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National cryptos are cryptocurrencies issued -- well, planned -- by nation-states. Such as Russia's crypto-ruble, Venezuela's petro, and others.

Why are nations even creating own cryptos? Programmer explains

Why are nations even creating own cryptos? Programmer explains.

EUEdit

CataloniaEdit

Although an indispensable part of Spain, the self-governing area is thinking to introduce its very own digital currency if when it obtains independence. The local government would design it based upon Estonia’s “Estcoin” project.[1]

EstoniaEdit

Estonia, among the world’s most tech-savvy countries, has recommended launching a nationwide cryptocurrency called the “Estcoin”.[2]

SwedenEdit

Amid the rising cryptocurrency regulations, Sweden’s central bank, the Riksbank is looking at launching a digital currency that could make Sweden the first economy to have its own cryptocurrency. This national cryptocurrency e-Krona can be seen in the market in about two years.[3]

AsiaEdit

ChinaEdit

After cracking down on Bitcoin exchanges last September, the Chinese government has actually announced plans to introduce a national cryptocurrency.[4]

IndiaEdit

The Indian federal government has continuously alerted its population on the volatility risks posed by cryptocurrencies. Despite that, the Reserve Bank of India is apparently studying the introduction of a digital currency to change the rupee in online transactions.[5]

KyrgyzstanEdit

Kyrgyzstan, a major gold manufacturer, is planning to launch a gold-backed cryptocurrency called “GoldenRock”.[6]

RussiaEdit

Russia will issue its own official cryptocurrency, the CryptoRuble, capping months of speculation about the country’s approach to the technology. While in a way it indicates an embrace of the likes of Bitcoin and Ethereum, the CryptoRuble is unlikely to share the truly decentralized nature of other coins.

The news, first reported by CoinTelegraph, cites local news reports, which in turn cite Nikolay Nikiforov, the Russian government’s minister of communications. I’ve contacted the Russian government for confirmation and details, and will update this story if I hear back.

Reports this summer suggested the country was looking into creating its own cryptocurrency, though the administration has also taken a hard line on other coins, calling them illegitimate replacements for the official currency.[7]

SingaporeEdit

The Monetary Authority of Singapore has actually already implemented the initial stage in tokenizing the Singaporean Dollar utilizing a private Ethereum blockchain.[8]

AfricaEdit

SenegalEdit

In January 2018, Senegal introduced eCFA, a digital currency currently in development in collaboration with Banque Regionale de Marches (BRM) and eCurrency Mint Limited. BRM bank, a Senegal-based financial institution specializing in capital markets and the implementation of tailor-made banking solutions, is leading both the development and integration of the digital currency, which the Senegal government states would serve as a legal tender. [9]

South AmericaEdit

VenezuelaEdit

  • On December 4, 2017 Venezuela announced it would soon start to implement the “Petro”, a national cryptocurrency backed by the country’s oil, gold and gas reserves.[10]
  • Venezuelan President Nicolas Maduro has urged a group of 10 South American nations to adopt its soon-to-be-launched PETRO cryptocurrency.[11]

See alsoEdit

ReferencesEdit

  1. http://www.forextutorialscat.com/national-cryptocurrencies-the-global-race/
  2. http://www.forextutorialscat.com/national-cryptocurrencies-the-global-race/
  3. http://www.coingape.com/sweden-set-to-release-its-own-national-cryptocurrency-e-krona
  4. http://www.forextutorialscat.com/national-cryptocurrencies-the-global-race/
  5. http://www.forextutorialscat.com/national-cryptocurrencies-the-global-race/
  6. http://www.forextutorialscat.com/national-cryptocurrencies-the-global-race/
  7. https://techcrunch.com/2017/10/15/russia-may-soon-issue-its-own-official-blockchain-based-currency-the-cryptoruble/
  8. http://www.forextutorialscat.com/national-cryptocurrencies-the-global-race/
  9. https://cointelegraph.com/news/senegal-introduces-cryptocurrency-based-on-its-national-currency
  10. http://www.forextutorialscat.com/national-cryptocurrencies-the-global-race/
  11. https://www.investopedia.com/news/venezuela-calls-other-countries-latin-america-adopt-its-cryptocurrency/