Countries and their own cryptocurrency!

[plvbob0070]

With a continuous argument over cryptocurrency and the government, there are countries that support cryptocurrency and there are countries that don't. We know for a fact that some countries don't just support crypto, they're also planning on creating their own and the others have already launched one. But have you ever thought why would the government want to create a cryptocurrency when fiat is already doing good in the market?

Adapting blockchain technology and cryptocurrency always have a reason behind it, aside from technological development, cryptocurrency is slowly gaining attention but mostly they are decentralized cryptocurrency so the government must take actions because a government doesn't want something decentralized to run inside their country simply because they have no control over it. Some country sees it as a threat to them like China. But with their own national cryptocurrency, they can adapt to changes and at the same time, they can still control it.

Here are the list of countries with their own cryptocurrency:

1. Dubai (Encash)
First state-backed cryptocurrency back in 2017 and with this digital currency, it can be used for daily transactions like government and non-government services.

2. Venezuela (Petro)
We're all aware of Venezuela's struggle but back in 2018, Petro was launched and is said to be backed by oil and minerals reserve. This digital currency also have a purpose of circumventing US sanction and accessing international financing.

3. Estonia (Estcoin)
Has not been launched yet but it's hard not to expect from this because the country in general is a cryptocurrency friendly .

“An ICO within the e-residency ecosystem would create a strong incentive alignment between e-residents and this fund, and beyond the economic aspect makes the e-residents feel like more of a community since there are more things they can do together” said Vitalik Buterin.

4. Russia (cryptoruble)
The president showed an interest towards cryptocurrency however, Russian central bank hasn't yet showed any interest on the said crypto.

5. Sweden (e-krona)
Sweden aims to go cashless that's why they are still thinking about this cryptocurrency. But this cryptocurrency is so close from launching so we should just keep an eye on it.

6. Japan (j-coin)
Known as one of the friendliest country not only in Asia but around the world about cryptocurrency. Just like any other coin, it can be used for buying and selling of goods.

Source:
https://coinsutra.com/national-cryptocurrencies/

Looking at it, there's a lot of countries that are positive towards cryptocurrency and if it continues, we can expect more country to start planning and launching their own digital currency. National cryptocurrency doesn't differ much from the traditional system because it's still like fiat but only in digital form.

Aside from the reason why the government launched cryptocurrency that I have mentioned above, this can also bring benefits to the government. With the adoption of cryptocurrency in a country, it can reduce expenses from printing money because it is already in the form of digital. Regardless of the reason behind launching it, it only means that the crypto population is growing rapidly and we can consider that as a piece of good news despite all the negative issues circulating. So what country do you expect to launch their own cryptocurrency next?

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[jackg]

I don't know if this is a good idea or not...

A lot of the times if a country is in war with another country, they'll try to attack its currency system to make it weaker, there may be more of a way to do this if the funds are controlled by a central bank/government.


Have these currencies yet seen acceptance in shops? Other than Venezuela who were accepting dash or dollars at some point, have any other countries actually taken on board the idea of giving shops ways to accept the currency.


I'm also not sure if just inflation alone keeps the currency stable or whether counterfeit money also allows for the country's monetary system to run a little smoother (that being said inflation is actually measured by how much essential goods increase in value over time - milk, meat, bread, flour)...

A fiat cryptocurrency also might hurt banks as it means they may have less power to produce money when necessary if its stored on a public ledger.

[avikz]

One information error. Encash is not really a cryptocurrency of any sort. It's like a wallet which can hold your dirhams pretty much in a same way the bank hold fiat money. It neither uses a blockchain nor it is known as cryptocurrency. So they can be removed from the list. Also I doubt Encash is still operational!

Also looking at the list, you can't say the governments are positive about cryptoa. Because as you have rightly pointed out, these are just digital representation of the traditional currencies. It saves cost for the governments and provides them great insight on every transactions.

We will see more and more government joining this league in coming years. But that certainly doesn't mean that they are positive or bullish about cryptos.

