Will Governments Around The World Launch Their Own Cryptocurrency?

[Mika]

Do you know China has launched its own digital version of fiat money? It is called the Digital Currency Electronic Payment (DC/EP). This digital currency is backed by the Chinese fiat currency Yuan deposits in China's central bank. Digital Yuan is not yet available for trading.

According to the news report, just like China, India is also planning to launch a digital version of Rupee which will be backed by the Reserve Bank of India. The government has not revealed the details of Digital Rupee, however, crypto analysts speculate that India intends to ban private cryptocurrencies and use blockchain technology to creates its own official cryptocurrency.

Do you think governments around the world will develop their own cryptocurrency? Will Governments around the world launch their own cryptocurrency?

 

[Yugocean]

Cryptocurrency is legal in some countries like Japan, Venezuela etc; and illegal in some countries; but action depends on people and government. For example, in 2017 NRB declared bitcoin illegal in Nepal and people did nothing, so it is banned there; however, in India RBI banned Crypto in 2018, but people challenged it and Supreme Court overturned the ban. Government have its own decision which is mostly based on reserve bank.

 

[btaliat]

No one can really say but I don't see it coming. The citizens of a country already have some illiterate, the government has to put them along even starting an innovation. Besides, citizens won't even like to partake in such an avenue. Av average citizen doesn't trust his country, they always know that they always do what or start a project that will favour them most and not the citizens.

 

[cmoneyspinner]

This question is a very easy for me to answer. YES! Well! I'm fairly certain that Tier 1 countries will because – they have the tools and the technology. If one Tier 1 country starts, then all of the countries will start. Because they have to keep up! It was the same thing with space exploration.

List Of Countries That Have Plans To Roll Out Their Own #Cryptocurrencies

The crypto market is on course to grow faster than ever. While on one hand, many countries are expressing their acceptance towards cryptocurrencies and ICOs,

coinsutra.com

 

[IamDozzy]

Well, if they do that, they have successfully accepted that cryptocurrency is here to stay an it would have a negative effect on Bureau de change operators as people would by pass them when it comes to changing of money. People would is their foreign currency to buy the government backed cryptocurrency, wait for it to pump up and then exchange it for Fiat. In all, it goes to show that the world is already digital and these countries do not want to play catch-up.

 

[Alexandoy]

A digital currency is the version of the legal tender currency in the internet. But I don't think it should be considered crypto coin because crypto coin is not a currency and it never will be unless it will have the approval of a country like what they did in El Salvador that I think they are now having a problem.

 

[Sherman198]

It's eventually going to be a viral thing. As we are already having countries initiating their Digital currencies, several countries will soon follow suit. Now, my country is trying to launch it's own Digital currencies, which may likely be launched at the end of this year. But I think with all this centralized Digital currencies, Bitcoin's growth maybe halt.

 

[Chibson]

I think this is quite possible because there are a lot of countries planning launch their own digital currency. there are also other countries accepting bitcoin as a legal tender because Bitcoin has grown to a reasonable extent and I don't see any other digital currency displacing it because it has a lot of value and it is the first-ever of cryptocurrency.

 

[Andrew79]

I don't see that happening do you. Remember the beauty of crypto is that its not centralised and is not regulated. Once it becomes centralised and regulated it then it becomes fiat money ?

 

[Sherman198]

I think this is quite possible because there are a lot of countries planning launch their own digital currency. there are also other countries accepting bitcoin as a legal tender because Bitcoin has grown to a reasonable extent and I don't see any other digital currency displacing it because it has a lot of value and it is the first-ever of cryptocurrency.

You are correct indeed! Infact, I see this happening not quiet too long. Even it's going to take place in the country I am towards the end of this year. And I think this may affect Bitcoin in some ways both negatively and positively, it may affect Bitcoin to be more popular and accepted and it may also force some newbies into their digital currency and neglecting Bitcoin.

 

[Ithedicious]

I believe this will be possible and from all indication launching of digital currency by each country of the world can really help in So many Ways like faster transaction and easier transaction of funds across different borders within a short period of time. And at the same time in most countries with bad economy launching of digital currency will not in any way help resolve the economic issue of the country, like here in Nigeria in which a digital currency was being launched and ever since the invention of the digital currency this has not in any way improve or adds progress to the economy of the country as the Central Bank directors was saying.

Another thing is that , a country cannot just launch a digital currency just like that, there must be some sort of indication that such is being needed in the country and that is the only way to do it. Apart from this it may not likely be profitable.