Countries and their own cryptocurrency!

[Freeesta]

It is beneficial for the government to show interest in cryptocurrency. This may be one of the levers of power. By controlling the cryptocurrency, you can have a large income from paying taxes. Cryptocurrency is always expensive. Perhaps in the near future, more and more countries will enter their cryptocurrency and control it.

[1714693436]

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[1714693436]

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[mersal]

Many people are currently suffering from dementia due to the virus in that case, if the use of cryptocurrency is implemented in our country, then the economic development will be very fast at the same time with the introduction of Bitcoin people will be able to find a source of income and solve financial problems very quickly. The country and its government will depend on it to use their own cryptocurrency.

Introduction of cryptocurrencies and bitcoin won't bring any employment to your nation so it is not going to give any immediate solution to current pandemic situation.And we are talking about government controlled cryptos which are not really cryptos because they use centralized blockchain so it is not much different from digital fiat and banking transfer, every transaction will be noticed by your government.

[tvplus006]

It is beneficial for the government to show interest in cryptocurrency. This may be one of the levers of power. By controlling the cryptocurrency, you can have a large income from paying taxes. Cryptocurrency is always expensive. Perhaps in the near future, more and more countries will enter their cryptocurrency and control it.

The government can only control the national digital currency, because it will be centralized. Therefore, the national digital currency can not even be called a cryptocurrency. The real cryptocurrency will be decentralized by its nature, and therefore the government will not be interested in its development.

[Zackgeno96]

It is beneficial for the government to show interest in cryptocurrency. This may be one of the levers of power. By controlling the cryptocurrency, you can have a large income from paying taxes. Cryptocurrency is always expensive. Perhaps in the near future, more and more countries will enter their cryptocurrency and control it.

How can the government cut taxes on cryptocurrencies?? Crypto is decentralized and the official ones would probably be having an inbuilt code to detect the amount of funds that a person earned in a financial year and then they can cut the taxes right off the wallet, other than this there isn't any other way to ask for taxes even on government-issued cryptocurrencies. Also, OP is missing the digital Yuan that the Chinese government is developing. I guess the governments actually have realized the power of bitcoin and crypto and are going towards making state-owned crypto as there isn't any method to tax the bitcoin, so why won't they just make their own crypto and ask for taxes on it.

[XZERO1]

I won't trust any nation's cryptocurrency as the government will always seek to control it, and this will come with a high degree of censorship, nationals that have diplomatic frictions may want to pull or fight other nations currency by attacking their economy the very instrument backing the currency. If the world is truly ready, a truly decentralized digital currency like bitcoin should be considered.

That's the issue with many countries and I'm also not so optimistic about these governments adopting blockchain, because at the end of the day the smart thing for them would be to be against cryptocurrencies because crypto will get a huge chunk of their profit which they get from people's pocket in the name of fees, taxes and such, so now that they are starting to show more interest towards crypto use I think they might have a plan to still get the same amount of money from the process(paying for government related services and such).

[Yatsan]

Good to know that there are government of other countries that are open for the adaptation of using cryptocurrencies despite of the fact that many countries are against using of cryptocurrencies just like what we have in the country where I belong. It was so nice to know that the government are now doing an action to adapt on using cryptocurrencies as well as creating their own nation cryptocurrency that might be useful for their entire country. Maybe the government of those countries have come into realization the consideration of using cryptocurrencies which can be suitable on how they design it to be used which will surely gain support from their citizens.

I am hoping and also looking forward that my country will also consider doing such thing maybe not now but soon because we are still into facing a lot of problems that are needed to pay attention and are needed to be attended with. I wish our government will try to consider adapting as well as creating our own crypto in support for the cryptocurrency users residing in here.

[whyrqa]

It is beneficial for the government to show interest in cryptocurrency. This may be one of the levers of power. By controlling the cryptocurrency, you can have a large income from paying taxes. Cryptocurrency is always expensive. Perhaps in the near future, more and more countries will enter their cryptocurrency and control it.

How can the government cut taxes on cryptocurrencies?? Crypto is decentralized and the official ones would probably be having an inbuilt code to detect the amount of funds that a person earned in a financial year and then they can cut the taxes right off the wallet, other than this there isn't any other way to ask for taxes even on government-issued cryptocurrencies. Also, OP is missing the digital Yuan that the Chinese government is developing. I guess the governments actually have realized the power of bitcoin and crypto and are going towards making state-owned crypto as there isn't any method to tax the bitcoin, so why won't they just make their own crypto and ask for taxes on it.

if the government recognizes cryptocurrency as a valuable asset that can actually be used on the territory of the country, then each citizen must voluntarily declare his property and income. You can own any amount of Bitcoin and no one will know about it, but you will not have the opportunity to use it in real life. You must understand how the economic prosecutor's office does if it is discovered that a person has one income, and a person spends much more in everyday life, that is, he lives beyond his means.

