Countries and their own cryptocurrency!

[Betwrong]

Wondering why we need national cryptos?

Well, it is so because governments around the world don’t want to have decentralized currencies that are outside of their control.

Wow! And we've been thinking all this time that banks and governments have been very excited about creating of Bitcoin!

Of course, they don't want anything outside of their control, let alone money, but we are currently at the point when no one's going ask them, what do they want.

First they were ignoring it. Then they were laughing at it. Now they are trying to fight it by creating their own cryptos. Well, I trust Gandhi on this one. They will fail.

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[TheGreatPython]

I still wonder how the regulations will go. Because if one country makes their own stablecoin that means anyone else can follow the same rules and laws and make their own as well which can't be stopped because government did their own with their own rules and laws which means if they allow themselves to do it but won't allow others to do it with the same method, that would be a bit authoritarian and many countries in the world can't be like that since people would be disgruntled about it.

So in the end, they have to find a way to actually do it without making a stablecoin craze, put really hard rules against it that would be hard to replicate. There are private airlines for example but it is so hard to open one that usually governments have their own, it has to be like that.

[fiulpro]

I think I do not like the Idea of every country having their own cryptocurrencies because this way it's nothing more than the Fiat itself , it is the same time , how are you going to achieve the idea of a Global Economy .
Do you really think it would be any different than having the shares made out for your own country and also cryptocurrencies are supposed to be unregulated so they are away from all the corruption and politics .
This is just the recipe for that .
Just my own take on this don't wanna offend anyone.

[imstillthebest]

I think I do not like the Idea of every country having their own cryptocurrencies because this way it's nothing more than the Fiat itself , it is the same time , how are you going to achieve the idea of a Global Economy .
Do you really think it would be any different than having the shares made out for your own country and also cryptocurrencies are supposed to be unregulated so they are away from all the corruption and politics .
This is just the recipe for that .
Just my own take on this don't wanna offend anyone.

this isnt just your opinion but its the opinion of the majority too .  like you im also against if a country is creating thier own crypto because it sounds like they are against with cryptos and i think that they want people to to avoid cryptos too but they only want for people is to support thier creation . these poor people cant do anything too but accept it because government still have the power to ban cryptos  on thier own country . luckily not all countries are doing it for now  . hope they dont think about that

[7788bitcoin]

This is the new wave where majority of the countries will be coming up with their crypto coins and it will be fun to see whether they will last longer and how the citizen will approach these concepts and whether you can trust investing in them is another question altogether. After this we might see more private centralized coins from companies making the rounds and what all coins remains in the market in the next ten years is to be seen. From what i understand Petro is a failure as their intention was not successful.

[Betwrong]

I think I do not like the Idea of every country having their own cryptocurrencies because this way it's nothing more than the Fiat itself , it is the same time , how are you going to achieve the idea of a Global Economy .
Do you really think it would be any different than having the shares made out for your own country and also cryptocurrencies are supposed to be unregulated so they are away from all the corruption and politics .
This is just the recipe for that .
Just my own take on this don't wanna offend anyone.

this isnt just your opinion but its the opinion of the majority too .  like you im also against if a country is creating thier own crypto because it sounds like they are against with cryptos and i think that they want people to to avoid cryptos too but they only want for people is to support thier creation . these poor people cant do anything too but accept it because government still have the power to ban cryptos  on thier own country . luckily not all countries are doing it for now  . hope they dont think about that

Imo if all governments created their own crypto it could be a good thing overall. Currently most people are skeptical about crypto currencies, because they trust their governments, and those governments tell them it's a scam, a bubble or whatever. Now, by creating a crypto of their own they would admit that they were kind of lying before. And after doing a research people could see that Petro and the likes are actually worse than Bitcoin, and naturally some of them could choose using the crypto number one instead of all that garbage.

[Kakmakr]

It is expensive to constantly print new Fiat money <Coins & Paper/Plastic notes> and Crypto currencies solve that problem. We have recently seen how Ripple just added loads of tokens with a little adjustment to the code, so it is a dream come true for most of these countries to do this with their own local Blockchain based currencies. < They determine the value of the token, by adjusting the supply >

They also do not have to constantly replace damaged coins and notes, so it comes with a added bonus saving for them, if they use their own Crypto currency and not cash and coins.

The main reason why they want to do this is total transparency of all transactions being made on their Blockchain. So they will have the KYC information on everyone using that Blockchain and they can track every single transaction being made with those tokens. You will not buy anything, without them knowing it, so you will have a lot less financial privacy. <Cash has a lot more anonymity than these government coins>  

[@prashant]

I think if they focus more on Blockchain and create a digital version of their native currency then it would be big step towards digitalisation using Blockchain technology. We already have different firm around the globe which are creating their own currency and majority gold backed currency which is gaining popularity but i think if government take initiative to do so then it would greatly increase awareness among general public.

[jentak]

Lithuania has regulated crypto in their law and I've seen news about them developing some sort of govs-backed cryptocurrency.
Source: https://cointelegraph.com/news/lithuanian-central-bank-announces-blockchain-collector-coin

[Febo]

Lithuania has regulated crypto in their law and I've seen news about them developing some sort of govs-backed cryptocurrency.
Source: https://cointelegraph.com/news/lithuanian-central-bank-announces-blockchain-collector-coin

Wiki says this: Lithuania is an EU member state which joined the Eurozone by adopting the euro on 1 January 2015.

