The cryptocurrency market is growing faster than ever. A few countries are starting to consider adopting cryptocurrency due to its exploding popularity as well as the various benefits it offers and a few of them have already done so. The question then arises as to why there exists a dire need for countries to launch their own cryptocurrency. Well, the governments around the world are typically less willing to have decentralized currencies which are not under their control. They want to have their own currency based on their own standards. Thus, it is just like the US dollar, but in a digitized form. Besides, different countries also have other different motivations and incentives behind their intention and decision of issuing their own cryptocurrency. In this article, we will be taking a look at each country that is on the verge of introducing their own cryptocurrency as well as those who have already done so.
Countries Planning To Launch Their Own Cryptocurrencies
Japan has been contemplating the launch of its own cryptocurrency since 2017. It will be called J-Coin and its expected launch is sometime in 2020. J-Coin will be somewhat equal to its current national currency, Yen, with a ratio of 1:1, using which the citizens would be able to buy any goods or services.
Sweden is another country that is working very hard to launch its first cryptocurrency called E-krona. Iota is one of the solution provider under considerations to feed into the design of the e-kroner. IOTA, if you aren’t aware, is a popular cryptocurrency in the decentralized market that works on a directed acyclic graph-based data structure, without any block, chain or miners.
There is a tug of war going on between the Russian president and the Russian Central Bank. Putin ordered the creation of Russia’s own cryptocurrency called Cryptoruble but not much work has been completed yet due to the lack of interest of behalf of the Russian Central Bank. However, it is still in the works and we can expect its launch to be sometime in mid-2019.
The government of Estonia is very enthusiastic about cryptocurrency in general and had proposed to launch their very own cryptocurrency based on Ethereum, back in August 2017. Its proposed name is Estcoin and to this day, not much work has been done as it is still in its proposal stages. Vitalik Buterin supported the idea of Estcoin and expressed his desire for Estonia to become the third country in the world to launch its own cryptocurrency.
Update: The plan has recently been rolled back
In 2017, the Central Bank of Israel mentioned that it was planning to launch its own digital currency that has the same value as their current paper currency. The main aim of the digital currency is to automate digital payments, making it easier for the citizens to pay bills and other charges securely. The exact date of its launch is not confirmed, but it is expected to launch soon.
Countries That Already Launched Their Cryptocurrencies.
Dubai holds the title as the first country to launch its first cryptocurrency called Emcash back in 2017. Emcash operates on the basis of their own blockchain and is being used in various government and non-government activities such as utility bills, coffee charges and purchases we make every day. It is a huge step taken by the government of U.A.E and we can see Dubai going completely cashless much sooner than you know it.
Venezuela holds the title for the second country in the world to launch its very own cryptocurrency called Petro. It was announced back in December 2017 and was successfully launched in 2018. It is claimed to be backed up by the country's oil and mineral reserves and the government is intending to use its cryptocurrency to outsource US sanctions and access international financing.
The government of Tunisia have decided to integrate blockchain technology with eDinar and deployed the national payment platform, namely Monetas. EDinar is widely used to make money transfers also, and users can pay their bills as well. The platform Monetas will also be used to manage official identification documents.
After taking inspiration from Tunisia, Senegal launched its first digital currency, eCFA. This has been made possible by the collaboration between Banque Regionale de Marches and the Senegalese bank. It is based entirely on the blockchain. It is also designed to be compatible with other digital currencies in Africa. We’ll soon see Senegal going cashless in no time.
Effect on Bitcoin and Ethereum
So far, we have looked at the countries that are planning to launch their own cryptocurrencies, as well as the countries which have already launched them. But does this have any effect on Bitcoin and Ethereum? Well, it entirely depends on the treatment these two cryptocurrencies get. If every country that has its own cryptocurrency attempts to ban bitcoin completely then it can amount to a serious threat. Nothing much can be said about this, if all of the countries start having their own cryptocurrencies, there might be a possibility that Bitcoin and Ethereum cease to exist. Since this isn’t an immediate threat we are facing, Bitcoin and Ethereum are, after all, pretty much safe.
With few countries already launched their own cryptocurrencies, we are slowly moving towards a digital and cashless society where payments and purchase of various goods and services will be efficient, more secure and perhaps, less costly. However, this can also bring forth certain issues in foreign trade and stock market. What is your opinion on this? Should a country have its own cryptocurrency or should a decentralized cryptocurrency like Bitcoin continue to rule the market? As of now, we cannot determine its consequences, but we are bound to discover how will the implementation of national cryptocurrency turns out in the very near future.
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