[ReiMomo]

It is beneficial for the government to show interest in cryptocurrency. This may be one of the levers of power. By controlling the cryptocurrency, you can have a large income from paying taxes. Cryptocurrency is always expensive. Perhaps in the near future, more and more countries will enter their cryptocurrency and control it.

The government can only control the national digital currency, because it will be centralized. Therefore, the national digital currency can not even be called a cryptocurrency. The real cryptocurrency will be decentralized by its nature, and therefore the government will not be interested in its development.

You have a good point here, that I guess the reason why they created their own due to the fact that printing money will maybe become too much easier in the future and will cost nothing but the already common costs of inflation.

We cant called that they are making cryptocurrency, they are just making digitalized currency for a good purpose.

[msabb]

www.bitcoingpumining.com/800162860

[Nhor1011]

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?

I think they also want to earn through digital currency because i think for the government it is just an investment but they don't have plan to make it a usual currency like fiat money.Also the reason it was decentralized digital currency which is difficult for them to control it. But this time that every country are affected with covid pandemic and if there is no other way to help the economy,i think they will accept crypto and legalize it because it could help for the unemployed people atleast to earn for everyday living.

[el kaka22]

Introduction of cryptocurrencies and bitcoin won't bring any employment to your nation so it is not going to give any immediate solution to current pandemic situation.And we are talking about government controlled cryptos which are not really cryptos because they use centralized blockchain so it is not much different from digital fiat and banking transfer, every transaction will be noticed by your government.

Well, there could be "some" employment, for example if governments make cryptocurrency for themselves that would mean that people would be able to start up business' a lot easier and a lot more frequently about that crypto currency that government created, plus there will be government positions because there will be crypto branch as well. So yeah it wouldn't be huge, it would be small, but we are talking about like 10-20 thousand people finding a job in that sector as well.

So, what I believe is going on would be employment is not really a big part of the deal but if governments do something like this and make it super legal and supported, that would mean people could work for other nations companies on remote jobs and earn bitcoin instead and wouldn't that make things a lot easier?

[Wexnident]

Well, there could be "some" employment, for example if governments make cryptocurrency for themselves that would mean that people would be able to start up business' a lot easier and a lot more frequently about that crypto currency that government created, plus there will be government positions because there will be crypto branch as well. So yeah it wouldn't be huge, it would be small, but we are talking about like 10-20 thousand people finding a job in that sector as well.

So, what I believe is going on would be employment is not really a big part of the deal but if governments do something like this and make it super legal and supported, that would mean people could work for other nations companies on remote jobs and earn bitcoin instead and wouldn't that make things a lot easier?

How would the introduction of crypto make it easier to start-up a business? It's not like businesses require you to own crypto before being able to start, cryptos are in the end just a type of currency, it isn't a stam p of approval or anything. Additionally, there's probably no need for such positions in the government, after all, it would run contradictory to what crypto is supposed to be, uncontrolled by a 3rd party. Even if there was, it'd be a skilled individual, while on the other hand what we need to improve the situation is a lot of job openings that don't require specialized skills.

Plus, even if we do consider them accepting it, it'd require a lot of time, especially for small countries to actually implement it. Let's not even mention implementing it, majority of the population are still ignorant of what cryptocurrency even is at the start. They'd probably just start thinking it as something like fiat and that's it.

[rodskee]

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?

I think they also want to earn through digital currency because i think for the government it is just an investment but they don't have plan to make it a usual currency like fiat money.Also the reason it was decentralized digital currency which is difficult for them to control it. But this time that every country are affected with covid pandemic and if there is no other way to help the economy,i think they will accept crypto and legalize it because it could help for the unemployed people atleast to earn for everyday living.

Every venue where government can get some lift to survive with this pandemic, I think they will
allow and let this crypto currency to be used.
Those doubts from decentralization can be solve by each implementing rules government needs
to make a certain adjustment to start adopting.
The pandemic will open the door for every nation to start considering and accepting that crypto
already exist and it will continue to live.
Adoption should take place to maximize the use and also gained benefits.

[kotajikikox]

It is beneficial for the government to show interest in cryptocurrency. This may be one of the levers of power. By controlling the cryptocurrency, you can have a large income from paying taxes. Cryptocurrency is always expensive. Perhaps in the near future, more and more countries will enter their cryptocurrency and control it.

i don't think so mate because nowadays people from the government knows how this works and they cannot control the decentralized market and this is the nature of cryptocurrency.

and also if this is really beneficial then maybe other countries already follow these nations steps but none followed since then so i guess realization already happens.