[Harlot]

What we want is actually not what the government want, by them have their own state-issued cryptocurrency they'll just be cannibalizing the market for the real cryptos out there, and the bad thing about them having their own cryptocurrency is their is a chance that they can be biased when it comes to their own cryptocurrency like what India is trying to do in their own market where they have unfavorable laws for crypto yet they are trying to launch their own crypto. We just want for us to see Bitcoin to be mass adapted in our country not our government countering it with their own cryptocurrency, this will just make things worst and confuse a lot of people on what crypto is really all about.

[Janation]

I think I agree that this is not a good idea.

Let's say that some country has its own cryptocurrency and if another country maybe a group of people wants to take that country down, they would just try to manipulate the cryptocurrencies they have. Just imagine the power of the whales when that happens.

[Tylev]

Judging from the presented list, there are still very few national stable or digital currencies of states. In the near future, their number will increase sharply, whether we want it or not, since many states are now working on their release. The emergence of digital currencies of various states will have both positive and negative sides for a decentralized cryptocurrency. In any case, this will arouse people's interest in a decentralized cryptocurrency and will provide a good incentive for its further development. At the same time, the massive emergence of stable digital coins of states will divert the means of people to use them as a means of payment. I think that people will have significant trust in such currencies, especially in the digital currency of their state.

[Darker45]

I am not sure if the data presented is accurate. As pointed out already, Encash is not a cryptocurrency. J-coin, on the other hand, is not a cryptocurrency of Japan. If I am not mistaken, Japan does not have a state cryptocurrency yet, although it was studied and even recommended by their legislators as a reaction to China planning to launch their own digital Yuan. J-coin was a creation of a number of Japanese banks.

Countries going digital with their fiat is a normal shift because the age is already digital. Hard cash is not anymore the way to go in the future. For sure, the time will come when each and every country in the world will issue their own digital currency.

[rodskee]

I think I agree that this is not a good idea.

Let's say that some country has its own cryptocurrency and if another country maybe a group of people wants to take that country down, they would just try to manipulate the cryptocurrencies they have. Just imagine the power of the whales when that happens.

and this is not impossible to happen as i think,because whale power can control even the most powerful currency Bitcoin then what More those money created by each countries?yeah this is very risky on this point but maybe there are some regulation that each of them can provide so they will not be abused in times like that?those currency has been around for quite now yet manipulation still not in effect.

[AniviaBtc]

I think I agree that this is not a good idea.

Let's say that some country has its own cryptocurrency and if another country maybe a group of people wants to take that country down, they would just try to manipulate the cryptocurrencies they have. Just imagine the power of the whales when that happens.

and this is not impossible to happen as i think,because whale power can control even the most powerful currency Bitcoin then what More those money created by each countries?yeah this is very risky on this point but maybe there are some regulation that each of them can provide so they will not be abused in times like that?those currency has been around for quite now yet manipulation still not in effect.

Whales are more active when they know a some conflicts about cryptocurrency. Some of them are just patiently waiting in the market until something happens. Each countries will experience conflict if the cryptocurrency they made is getting under the control of the whales and you have nothing to do with it because they have huge amount of money to invest. They are more likely to be a pests in the market that they don't give some chance to other to invest. They always manipulate the market no matter what currency or country they are in. So it is better to just focus on bitcoin, which is the world's famous cryptocurrency.

[blckhawk]

It's always good to see some adoption ongoing how small it is. And knowing that these are states of themselves introduces cryptocurrencies to the world and various measures these states/countries are taking in ordee for their own coins to be usable and available at most times.

Japan could be a notable country among them since they are known for being in the top countries and adoption by them could make other pessimist giants like US and China to look into cryptocurrencies as well.

[stompix]

1. Dubai (Encash)
As others have pointed out, not a cryptocurrency.

2. Venezuela (Petro)
A failed project that got nowhere.

3. Estonia (Estcoin)
Again, not a cryptocurrency

4. Russia (cryptoruble)
Nothing serious about it, just speculation.

5. Sweden (e-krona)
Again, no real plans about it.

6. Japan (j-coin)
Not a cryptocurrency again, and is not issued by the state but by a private bank.

So, bottom line, till now we're safe from countries throwing a real cryptocurrency on the markets.

