Countries testing digital assets in 2020

[JessicaVL]

Digital Assets are still not considered to form part of the mainstream, but things are changing. More and more governments are recognizing the potential of blockchain and cryptocurrency technology, and implementing their own coins. We’ll be taking a look at all of the countries testing digital assets in 2020, and where this technology could take us.

Dubai
Dubai announced their cryptocurrency Emcash in 2017 - which became the world’s first state-backed digital asset. Emcash tokens run on a native blockchain, which will officially be implemented in 2020. This blockchain will be used for government and non-government services, including paying school fees, utility charges, and money transfers.

Russia
Russia has also shared it’s interest in creating a government cryptocurrency called Cryptoruble. Announced by President Vladimir Putin in 2017, the cryptocurrency will be linked to Russia’s Central Bank. The coin is currently still in development.

Japan
Japan is expected to launch their own digital asset called J-Coin ahead of the Tokyo Olympics in 2020. Japan is one of the most progressive countries in Asia when it comes to cryptocurrencies. J-Coin will act as a supplement to Japanese Yen (JPY), and will be exchanged 1:1 with the JPY. Citizens will be able to buy goods and services with the digital asset.

J-Coin Pay, a digital wallet associated with the coin, has already been launched.

 https://twitter.com/TahsinAygun/status/1193617219210686464

Sweden
Another one of the countries testing digital assets in 2020 is Sweden. The Northern European state is considering launching its own state-backed cryptocurrency called the E-Krona, in an aim to make the state totally cashless. Currently only 20% of the businesses in Sweden accept cash transactions, so a digital currency would help move the country forward to becoming a cashless society. 


Canada.
Although the Canadian government has not publicly announced that they are testing a state-backed cryptocurrency, the Canadian central has expressed interest in potentially issuing a digital asset controlled by the Central Bank which acts as a digital version of the Canadian Dollar. In July 2018, the Canadian Central Bank conducted a study called the  “Central Bank Digital Currency and Monetary Policy” which highlighted the potential benefits of a state-backed digital asset.

https://www.youtube.com/watch?v=Wo1Y7PMDIjM

Why the sudden change of heart?
Up until quite recently, many countries were actually quite resistant to the idea of cryptocurrency and blockchain technology. After taking a look at the countries testing digital assets in 2020, it’s quite clear they’ve had a change of heart. This can be largely attributed to the immense success of Bitcoin, a change in attitude towards the digitization of our future in general, and the implementation of Facebook’s very own Libra coin. As cryptocurrencies become more accepted on a societal level and go mainstream, it’s likely that more and more governments will see the almost limitless possibilities that blockchain and digital assets have to offer.

https://www.youtube.com/watch?v=v8yKNmeU30U&t=26s

Blockchain and crypto technology can be used to further advance our collective society in so many ways - helping us adapt to an increasingly tech-based future. It’s up to our governments to implement them in ways that will benefit not only their citizens, but their country as a whole.

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https://www.etoro.com/blog/market-insights/countries-testing-digital-assets-in-2020/

[bitsurfer2014]

I was surprised why China wasn't included on that article considering the amount of news we've digested on the past several weeks about its state back cryptocurrency!

Now I'm eager to see on what will transpire on each country's crypto development. Will it ignite a so called global crypto race among bigger and influential countries in the likes of USA, Germany, France, etc.? And what will be its effects on global economy?

[crossabdd]

I was surprised why China wasn't included on that article considering the amount of news we've digested on the past several weeks about its state back cryptocurrency!

Now I'm eager to see on what will transpire on each country's crypto development. Will it ignite a so called global crypto race among bigger and influential countries in the likes of USA, Germany, France, etc.? And what will be its effects on global economy?

yes, I'm also surprised with this. while there is a lot of news about China that will use a new currency in blockchain-based recent weeks. in my opinion there will be many impacts. especially in the crypto world that we are currently working on. with countries making currencies on the blockchain. it will be increasingly difficult for bitcoin to compete in any country. because the currency built by the country will be accepted in any country and can be controlled and monitored.

[audaciousbeing]

I was surprised why China wasn't included on that article considering the amount of news we've digested on the past several weeks about its state back cryptocurrency!

Now I'm eager to see on what will transpire on each country's crypto development. Will it ignite a so called global crypto race among bigger and influential countries in the likes of USA, Germany, France, etc.? And what will be its effects on global economy?

You don't have to be surprised because every article is based on the opinion of the writer and its at his discretion to decides what makes it into his article so far other claims are not false. It could also be the timing because as I can remember it was until recent that there was news filtered across the crypto space about China looking the way of blockchain.

The change in heart is not something that is far fetched. Its just discovery that the world have come to embrace the digital age and its not going anywhere its not left for countries to want to join in or be left behind. I see other countries joining the train as we move into the future.

[cosmofly]

This is very good news about the crypto market but it is quite bad for the economies of many countries. What do you think about the corruption of the political system to use money to launder money and tax gradually fading in a confusing way?
I think there is no reason for governments to create cryptocurrencies for anything, this should be for private businesses. I am still from my old point of view that any government that creates their coin is suspicious.

