't bode well for their freedom, the government will create the wallets and tie them to individuals, they can then easily look at any person of interest and watch all of their transactions. This will definitely be used maliciously by these governments against people they don't like. You think they won't have copies of their private keys as well? They could easily load up a wallet sending transactions to drug dealers (or what have you let your imagination go wild) wallets who get arrested a week later and then and say oh look here their wallet showed a transaction from well known political activist, were going to have to go get him.

I don't trust this shit at all.

You might be right due to the role played by the government in terms of centralization but we can't know what will really happen if we don't give them another chance cause we can't judge people with what are they once were but who they are.
Mind you, people won't be force to use the national digital coin, for crypto to be mainstream of payments need something like this and if the governments create their own crypto is a plus for the whole community and crypto user.

[Meowth05]

I am sure other countries will soon follow when China and Turkey succeed in implementing the blockchain in their countries.
There are definitely crypto lovers who disagree with this because what the country is making is a centralized currency digitalization. But I am neutral, as long as it is beneficial for the country and makes it easier for the people, I cannot say bad words. At least, later, many ordinary people will be aware of the existence of crypto beside their country's coin. And it is hoped they will buy other assets such as bitcoin and altcoin.

It seems government are now seeing the capabilities of Blockchain technology, this could now be now the beginning of digitalization of currency. They create their own cryptocurrency probably because they want to replace or simply dethrone the leading decentralized currency which is Bitcoin. They want to create a cryptocurrency for their people that can be regulated unlike Bitcoin.

[hulla]

I am sure other countries will soon follow when China and Turkey succeed in implementing the blockchain in their countries.
There are definitely crypto lovers who disagree with this because what the country is making is a centralized currency digitalization. But I am neutral, as long as it is beneficial for the country and makes it easier for the people, I cannot say bad words. At least, later, many ordinary people will be aware of the existence of crypto beside their country's coin. And it is hoped they will buy other assets such as bitcoin and altcoin.

It seems government are now seeing the capabilities of Blockchain technology, this could now be now the beginning of digitalization of currency. They create their own cryptocurrency probably because they want to replace or simply dethrone the leading decentralized currency which is Bitcoin. They want to create a cryptocurrency for their people that can be regulated unlike Bitcoin.

The last time I checked the governments which are planning to create their own national digital currency are not planning to replace or dethrone bitcoin but planning to join the crypto race in other not to be left out of the new innovation and also to avoid their national currency been obsolete.