Countries and their own cryptocurrency!

[FlightyPouch]

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.

What do you mean? Obviously this is backed up by their country's fiat or other assets in their country. It is not something that they created, make a whitepaper and start an ICO in the market. No, this is different. They will not be earning any of it because of the coin, they are just adapting to these digital currencies and I think you should be happy about it since it can strat the world without physical currencies, though that will be a long year ahead of it.

[verita1]

The Venezuelan government launches Petro in order to improve the economic situation that the country is going through. But it has not been successful due to many factors including lack of trust. Merchants have not joined President Maduro's call for adoption.

The price of Petro is at $ 60. In the authorized exchange plataforms for its commercialization, users say that its price is below between 30 and 40%.

More detail about Petro in this article.
https://www.google.com/amp/s/es.cointelegraph.com/news/how-to-buy-petro/amp

[Janation]

Countries with their own Cryptocurrency is going to be the next big trend in the industry because of the massive adoption and promotion ongoing right now,once two or three of these coins become a huge success, expect other countries to follow their leads, we will see many countries creating their own and that could give the top Cryptos a good competition in the market.

indeed it takes the first step of a country to make their own coins. moreover it is done by developed countries, they have extensive networks with other countries, so this will have an impact to transmit crypto to other countries to make their own coins. and in the end the coin can become a currency for exchange. although I think it still takes a long time

It will be added to exchanges but I don't think it will be that big thing.

Made by the government, they would be backed up by the fiat of their country. It is not something like cryptocurrencies that we know where it is sold on exchanges. It will be based on the fiats, the good thing here is just that they are using a digital currency that will popularize Bitcoin to be used in the future.

[tbterryboy]

I know about some of the coins you have mentioned here, but that Dubai Encash I don’t think there is anything like that that was released. I even searched for it to see if it was released and I didn’t see it. I do know about the Venezuela Petro but it seems like its no longer active or something , and I also heard that they are mainly making use of the US dollars there.

Estcoin is mooted and news from CNBC says that they are no linger going to issue the coin because they never planned to lol.The only country I know that seems to be serious about having a cryptocurrency of their own is China and they are still yet to release it, though news have it that it’s going to be this 2020.

[Betwrong]

The Venezuelan government launches Petro in order to improve the economic situation that the country is going through. But it has not been successful due to many factors including lack of trust. Merchants have not joined President Maduro's call for adoption.

The price of Petro is at $ 60. In the authorized exchange plataforms for its commercialization, users say that its price is below between 30 and 40%.

More detail about Petro in this article.
https://www.google.com/amp/s/es.cointelegraph.com/news/how-to-buy-petro/amp

30%-40% of $60? I'm wondering if that's true. Petro is not listed on Coinmarketcap, at all. And when I tried to google it, I came across this site saying:

This coin is not available on any of reputed exchange as of now.

Also there's no info on Petro on Cryptocompare either.

I doubt it's possible to sell PTR even for $20 a piece. Also, check out these limits:

For example, users of Criptolago have mentioned that they can only sell 0.3 PTR every 15 days.

It's clearly a scam project that should be avoided.

[Ucy]

The Venezuelan government launches Petro in order to improve the economic situation that the country is going through. But it has not been successful due to many factors including lack of trust. Merchants have not joined President Maduro's call for adoption.

The price of Petro is at $ 60. In the authorized exchange plataforms for its commercialization, users say that its price is below between 30 and 40%.

More detail about Petro in this article.
https://www.google.com/amp/s/es.cointelegraph.com/news/how-to-buy-petro/amp

I guess it's about people not trusting a centralized power rather than the trustless feature of real cryptocurrency.
In my opinion, a cryptocurrency could work well anywhere if it's built on basic crypto principles like transparency, immutablity, censorship resistant, trustless/permissionless transaction, privacy/anonymity, deflationary currency(& stablecoin)... plus things like security, usefulness, etc. There may be serious problems in future if you don't prioritize on those principles

[tvplus006]

I think that can be possible to happen if every country will accept cryptocurrency. Besides that, every government can learn about crypto because without having enough knowledge about cryptocurrency, they cannot create their own coin. With the developing of technology, we might see a big chance in the transaction furthermore about digital currencies which are already happening in many countries. The government will make new regulation about cryptocurrency because their coins will be used as another option besides of other coins.

What you are talking about is not true. There are methods thanks to which the creation of a coin occurs within 10 minutes.

Another question is whether you can correctly model the management scenario, thanks to which the coin will become one level with the leading coins on the market.
It is much more profitable for states to create their own coin and distribute it to all other states in order to gain more influence.

