Countries and their own cryptocurrency!

[tvplus006]

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.

It will not be possible to manipulate the national digital currency, because all management of this stablecoin will be in the hands of the state. It may not even be represented on a cryptocurrency exchange. The main task of the national digital currency will be to displace the national Fiat currency from circulation.

[slashz9]

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.

so there will be a struggle for people's interest even for the type of cryptocurrency of a country.
what if 1 country has more than 1 type of crypto, as you said all banks might make their own crypto, so there will be how many crypto in the whole world later, regardless of the BTC and altcoin that already exist now.

[South Park]

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.

I would like for people to think like that and they preferred to enjoy their freedoms but if history teaches us something is that it does not seem as if people love freedom as much as we think, just look at all the concessions people have been making during the last two decades and how most people are participant in the erosion of their freedoms when they use Facebook and other similar social media websites that monitor every single one of their moves, this leads me to believe that most likely those people will accept those centralized cryptocurrencies.

[camito]

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?

It is easy to daydream about Bitcoin's acceptance on countries just like what you've said. But it is also easy to see its impossibility. Even a common person or a user who isn't a currency expert cann see that there would be lots of factors if countries will have their own form of crypto currency. Countries have different type of government which can affect the success of its cryptocurrency. If one country suceeded, and the other one doesn't and their decision lead to the country's failure in the market, then the possibility of destroying others and hacking could be possible. But most of all, it would be hard for that country to look for help in other countries because trust would be a major issue.

[ufaiz50]

There is an error in your information, in this article "Plans To Roll Out Their Own Cryptocurrencies" based on the perspective of the author that some projects that already have government permission to operate, such as Emcash which is an e-wallet system.

Apart from that, see that there is a big growth in cryptocurrency and technological ease in the field of financial economy and technology. it is not impossible that the countries concerned launched an own-cryptocurrency.

[tvplus006]

Alternative to fiat and being controlled by the government it's not the same pattern for why crypto is being created, the intention of being decentralized is not present with crypto that being created by the government, they will make sure that everything will be controlled. A centralized authority coming from the govern bodies.

Bitcoin created by Satoshi and the national digital currency have very different goals. If for bitcoin it is full decentralization, then for the currency created by the state it will be full centralization. Therefore, the state will fully control all payments in the digital national currency.

[Janation]

Alternative to fiat and being controlled by the government it's not the same pattern for why crypto is being created, the intention of being decentralized is not present with crypto that being created by the government, they will make sure that everything will be controlled. A centralized authority coming from the govern bodies.

Bitcoin created by Satoshi and the national digital currency have very different goals. If for bitcoin it is full decentralization, then for the currency created by the state it will be full centralization. Therefore, the state will fully control all payments in the digital national currency.

Not the state but the government.

It is true though that all of what the government will be making will be fully centralized and will take advantage of the system to monitor the transactions. Just imagine the government using Blockchain technology but instead of the transactions being publicized, it is being monitored by the government so they can maximize their power more and tax things they can't see in the past.

[hulla]

Alternative to fiat and being controlled by the government it's not the same pattern for why crypto is being created, the intention of being decentralized is not present with crypto that being created by the government, they will make sure that everything will be controlled. A centralized authority coming from the govern bodies.

Bitcoin created by Satoshi and the national digital currency have very different goals. If for bitcoin it is full decentralization, then for the currency created by the state it will be full centralization. Therefore, the state will fully control all payments in the digital national currency.

Not the state but the government.

It is true though that all of what the government will be making will be fully centralized and will take advantage of the system to monitor the transactions. Just imagine the government using Blockchain technology but instead of the transactions being publicized, it is being monitored by the government so they can maximize their power more and tax things they can't see in the past.

First of all, the knowledge and understanding of every government about bitcoin/ crypto at large is incompatible which is the reason why some government legalized bitcoin while some detest the idea, so there's possibility of some government creating decentralized coin in the future.
Meanwhile, they are not all into crypto to maximize their power or tax things and never forgot IMF boss advise them to have positive impression towards crypto.

[tvplus006]

First of all, the knowledge and understanding of every government about bitcoin/ crypto at large is incompatible which is the reason why some government legalized bitcoin while some detest the idea, so there's possibility of some government creating decentralized coin in the future.
Meanwhile, they are not all into crypto to maximize their power or tax things and never forgot IMF boss advise them to have positive impression towards crypto.

In China, there are already proposals to ban all cryptocurrencies after the digital yuan is released. Although this is a private opinion of the official, but in China there have already been such proposals to ban ICO and cryptocurrency turnover. All this will be done to ensure that only one government-controlled digital national currency remains in the country.

[traderethereum]

So what country do you expect to launch their own cryptocurrency next?

I don't know, and it could be another big country or small countries. If a country wants to launch its own cryptocurrency, they need to accept cryptocurrency first so they can launch their own crypto, and before they launch the crypto, maybe they can make regulations about cryptocurrency. But they can launch their own crypto without accepting crypto because they are the government which control their country and their people

We will see which country that will launch their own crypto so we can know if that country will accepting crypto or not later.

[Betwrong]

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.

