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Governments Eye on Blockchain Technology to Build Their Own Cryptocurrency

  • Countries have enthused at the prospect of issuing their own blockchain-based digital currencies.
  • The Countries such as Sweden, Venezuela, Russia and many more is leaping into the cryptocurrency craze.

The craze of cryptocurrency started when Satoshi Nakamoto created the very first Distributed Ledger System called Blockchain. The main objective of the system is to determine seamless monetary system. Cryptocurrencies are blowing up in value and many countries are screening towards the adoption of the blockchain technology.

In the beginning, uncertainties occurred among people after the release of Bitcoin. Later, fervent countries desire to create their own cryptocurrencies as their national digital currencies. Therefore, it is gaining positive attention from all over the world because of its decentralized and anonymity features.

Many of the people are concerned that the Bitcoin’s underlying technology is over-hyped. Therefore, Blockchain is being in use by countries and initiatives to spin off their own digital currencies.

Here are the countries which have released or are going to releasing their own cryptocurrencies.

Sweden

Riksbank, Sweden’s central bank is allegedly seeking into introducing a digital cryptocurrency “eKrona” to the country. It can be also that Sweden is projected to be one of the first countries in the globe to go cashless. Riksbank expects that the digital currency would be using for small transactions between companies, consumers, and the authorities. Hence, the country is still in planning stage and expected to finish in the year 2019. Meantime, Venezuela has already launched its own state-backed cryptocurrency

Venezuela

Venezuela was facing an economic crisis like chronic food shortages and high inflation. In order to combat this disaster, the government of Venezuela introduced a new digital currency called Petro coin.

At the announcement of the currency, Nicolas Madurao, Venezuelan president said the Petro would allow Venezuela to: “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade”.

Russia

In the Year 2017, it was disclosed that Russia was examining the possibility of digital currencies in the country.

Olga Skorobogatova, Deputy Chairwomen of the central bank of Russia said

“Regulators of all countries agree that it’s time to develop national cryptocurrencies, this is the future. Every country will decide on specific time frames. After our pilot projects, we will understand what system we could use in our case for our national currency”.

Previously, Sberbank’s president, Herman Gref has declared that Russia has a huge number of active blockchain-based projects in the world.

Japan

According to the Financial Times reports, that Japanese banks are planning to introduce a cryptocurrency for the 2020 Tokyo Olympics. The banks are working hard to release J Coin as the medium for to pay for goods and transfer money using mobile phones.

The J Coin can be exchanged into yen at a one-to-one ratio. Banks will offer service freely but with the option of transaction tracking system.

Other countries like Turkey and Cambodia also introduced declarations regarding national cryptocurrencies.

Final thoughts

It is very precise that several countries are growing their interest to create their national coin. Perhaps, countries like Venezuela driving faster than others. Hence, we have noticed a complete list of countries functioning on their own cryptocurrency. Definitely, the year 2018 will shape up to be the year of government cryptocurrencies.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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