Creating your own digital currency requires much more effort than you write. This is on the Ethereum blockchain, you can create your token in 10 minutes. And the creation of a digital currency is done on its own blockchain and aims to ensure interaction with the Fiat national currency.

[South Park]

The problem when the national currencies arise would be more about regulations than anything else. Just to give an example banks have a bigger power over the monetary system than they should, why bitcoin was created was to stop this overpowering and making sure that everyone is equal when it comes to money and finances.

Now, if the nations build their own stablecoins that would be great and be better than all the ones we have but if they do not regulate it properly they could literally use all the money they printed out of thin air to buy crypto and basically corner the market themselves. Think of USA and China having a centralized exchange? That would basically mean end of the world because they could collect like millions of bitcoin and even more altcoins all on their storage and they could simply delete them all and ruin crypto world.

That is a risk but what is exactly stopping governments from using their fiat right now to buy all the bitcoin they want? They can print all the fiat they may need and bitcoin is up for sale for anyone that has the money to pay for it, this is no different than what  happened to gold and it is most likely the option governments will follow, first by backing their digital currencies with bitcoin and then abandoning the bitcoin standard at some point in the future by using some excuse, still the model to skip their fiat system will be in place and they know that, even if they could take control of bitcoin another cryptocurrency will emerge on its place.

[Ozero]

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.

What do you mean? Obviously this is backed up by their country's fiat or other assets in their country. It is not something that they created, make a whitepaper and start an ICO in the market. No, this is different. They will not be earning any of it because of the coin, they are just adapting to these digital currencies and I think you should be happy about it since it can strat the world without physical currencies, though that will be a long year ahead of it.

States will issue their own stable coins in order to maintain their national currency. Stable coins of states, this is the same currency, only in digitized form. The state will not have direct profits from creating its own stable coin. However, the circulation of its currency improves the economy of the state. Therefore, stable state coins will positively affect both the state economy and decentralized cryptocurrency. After all, people will see that states also use digital money and confidence in a decentralized cryptocurrency will also grow.

[Betwrong]

I think that can be possible to happen if every country will accept cryptocurrency. Besides that, every government can learn about crypto because without having enough knowledge about cryptocurrency, they cannot create their own coin. With the developing of technology, we might see a big chance in the transaction furthermore about digital currencies which are already happening in many countries. The government will make new regulation about cryptocurrency because their coins will be used as another option besides of other coins.

What you are talking about is not true. There are methods thanks to which the creation of a coin occurs within 10 minutes.

Another question is whether you can correctly model the management scenario, thanks to which the coin will become one level with the leading coins on the market.
It is much more profitable for states to create their own coin and distribute it to all other states in order to gain more influence.

Creating your own digital currency requires much more effort than you write. This is on the Ethereum blockchain, you can create your token in 10 minutes. And the creation of a digital currency is done on its own blockchain and aims to ensure interaction with the Fiat national currency.

And what's wrong with the Ethereum blockchain in this regard? I mean, I really can't understand, why it is better to create your own blockchain, when you can use an existing one, time-tested and working, like Ethereum's, for example?

Is it just about having the full control over your own blockchain, or, are there other reasons?

[criza]

This could be a better indication for the standing of crypto currency around the globe. As the countries are now adopting the nature of crypto currency, this might in fact be the solution to the economic instability the countries are facing from the effects of inflation and other economic disaster. Still, this would impose new set of rules and regulations referring to and varying from these countries that have made and integrated crypto currency into their own financial symbol. We should see in the coming years on what would be the effect of these events between the economic state and crypto currency around the globe, it is still unsure what might be the outcome of its use in every branch of a country. On the other side, negative possibilities might also arise as the digitalization is changing every part of the world.

[tvplus006]

And what's wrong with the Ethereum blockchain in this regard? I mean, I really can't understand, why it is better to create your own blockchain, when you can use an existing one, time-tested and working, like Ethereum's, for example?

Is it just about having the full control over your own blockchain, or, are there other reasons?

I think that the main issue when creating a national digital currency should be the national security of the state. And this is achieved only by full control over the blockchain and independence from anything outside the state. Along with full control of the blockchain, the state gets full control over its citizens.