[panganib999]

I was surprised why China wasn't included on that article considering the amount of news we've digested on the past several weeks about its state back cryptocurrency!

Now I'm eager to see on what will transpire on each country's crypto development. Will it ignite a so called global crypto race among bigger and influential countries in the likes of USA, Germany, France, etc.? And what will be its effects on global economy?

This. Ngl, China is at the front of the news with regards to crypto most of the time, and was the only country I actually knew of that was starting to create their own coin. Every country is basically preparing to what could possibly be the replacement for Fiat and are trying to dominate the market before it even happens. It's pretty much a race between all of them to see how things could possibly change with their respective coins.

If you actually look at it from one angle, it kinda seems like BTC would be the universal coin that is used for basis when digital currency replaces fiat. Though i don't really know if that works or meshes well with stablecoins.

[Twentyonepaylots]

I was surprised why China wasn't included on that article considering the amount of news we've digested on the past several weeks about its state back cryptocurrency!

I do too, guess China will clean their state before initiating this. Last week I've read a news that China is hunting down illegal registered exchanges and frauds that uses cryptocurrency, sadly BISS exchange were forcely closed due to conflict with China's control regulation along with 30 local exchanges. Maybe after a few months China will launch its own blockchain, we know Xi Jinping is eyeing on blockchain since then.

Now I'm eager to see on what will transpire on each country's crypto development. Will it ignite a so called global crypto race among bigger and influential countries in the likes of USA, Germany, France, etc.? And what will be its effects on global economy?

Cryptocurrency will have a vital role in our financial system, that's for sure. USA, China with European countries will lead this innovation, Google, IBM and Microsoft will provide the necessities. But definitely future challenges will not be easy especially with security and economic aspect. Bitcoin or new coin? What do you think what will it be ?

[Experia]

I was surprised why China wasn't included on that article considering the amount of news we've digested on the past several weeks about its state back cryptocurrency!

Now I'm eager to see on what will transpire on each country's crypto development. Will it ignite a so called global crypto race among bigger and influential countries in the likes of USA, Germany, France, etc.? And what will be its effects on global economy?

Maybe because they are already listed on those countries who adopted the cryptocurrency already, while countries above are new to enter this cryptoindustry this might really effect the crypto market because those are the countries that can have a huge effect to others.

[doomistake]

I was surprised why China wasn't included on that article considering the amount of news we've digested on the past several weeks about its state back cryptocurrency!

What is so surprising about it, they hate cryptocurrency and they had shut down all the local exchanges in their country, automatically, they would not be included in the list.

Now I'm eager to see on what will transpire on each country's crypto development. Will it ignite a so called global crypto race among bigger and influential countries in the likes of USA, Germany, France, etc.? And what will be its effects on global economy?

The effect of it would be simple, if it's going to be successful where big countries you've mentioned fully implanted the use of cryptocurrency, I am sure third world countries would also do the same to improve their economies as well.

[panganib999]

What is so surprising about it, they hate cryptocurrency and they had shut down all the local exchanges in their country, automatically, they would not be included in the list.

They hate BTC, not crypto. They bloody hate anything they can't or don't have control of. Whyd you think Baidu came into existence.

The effect of it would be simple, if it's going to be successful where big countries you've mentioned fully implanted the use of cryptocurrency, I am sure third world countries would also do the same to improve their economies as well.

Success isn't simply about planning or partaking into joining the big countries with their stable coin shenanigans. Adoption of third world countries of crypto is great and all, but I'd rather them concentrate develop on the MOST needed aspects of their current countries. I see no need for them to fight with other big countries.

[bitsurfer2014]

You don't have to be surprised because every article is based on the opinion of the writer and its at his discretion to decides what makes it into his article so far other claims are not false.

With such a hot topic and its wide scope, I guess it would be ideal if the publisher of that article could have at least mentioned China being in the limelight for the past several months now with regards on its plan to roll out a state backed cryptocurrency so that it would appear more comprehensive.

It could also be the timing because as I can remember it was until recent that there was news filtered across the crypto space about China looking the way of blockchain.

I beg to disagree. The article was just published 2 days ago that I can't understand why China's plans were never discussed since that news was consistent at the headlines of every crypto news sites.

This. Ngl, China is at the front of the news with regards to crypto most of the time, and was the only country I actually knew of that was starting to create their own coin.

Correct! Of all the countries mentioned on that article, none of which was ever consistent on its media propaganda on announcing its national cryptocurrency plans except China.

What is so surprising about it, they hate cryptocurrency and they had shut down all the local exchanges in their country, automatically, they would not be included in the list.

I cannot say China hate cryptocurrencies when in fact they had deliberately announced their plans to adopt a new state backed cryptocurrency and the report on the shutdown of local exchanges, if its true, could very well indicate a preparation for staging its planned crypto roll out.

The effect of it would be simple, if it's going to be successful where big countries you've mentioned fully implanted the use of cryptocurrency, I am sure third world countries would also do the same to improve their economies as well.

