Countries testing digital assets in 2020

[Vishnu.Reang]

I have read a news in 2019 about a tiny pacific island nation to issue its own cryptocurrency. Its called the Republic of the Marshall Islands and the token would be called Marshallese sovereign (SOV for short). The whitepaper isn't available yet, but this is one of those that I am looking forward to, especially John McAfee is running for President in November.

Oh.. please let's ignore that loser John McAfee. He has done enough damage to the cryptocurrency market by promoting scam projects. And I heard that a few days back he labelled Bitcoin as a "shitcoin" and advised his twitter followers to invest in altcoins rather than Bitcoin.

Anyway, coming back to the topic, I am not very excited with these government backed cryptocurrencies. I am afraid that they will be just the digital version of the fiat currency. And by the way, I wouldn't even regard Marshall Islands as a sovereign nation. It is a small group of coral islands (with a population of 50,000 or so) and ruled by the United States military.

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[mrquackquack]

Just like everything else I think the government has to to stay on top of the monetary "issues" as well.

[thesmallgod]

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.

There are always two sides to a coin. Anything that has advantages will also have disadvantages. The issue of money laundering is not going to be peculiar to the coin. Up to date people still launder money using fiat even though there has been a massive fight against this. Just because there may be an escape route to money laundering using the coin does not warranty that they should not create their coin. I am sure they must be analyzed the pros and cons of this and probably when they that the benefit overweighs the disadvantage, they would have gone with the idea of making the coin. My only fear is how some countries that generate revenue mostly from taxes going to cope and make things work.

[Barbut]

Countries are testing digital assets for years! Japan, Australia, Switzerland, Estonia, and others, are doing that openly from before 2014! Some other countries doing that in secret! Here it's not important digital, we need to be accurate and say crypto! Digital fiat exists for years, it's fiat money in digital form! Cryptocurrencies are not special just because of digitality, they are special because of the Blockchain technology behind.

[The Sceptical Chymist]

Canada.

This one scares me a bit.  I don't think government-backed cryptos are a good idea at all, but I'd hate to see them spread to North America where I live.  It's bad enough that banks can track all your financial transactions if you're using a debit card or checking account, but to have the government itself be able to do the same?  I would definitely not want to give up that much privacy to a government that I don't trust, and certainly not one with Donald Trump as the head of it.

IMO people should be protesting this, but my guess is that most people don't even understand what these proposals are all about since most don't understand what cryptocurrencies really are.  Governments have a long history of getting laws and similar things approved without much protest (think Prohibition in the 1920s in the US), but I do hope there's at least a little resistance in the countries which seem to be moving toward government-backed cryptos.

[mrquackquack]

The "Big Daddys" a.k.a. the presidents leaders so on and so forth of the world are more than likely probably not going to just let someone come in and start taking all of the nuts. Chances are they are thinking about this and have probably already thought about this and well people need to start thinking like them if they want to get ahead. You can't build anything when everybody thinks that they are a king. Look at China for my understanding not so happy about Bitcoin but guess who is running the mining show.. China.