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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]

PolandEdit

  • The Polish Blockchain Technology Accelerator (PATB), which operates under the patronage of the Ministry of Digitalization, has revealed that one of its team is working on the development of a digitized national cryptocurrency, called Digital PLN (dPLN), as reported by the Polish daily Puls Biznesu.[3]
  • Note: Same article, "We would also like to inform you that the Ministry of Digitalization has now withdrawn its patronage for the Polish Blockchain Technology Accelerator".

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.[4]

SwitzerlandEdit

2018-02-25: The chairman of Switzerland’s stock exchange SIX Romeo Lacher thinks there are "a lot of upsides" to releasing a crypto version of the Swiss franc. ... The Swiss National Bank (SNB) [said] there was "no need" for a so-called "e-franc" at present, following Lacher’s comments.[5]

AsiaEdit

CambodiaEdit

2018-03-02: Cambodia is considering launching its own crypto project named Entapay, a press release for the Association of Southeast Asian Nations (ASEAN) Blockchain Summit reported March 2.[6]

ChinaEdit

  • After cracking down on Bitcoin exchanges last September, the Chinese government has actually announced plans to introduce a national cryptocurrency.[7]
  • 2018-03-09: Zhou Xiaochuan, the People’s Bank of China Governor announced the creation of a digital-only coin for the People’s Republic of China, dubbed DCEP, an acronym for “Digital Currency Electronic Payment”. He did not comment if this new digital currency would be blockchain-based or just another digital centralized coin.[8]

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.[9]
  • The Royal Bank of India will be looking into creating its own state-backed cryptocurrency, “in addition to the paper currency that we have,” Kanungo [RBI deputy governor] notes, with a report to be submitted on its feasibility by the end of June 2018.[10]

IranEdit

2018-02-21, a day after the Petro’s launch, Iran’s Ministry of Information and Communications Technology (ICT) tweeted that Iran’s Post Bank is working on releasing a cryptocurrency.[11]

IsraelEdit

2017-12-24: Following in the footsteps of Russia and Dubai, Israel is considering offering a national cryptocurrency - a digital shekel - which would correspond in value to physical shekels.[12]

JapanEdit

2017-09-27: Japan Considers Launching J-Coin, Eliminating Cash Before Tokyo 2020 Games[13]

KyrgyzstanEdit

Kyrgyzstan, a major gold manufacturer, is planning to launch a gold-backed cryptocurrency called “GoldenRock”.[14]

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.[15]

SingaporeEdit

The Monetary Authority of Singapore has actually already implemented the initial stage in tokenizing the Singaporean Dollar utilizing a private Ethereum blockchain.[16]

TurkeyEdit

2018-02-22, Middle-Eastern news outlet Al-Monitor reported that Turkey’s Nationalist Movement Party (MHP) deputy chair and former Industry Minister Ahmet Kenan Tanrikulu is publically considering launching a "national Bitcoin" called the “Turkcoin”, described in his 22-page report on regulating the crypto market.[17]

UAEEdit

2017-09-26: Dubai Economy launches partnership to expedite emCash[18]

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. [19]

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.[20]
  • Venezuelan President Nicolas Maduro has urged a group of 10 South American nations to adopt its soon-to-be-launched PETRO cryptocurrency.[21]
  • 2018-02-20 The Venezuelan government launched the pre-sale of the world’s first national, oil-backed cryptocurrency Petro (PTR), Financial Times reports Tuesday, Feb. 20.[22]
  • 2018-02-22 Venezuela is preparing a new cryptocurrency called "Petro gold" that will be backed by precious metals, Maduro said yesterday.[23]

OceaniaEdit

Marshall IslandsEdit

2018-02-28: The Marshall Islands is set to release its own cryptocurrency called the Sovereign after the Parliament voted to approve an official cryptocurrency as legal tender, a move that could end its reliance on the US Dollar as its official currency.[24]

See alsoEdit

ReferencesEdit

  1. http://www.forextutorialscat.com/national-cryptocurrencies-the-global-race/
  2. http://www.forextutorialscat.com/national-cryptocurrencies-the-global-race/
  3. https://www.financemagnates.com/cryptocurrency/news/poland-developing-national-cryptocurrency/
  4. http://www.coingape.com/sweden-set-to-release-its-own-national-cryptocurrency-e-krona
  5. https://cointelegraph.com/news/swiss-stock-exchange-chairman-sees-upsides-to-launch-of-crypto-franc
  6. https://cointelegraph.com/news/inspired-by-venezuelan-petro-cambodia-may-issue-a-national-cryptocurrency
  7. http://www.forextutorialscat.com/national-cryptocurrencies-the-global-race/
  8. https://www.btcnn.com/chinas-bank-governor-admits-cash-might-go-extinct/
  9. http://www.forextutorialscat.com/national-cryptocurrencies-the-global-race/
  10. https://cointelegraph.com/news/indias-central-bank-to-stop-dealing-with-all-crypto-related-accounts-not-ban-on-crypto-commenters-say
  11. https://cointelegraph.com/news/turkey-iran-to-release-state-backed-cryptocurrencies-on-heels-of-venezuelas-petro
  12. https://cointelegraph.com/news/israel-government-considering-national-cryptocurrency
  13. https://cointelegraph.com/news/japan-considers-launching-j-coin-eliminating-cash-before-tokyo-2020-games
  14. http://www.forextutorialscat.com/national-cryptocurrencies-the-global-race/
  15. https://techcrunch.com/2017/10/15/russia-may-soon-issue-its-own-official-blockchain-based-currency-the-cryptoruble/
  16. http://www.forextutorialscat.com/national-cryptocurrencies-the-global-race/
  17. https://cointelegraph.com/news/turkey-iran-to-release-state-backed-cryptocurrencies-on-heels-of-venezuelas-petro
  18. http://www.dubaided.ae/English/MediaCenter/Pages/PressReleasesDetails.aspx?ItemId=233
  19. https://cointelegraph.com/news/senegal-introduces-cryptocurrency-based-on-its-national-currency
  20. http://www.forextutorialscat.com/national-cryptocurrencies-the-global-race/
  21. https://www.investopedia.com/news/venezuela-calls-other-countries-latin-america-adopt-its-cryptocurrency/
  22. https://cointelegraph.com/news/petro-ignited-venezuela-launches-pre-sale-of-oil-backed-national-cryptocurrency
  23. https://www.zerohedge.com/news/2018-02-22/russian-central-bank-buys-large-187-tons-gold-january-venezuela-launches-petro-gold
  24. https://www.ccn.com/marshall-islands-plans-official-sovereign-cryptocurrency-2018