I am not very sure of what will happen next if those plans pushes through but I would assume there will be some kind of unforeseen issues that may occur to it or maybe some economic side effects could arise with it. So lets wait and see.

[abhiseshakana]

Blockchain does have a WOW effect in all parts of the world.

After the price skyrocketed at the end of 2017, industrial changes due to Blockchain technology have increasingly accelerated, particularly the financial and banking industries. The massive use of digital currencies will make financial institutions and governments predicted to be disrupted if they cannot innovate.

The world of cryptocurrency is very volatile and dynamic. Bitcoin is predicted to be an investment in Gold (Gold 2.0), which will be widely used for storing assets other than as a digital currency used for internet transactions. Along with the increasingly high phenomenon of adoption of digital currencies in various regions, it is likely that this digital currency will be widely used for business transactions without territory and time limit. this phenomenon will change the conventional business and industrial models that are firmly rooted before.

Responding to the emergence of bitcoin, governments in various countries have a diverse attitude. Starting from the open, half controlling, controlling, to prohibit. But of all the governments in the world, there is one similar attitude, namely that no one recognizes bitcoin as a legal tender (legal tender). So in any country, no one considers bitcoin as an official currency.

If previously the government had been waiting and seeing towards technology, financial technology. now the government chooses a "test and learn" attitude. Together with actors and other parties test and conduct experiments on the development of technological innovation in the financial sector. This is the government's new paradigm in responding to the digital age.

Looking ahead, technological development is inevitable and cannot be dammed, including in the financial sector. The growth of bitcoin, or cryptocurrency, going forward is difficult to predict. But governments in any country act as guardians of stability and protect their citizens. So, as in many countries, the prohibition of bitcoin is one step to maintain stability. But that does not mean that the government is closed to innovation, because in many cases, including the government is trying to balance risk factors with efforts to develop innovation. So that stable coins appear in each country.

[bakasabo]

Cant see Estonia in the list. They were on of the first who accepted and support cryptocurrency.
As well as where the hell is China ? China wants to bring blockchain to national level.

[jossiel]

I was surprised why China wasn't included on that article considering the amount of news we've digested on the past several weeks about its state back cryptocurrency!

Now I'm eager to see on what will transpire on each country's crypto development.

Been looking for the inclusion of China too because of the news that were reported few days ago about them.

Will it ignite a so called global crypto race among bigger and influential countries in the likes of USA, Germany, France, etc.?

I guess USA is already in but due to the stricter regulations they are implementing, it seem that projects starting on that country are being filtered and monitored hardly.

[ecnalubma]

These countries are fascinated by blockchain technology that’s why they are taking early move for adoption. I just wonder if they will run it right away publicly or implement it by sector, this is very challenging for their side but lets see what will happen during its early phase.

[Xxmodded]

Wonderful if have country want testing digital assest in 2020 because give chance for bitcoin and altcoin become legal currency payment transaction, they have give opportunities hot to use bitcoin as currency and investment assets. Got respond I think from their people where many country want to test bitcoin as digital assets in 2020 and could increase their economic crisis at the future.

[X-ray]

These countries are fascinated by blockchain technology that’s why they are taking early move for adoption. I just wonder if they will run it right away publicly or implement it by sector, this is very challenging for their side but lets see what will happen during its early phase.

Not really fascinated but they just don't want to miss out the technology and want to test it themselves to find out whether the technology deserves to be adopted or not and currently they are doing experimental to the blockchain system. even big companies like samsung seems doing a research and says that blockchain could be effective and beneficial for election to further the democracy as well as efficient remmitances.

But there are still many flaws that haven't been found yet so we will figure it out in no time if the pace is getting faster.

[Google+]

this can be very good news, I see a large country like dubai which has begun to try to implement payments using cryptocurrency can have a very good influence on the movement of cryptocurrency prices at the exchange place will be expensive because it will increase demand, hopefully more countries will start using cryptocurrency as one of the best transactions.

[zhekinsp]

When a crypto currency backed by assets in government then its just the replica of currency fiat money system there will be no transparency on how these things getting value.But they are considering cryptos that will be the only positive but what if they ban all the decentralized cryptos and made their own digital currency as only legality of payments? Will make decentralized future into a big question.

[suzanne5223]

I was surprised why China wasn't included on that article considering the amount of news we've digested on the past several weeks about its state back cryptocurrency!

I guess the reason why China was mentioned is because current on protest in Hong Kong which I believe happened because the people demanded democratic restructure , creation of independent investigation body for police violence/cheat, and a fair voting system. Therefore, if the protest continue the creation of the national crypto may not happen.

Now I'm eager to see on what will transpire on each country's crypto development. Will it ignite a so called global crypto race among bigger and influential countries in the likes of USA, Germany, France, etc.? And what will be its effects on global economy?

The national crypto currency which was planned by the countries mentioned above will definitely trigger a global crypto race cause every governments have a bodies which propose was to study and make depth research about blockchain and crypto benefits.