[bits4books]

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

You can just forget about Russia, guys.
To believe in the words of their President is like throwing stones into the water and hoping for Aphrodite to come out of the sea foam. There everything is very difficult with the economy and no one will deal with cryptocurrencies at the state level until the government changes. The fact that Vlad Putin showed interest in the crypto means nothing

[Zackgeno96]

It is beneficial for the government to show interest in cryptocurrency. This may be one of the levers of power. By controlling the cryptocurrency, you can have a large income from paying taxes. Cryptocurrency is always expensive. Perhaps in the near future, more and more countries will enter their cryptocurrency and control it.

How can the government cut taxes on cryptocurrencies?? Crypto is decentralized and the official ones would probably be having an inbuilt code to detect the amount of funds that a person earned in a financial year and then they can cut the taxes right off the wallet, other than this there isn't any other way to ask for taxes even on government-issued cryptocurrencies. Also, OP is missing the digital Yuan that the Chinese government is developing. I guess the governments actually have realized the power of bitcoin and crypto and are going towards making state-owned crypto as there isn't any method to tax the bitcoin, so why won't they just make their own crypto and ask for taxes on it.

if the government recognizes cryptocurrency as a valuable asset that can actually be used on the territory of the country, then each citizen must voluntarily declare his property and income. You can own any amount of Bitcoin and no one will know about it, but you will not have the opportunity to use it in real life. You must understand how the economic prosecutor's office does if it is discovered that a person has one income, and a person spends much more in everyday life, that is, he lives beyond his means.

Actually if you don't convert your bitcoins to fiat currency then no one will ever know how much you are earning in crypto and also whenever you spend your coins then also there isn't any chance for you to get caught but the only condition is to never cash out your bitcoins. If you start paying huge amounts in cash by selling your bitcoins then you can get caught and also to be safe you can set different wallets, one for spending for day to day activities and others for saving your bitcoins because in case someone forces you to send your bitcoins then also you will be sending the bitcoins from your spendings wallet and not from your cold storage.

[tvplus006]

i don't think so mate because nowadays people from the government knows how this works and they cannot control the decentralized market and this is the nature of cryptocurrency.

and also if this is really beneficial then maybe other countries already follow these nations steps but none followed since then so i guess realization already happens.

Now many countries positively assess the potential of digital national currencies and many countries are already working on its creation. Now everyone's attention is focused on how the digital yuan will be tested in China, so that it can be concluded that it is appropriate to use it.

[FlightyPouch]

It is beneficial for the government to show interest in cryptocurrency. This may be one of the levers of power. By controlling the cryptocurrency, you can have a large income from paying taxes. Cryptocurrency is always expensive. Perhaps in the near future, more and more countries will enter their cryptocurrency and control it.

I don't think that the government will be able to control a decentralized crypto currency and as big as bitcoin. If they are one of the whales that might have 20% in the circulation, they can manipulate it but I don't think they will be able to control it. Some countries are legalizing bitcoin but not because they want to control it or even manipulate it but because they want to protect their people from it.

If they will be attracted to it, I guess they will be after the technology of it.

[Bezobraznike]

It is beneficial for the government to show interest in cryptocurrency. This may be one of the levers of power. By controlling the cryptocurrency, you can have a large income from paying taxes. Cryptocurrency is always expensive. Perhaps in the near future, more and more countries will enter their cryptocurrency and control it.

I don't think that the government will be able to control a decentralized crypto currency and as big as bitcoin. If they are one of the whales that might have 20% in the circulation, they can manipulate it but I don't think they will be able to control it. Some countries are legalizing bitcoin but not because they want to control it or even manipulate it but because they want to protect their people from it.

If they will be attracted to it, I guess they will be after the technology of it.

   FlightyPouch I agree with you that governments will not be able to control decentralized crypto-currencies As Freeeesta said
it would be good for them and all of us if they would show interest in crypto-currencies and to make their own, every country
can have one. For me it's about the idea of transparency that we can achieve, to know for what our money is being used.
   I agree with you FlightyPouch about one more thing, we can't see anything before technology allows it, and some countries
are behind, they don't have necessary infrastructure.

[Emitdama]

No one is really talking about countries creating their own cryptocurrency these days. It’s like a dead topic now. Before this I was seeing news that Chinese cryptocurrency was close to getting released and a lot of people kept talking about it. They seemed to be the only country that was serious about creating a cryptocurrency, but now it’s no longer being talked about.

The only thing that is being talked about recently is Coronavirus. Other cryptocurrencies you have mentioned here, none of them are active, it seems. Will wait to see know how the Chinese crypto will turn out. I am also concerned about how much impact it may create on existing crypto space. When it will be on the positive side (in terms of growth of increasing BTC adoptions) then we can simply ignore them but if we have them in negative impact then we must analyze them in more depth so that we could take more appropriate steps to make our crypto space more stronger in terms of competing them.