From rules about euro we can read, that countries that have Euro are not allowed to have any other currency.  So cointelegraph is lying or Lithuania plans to leave Euro.  I would bet on first than the second.

[FanEagle]

National currencies are not a way to stop the crypto currencies, they already have their fiat currency anyway so this wouldn't stop it at all. Stablecoins that nations build would just be part of a process where you move from bitcoin to fiat and just makes the transition much more smooth and much more safer.

How do you do that right now? You have a bank account, you send that to some exchange that is centralized but basically has a trust of a rat, then you buy bitcoin, you god knows send and do whatever with that, then you withdraw it back to that exchange and hope that they will send fiat to your bank account right?

Well, instead you will pay your government for stablecoin, which will probably be instant and very easy and tied literally into your banks mobile app, then you can do whatever the hell you want with it. Bitcoin will still be bitcoin, decentralization is there, all you are removing with this is the centralized exchanges you do not trust.

[2double0]

Doesn't that sound like a centralized trial to win over decentralization? What will happen if major countries try to push their citizens to stop using cryptocurrencies and shift their focus to their national digital currencies? Is it good for the economy of Bitcoins and other alts? What can happen if these countries stop you completely from buying other cryptocurrencies and restrict your use of crypto to their national coin only?

[Betwrong]

National currencies are not a way to stop the crypto currencies, they already have their fiat currency anyway so this wouldn't stop it at all. Stablecoins that nations build would just be part of a process where you move from bitcoin to fiat and just makes the transition much more smooth and much more safer.

How do you do that right now? You have a bank account, you send that to some exchange that is centralized but basically has a trust of a rat, then you buy bitcoin, you god knows send and do whatever with that, then you withdraw it back to that exchange and hope that they will send fiat to your bank account right?

Well, instead you will pay your government for stablecoin, which will probably be instant and very easy and tied literally into your banks mobile app, then you can do whatever the hell you want with it. Bitcoin will still be bitcoin, decentralization is there, all you are removing with this is the centralized exchanges you do not trust.

That's how I see it too. And that's why I think that by creating their own cryptos, central banks are doing a big favor for crypto community overall, and for Bitcoin enthusiasts in particular. The vast majority of people would never switch to using crypto currencies, if their governments didn't tell them to. And only after getting used to those stable coins, people can turn their eye to BTC.

[hatshepsut93]

Lithuania has regulated crypto in their law and I've seen news about them developing some sort of govs-backed cryptocurrency.
Source: https://cointelegraph.com/news/lithuanian-central-bank-announces-blockchain-collector-coin

Wiki says this: Lithuania is an EU member state which joined the Eurozone by adopting the euro on 1 January 2015.

From rules about euro we can read, that countries that have Euro are not allowed to have any other currency.  So cointelegraph is lying or Lithuania plans to leave Euro.  I would bet on first than the second.

It won't be a real usable currency, it's a collectible token, like a cryptokitten or something. So, they aren't violating the EU laws. So, cointelegraf isn't lying, it's just the user who posted about it is either confused or didn't read the article that they posted.

To this day Petro is the only coin that was actually launched, and as we can see, it's largely dead despite Maduro's hardest attempt to impose it on his people and trade partners. Now other countries would think twice before launching a government-backed coin.

[beerlover]

I have not even heard about most of these coins that you have mentioned, apart from the Dubai coin, and I don’t know others have been released yet. I thought the first country that will be releasing their own cryptocurrency would be China, though the way I see it they might delay the project due to the outbreak in their country. Countries should be sure be looking into creating their own cryptocurrency as that would help to increase the speed of transaction and also make it cheap and it easy.

With digital currency people wouldn’t have to carrying their debit cards or cash around, all you need in your pocket is just your smartphone with a highly secure wallet installed so that you can send and receive money at anytime.

[Saisher]

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.

We have not seen the potential of these country based Cryptocurrency, but in the past there were attempts but they are all not successful, but today is very much different, because we are now in a wider adoption and so many people are fully much aware about Cryptocurrency

[rodskee]

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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.

that is what i exactly mean mate,because Whales are everywhere they can control everything under the sun,even the currency of each country cannot hide from their greedy attitude so what more if countries continue to create their own Crypto's?i am afraid of those country will soon suffer from economic sabotage given by these manipulators,so i think they will reconsider their stands and just focus using Bitcoin and some legit cryptos.

[metenjean]

Some country like for creating their own coin than use what have ready before in bitcoin and altcoin market, look many countries want to get much profit with cryptocurrency world by creating their own coin.

[enhu]

The existence of BTC and other cryptocurrency for years I think is enough for government to realize that blockchain technology is more than just a database to help economy and manage the financial system. A country with digital currency can help the country monitor finances of individuals. We may look at this differently when we speak of monitoring individuals but for governments its their job to look out.

China I think will be the first to really make use of this since they were already trying to be cashless even before the inception of the digital currency using blockchain. They've announced it already but no updates for all their secrecy.

[South Park]

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.

It is inevitable that is going to happen, and while it is obvious their intentions are to try to destroy this market by creating competition at the same time if they could not destroy bitcoin and other strong coins before what they are doing should not have a lasting long term effect on the market, in my opinion this is a desperate attempt because after this fails they will be left with no option but a ban and even that is not going to work either.