[Ucy]

I am not sure if the data presented is accurate. As pointed out already, Encash is not a cryptocurrency. J-coin, on the other hand, is not a cryptocurrency of Japan. If I am not mistaken, Japan does not have a state cryptocurrency yet, although it was studied and even recommended by their legislators as a reaction to China planning to launch their own digital Yuan. J-coin was a creation of a number of Japanese banks.

Countries going digital with their fiat is a normal shift because the age is already digital. Hard cash is not anymore the way to go in the future. For sure, the time will come when each and every country in the world will issue their own digital currency.

Not a good idea to repeat the mistakes of fiat currencies in cyber world. But incase it happens, there definitely will be "neutral" digital currencies (cryptocurrency for example) people will fall back on when their countries become tyrannical, or start falling apart or when disasters strike or when evil/lawlessness/corruption reigns. That currency or currencies will most likely be well decentralized currencies/cryptocurrencies.

[sheenshane]

Dubai's encash is more likely to be a digital financial instrument and not a cryptocurrency. It is simply having a digital wallet where you can convert your fiat money into a prepaid load that you can use for your transactions. Since it is a state-backed cryptocurrency, it has no difference with their country's fiat money. It has the same value.

Cryptoruble, on the other hand, isn't really supported by Putin. Having an interest in something doesn't mean its a good idea. The Russian government is still having their research so they would identify if cryptocurrency could be their advantage or not.

[Findingnemo]

China also planning to create their own centralized version of crypto currency in near future but do they really hold any reason o exist here?

[FlightyPouch]

As far as I know, the printing of money is based on the gold reserve of a country. They will not be printing a lot of money that will exceed the value of the gold reserve of a country. Doing that will also be bad for the country. I think will still use fiat rather than the digital currency that they will be creating, I don't even think that it will be possible in our country.

[dothebeats]

It should be worth noting that as of this point, only Venezuela dared creating their own cryptocurrency from scratch, and have failed horrinbly just weeks after its launch date.

Governments are aware that what they would be launching may or not be supported by its citizens and the global economy. It's like launching new money out of thin air blatantly--but let's be real that they are doing this too sans actual cryptocurrencies. It would not be welcomed with arms wide open, but rather be bashed to death by non-believers and naysayers.

I'm pretty sure that there are also written laws within these countries' constitutions regarding the creation of a new currency system. It will undergo legal scrutiny and several senate and congress sessions before finally being accepted, and that's a long tedious process before a cryptocurrency from a state is born.

[Shasha80]

Some countries have made their own cryptocurrency coins, this is actually good news for the cryptocurreny world.
So mass adoption works well, in fact our main goal is to make cryptocurrency faster growth and can be legalized
all over the world. The following countries will follow to make their own crypto coins of course china. After china I
hope other big countries can make their own crypto coins.So it can get closer to the main goal

[el kaka22]

China is going to build one for themselves as well (even tho we don't know the name or what it will be like) that is missing from this list, and I personally feel like Libra will be american version, even if its not a governmental one, it is facebooks which is an american company and all of USA government will take a look at it very closely so it will have to be approved by the government, instead of likes USDT where it has absolutely no checks and balances.

So, that two will be HUGE in the future, even these small ones will not be looked at when those two comes out because all Chinese crypto people will start to use the Chinese stablecoin and all american people (and maybe a bit globally) will use Libra as well, these ones in the list combined won't have that power.

[vintages]

Like most users mentioned, soon China will be inculded in the list. I guess they would have been on it if not for the current health issues going on lately.
But then again, the issue of a country owning their own cryptocurrency kind sound somehow. Considering that there will be less autonomy and less decentralisation. Most governments knows they can't stop cryptocurrency instead they have to input their own.

[bering]

Like most users mentioned, soon China will be inculded in the list. I guess they would have been on it if not for the current health issues going on lately.
But then again, the issue of a country owning their own cryptocurrency kind sound somehow. Considering that there will be less autonomy and less decentralisation. Most governments knows they can't stop cryptocurrency instead they have to input their own.

China so far still excluded because they still didn't create their own crypto and indeed before corona virus outbreak china government was allocated money millions of dollar to develop blockchain technology and they seems really serious about it because they were hire the people who called blockchain expert for their project but seems this would be postponed project because currently china are more focus to healing people and eradicate corona virus