[iv4n]

1. Dubai (Encash) - Couldn't find anything about Encash

2. Venezuela (Petro) - Launched in February 2018, is a cryptocurrency issued by the government of Venezuela. As of August 2018 it does not appear to be used as a currency. Source: https://en.wikipedia.org/wiki/Petro_(cryptocurrency)

3. Estonia (Estcoin) - Estcoin is a mooted national cryptocurrency, devised by the Government of Estonia in August 2017. In June 2018, amid criticism from banking authorities, as it will be restricted to individuals within the Estonia e-Residency program, it cannot be exchanged freely and thus technically doesn't qualify as a cryptocurrency. Source:

4. Russia (cryptoruble) - This will be a crypto, to say it better it will be a stable coin. "The CryptoRuble is a digital currency currently in development, commissioned by Russian President Vladimir Putin. It likely won't be a cryptocurrency in the way that Bitcoin or Ethereum are, as it would be issued by the government and not mined. The value of the CryptoRuble is identical to the value of a regular ruble." Source: https://www.investopedia.com/terms/c/cryptoruble.asp

5. Sweden (e-krona) - As I found out they are making digital currency, but there's no mentioning blockchain in few articles I have read. Anyway this is a pilot project and we will see will they do more with this or not.

6. Japan (j-coin) - Digital wallet. "In their bid to embrace a cashless or electronics payment system, Japan’s Mizuho Financial Group along with sixty other banking organizations have together launched a digital wallet known as the J Coin Pay." Source:https://medium.com/cpayfoundation/what-is-jcoin-and-why-is-it-so-popular-in-japan-44d98f382083

We will have to wait longer to see countries adopting blockchain. But as they are thinking what to do, decentralized projects are gaining popularity among people in the world. I think it will be a big war between governments and banks that wish controlled currencies with decentralized coins that will have support among people.

[sulendra12]

We actually have that one in our country, it's called TEN. It's made by one of the CEO of the biggest crytocurrency in our country. The problem is TEN suffers a lot and can't compete against the top coins on that exchange, so the price is somewhat really bad. Maybe they lack of promotion? I don't know.

[Jateng]

It's good to hear that many countries have already put their trust to cryptocurrencies and thinking that other countries sees this as a threat. Actually our country virtual currency is not illegal in fact they already released a guidelines to improve and aware people about fake cryptocurrency and scammers. They already approved virtual currency exchangers and wallets to secure their financials ans they can put their trust. I think more countries in the future will adopt and open their doors to the new currency.

[Betwrong]

And what's wrong with the Ethereum blockchain in this regard? I mean, I really can't understand, why it is better to create your own blockchain, when you can use an existing one, time-tested and working, like Ethereum's, for example?

Is it just about having the full control over your own blockchain, or, are there other reasons?

I think that the main issue when creating a national digital currency should be the national security of the state. And this is achieved only by full control over the blockchain and independence from anything outside the state. Along with full control of the blockchain, the state gets full control over its citizens.

That's what I thought, full control over citizens, and no more other advantages. Well, I think it's just a matter of time when this will be a thing from the past. In the countries where governments are fairly elected, people may decide to vote for those who don't impose full control over them. With increasingly rising level of education among common people, liberal governments have more chance of being elected in the future. So, those centralized coins may vanish sooner than full adoption happens.

[NavI_027]

It's good to hear that many countries have already put their trust to cryptocurrencies

Indeed, it amuses me every time I hear/see such kind of news. However if we are talking about countries having their own coin, Nah! I pass because I think it was a bad idea. Yeah! It really means that we're now having more crypto adoptions but the disadvantages are still greater. For example, imagine if a particular government decided to build their own token but unfortunately its citizens ignore it and still choose fiat, what do you think will happen? Of course it will be added on the sh*tcoin list *sigh.

[travwill]

We actually have that one in our country, it's called TEN. It's made by one of the CEO of the biggest crytocurrency in our country. The problem is TEN suffers a lot and can't compete against the top coins on that exchange, so the price is somewhat really bad. Maybe they lack of promotion? I don't know.

This is exactly what can happen with absolutely any coin and with state coins in particular.
The market itself dictates its own rules and conditions, which can lead to unpredictable consequences for any market participant.

In addition, there are many on the market who manipulate the market, which means that almost any coin can be lowered if desired.

[Chrystora123]

snip..

cryptocurrencies are well suited for circulation by a country so that each fund can be tracked through the Blockchain..  Countries that have issued cryptocurrency, they have realized the great benefits if they started adopting cryptocurrency from now on.  hopefully, more and more countries will issue their own cryptocurrencies in the future.

[fullhdpixel]

The truth is that it is not only nation’s that are looking forward to having a cryptocurrency of their own, even organizations/companies will all try to create their own cryptocurrencies/tokens in the future, that means we should be ready for a lot of them. There are banks that have tried to create their own cryptocurrencies, like JP Morgan coin that is still a prototype.

The way I see it, if one bank should release it’s own cryptocurrency and people starts buying it, other banks will also like to do the same. And in areas like real estates, they might create tokens as well that investors can buy, something that shows ownership.