And yet it would draw people's attention to crypto currencies, which would be a good thing. Right now most people think of BTC and all the other cryptos as of a sh*tcoins too. They can see the difference only after doing some research, but they won't even start unless this field is brought to attention by their government. If you have something to offer, the worst part is to be ignored. As long as there's some attention, you can expect good results if your project is good. And Bitcoin is a good project, no doubt about that.

[ice098]

First of all, the knowledge and understanding of every government about bitcoin/ crypto at large is incompatible which is the reason why some government legalized bitcoin while some detest the idea, so there's possibility of some government creating decentralized coin in the future.
Meanwhile, they are not all into crypto to maximize their power or tax things and never forgot IMF boss advise them to have positive impression towards crypto.

In China, there are already proposals to ban all cryptocurrencies after the digital yuan is released. Although this is a private opinion of the official, but in China there have already been such proposals to ban ICO and cryptocurrency turnover. All this will be done to ensure that only one government-controlled digital national currency remains in the country.

This isn't impossible for china to control over their economy, and with their own cryptocurrency their government think that it would protect their country's financial stability. The reasons is very tight for their authority on banning ico and other cryptocurrency promotion because it's a huge threat of their economy. They're focused only with own currency which made them built a stronger foundation.

[bitcoin31]

I hope more countries will create their own crypto coins too like in the list in my country Philippines we have before Pesobit but I don't see any news about that coin and hopes that many Filipino will be interested to create our own crypto coins that represented the crypto coins for the country of the Philippines. Goodjob to the country who have own cryptocurrency.

[pragna]

Actually i will say this is very good attemption that some government thinking about crypto currency and we can say they are more committed to their inhabitants. Those government knew that if they banned it in their county, people must engaged with it in another way. so better that it should accept in own way. This is good governancy and think gradually everybody will realize it.

[South Park]

First of all, the knowledge and understanding of every government about bitcoin/ crypto at large is incompatible which is the reason why some government legalized bitcoin while some detest the idea, so there's possibility of some government creating decentralized coin in the future.
Meanwhile, they are not all into crypto to maximize their power or tax things and never forgot IMF boss advise them to have positive impression towards crypto.

In China, there are already proposals to ban all cryptocurrencies after the digital yuan is released. Although this is a private opinion of the official, but in China there have already been such proposals to ban ICO and cryptocurrency turnover. All this will be done to ensure that only one government-controlled digital national currency remains in the country.

I will not be surprised if something like that happened in China but at the same time what are they going to do to try to catch all the people that are still going to deal with cryptocurrencies even if they are banned, the truth is that bitcoin is useful and as such people are not going to stop using it just because their government asks them to stop, so they will need to begin very harsh measures against bitcoin holders and most of those with huge stashes of bitcoin could just move away from the Chinese government influence and avoid them that way.

[Baoo]

That's really interesting despite there are just a few governments who have made their own cryptocurrencies. Does it mean that Bitcoin is legal in these countries? I don't think so , they are just want take advantage from this technology in order to achieve their future endeavors or goals. In addition to that,  maybe the unstability of cryptocurrencies is one the disadvantage that governments reject .

[FanatMonet]

Cryptoroubbles it will be ordinary rubles, but only with the prefix crypto and the ability to store them on some application on the phone. In essence, they will not be anything from themselves than they could somehow compare themselves with cryptocurrencies.

[Artemis3]

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%.

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

Petro is handled the same way they handle the bolivar, you know, its currently the fiat with the world's worst inflation...

As typical of the old real socialism mindset, the usage of Petro is being "commanded". Executive decree for things to be calculated in petro, decree for public administration to accept petro (tho most still won't). Due to the lack of the aforementioned features, absolute centralization, people don't want it. The only way you can handle petros, is by using the gov assigned online wallet. They made an app, but that connects to the same place.

The current iteration of petro (after forsaking the Nem one) is a modified copy of Dash without any release of software so that the gov runs the only nodes and can change the rules on a whim (like they do to the fiat). This is of course, not exactly reliable...

With this precedent i don't trust any government issued cryptocoin. The whole point of Bitcoin is to get the Gov/State OUT from manipulating the rules for your money, to remove them the POWER to make EVERYONE POOR overnight (like they did to us in Venezuela).

Of course there is a parallel (much lower price) market, whenever you establish an "official" price, the pesky independent market (all those "brainwashed" buyers and sellers) will have theirs. The problem is not the market, the problem is trying to fixate (peg) the price by decree. This was how the bolivar was killed in the first place, they made the exact same mistake. Of course they don't care; they are above criticism, the rule of law, and all those pesky "imperialist" customs of freedom of choice.

[tvplus006]

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.

There is nothing in common between the national digital currency issued by the government and other cryptocurrencies. The digital national currency will be backed by state assets , so it will not be as volatile as the rest of the cryptocurrency. But there is a negative side to this - it will be centralized.

[GideonGono]

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.

There is nothing in common between the national digital currency issued by the government and other cryptocurrencies. The digital national currency will be backed by state assets , so it will not be as volatile as the rest of the cryptocurrency. But there is a negative side to this - it will be centralized.

I think that's the point of having national digital currency tho i.e. to be centralized and easier for the government to control the said cryptocurrency. But I think the common this is that they both use blockchain technology. Though this would a massive experiment and implementation on their part since people would not use it if there are no real benefits they can get and would prefer to use Bitcoin or any other cryptocurrencies that have the features that they don't offer so it really is a challenge.