With the fascination people have for the cryptocurrency market right now, it is quite common for the countries to come up with their national currencies. In fact, the bitcoin prices raised over 10,000 USD and right there, the digital currencies started gaining the traction. While many are concerned that the concept of bitcoin is overhyped, the countries have targeted the technology behind it – Blockchain. Now, all the new initiatives are spinning off and digital currencies are in the flow.
Ecuador is the first government to have an electronic payment system that is state-run. The country seems to use USD as their currency and Sistema de Dinero Electronico supports its monetary system. According to an official, the South American country seemed to have followed a 2014 wholesale ban on Bitcoin and other cryptocurrencies. On the other hand, they were issuing national cryptocurrency in accordance with the monetary laws of their country. This South American nation is also the first to roll out a central bank issued and controlled the digital currency.
In 2015, Tunisia made the decision to combine Blockchain technology with eDinar. They deployed the universal contracting platform, Monetas. According to the Moneta’s Chief Executive, Johann Gevers, the eDinar is used to make money transfers and the users can pay their bills as well. In addition, the platform can be used to manage official identification documents.
Earlier this year, Senegal took some inspiration from Tunisia and launched its national digital currency. The value is just as same as the country’s currency. This can be stored in all the e-money wallets as well. Banque Regionale de Marches (BRM), the Senegalese Bank collaborated with eCurrency Mint to create this. Based on the Blockchain, this is designed to work in a compatible manner with other digital currencies in Africa.
Riksbank, the central bank of Sweden is looking to launch its own digital currency. Termed as eKrona, Sweden has decided to launch it this year and the Central Bank reportedly has a lot of frameworks pending in the process.
The Government of Estonia has positioned itself as one of the most tech-savvy countries in the world. Being one of the firsts to have saved its own Blockchain data, as a part of its e-Residency programme. This very country will be issuing its currency called Estcoin.
The People’s Bank of China has been trying some cryptocurrency trial runs recently, says Bloomberg. Just like Sweden, the citizens of China are big-time users of mobile payments and they use more mobile wallets. The bank said that it was simply exploring possibilities wherein a National Digital Currency could be introduced, back in 2016. Unlike other counties who are planning to make use of digital currencies as an alternative or parallel to the existing currencies, China’s version is trying to replace the paper tender forever. This could be compared to the demonetization project that took place in India last year. The bank thinks that tracking the money supply and growth would be easier this way.
After so many regulatory obfuscation and ambiguity on its current status in the world of cryptocurrencies, the Central Bank of Russia has issued a statement that it was planning to launch a national cryptocurrency. Specifically planned for the Eastern European nation, the Deputy Chairwoman said that they find cryptocurrencies making the future.
J Coin is the name Japanese banks have planned for their cryptocurrency, which is to be launched ahead of 2020 Tokyo Olympics. This will be valued one-to-one with a Yen. This cryptocurrency will be used to deal with goods and services through smartphones. On the other hand, the new digital currency seems to have its own way out from Alibaba, a China-based tech company’s threat. Japanese banks have warned their government in the same matter, in fact.
Last year, the Central Bank of Israel said that it was looking for possibilities to launch its own digital currency. This must have two specific intentions. One, to reduce the amount of cash in the economy and enhance the payment systems, making it faster. The new digital currency would be centralized and unlike the bitcoin issues, the currency will abide by all the national rules.
Some time ago, the Government of Dubai expressed its intention to come up with EmCash, the Blockchain-based cryptocurrency. This will be used by the UAE residents through a smartphone app named Empay. The launch of the currency seems to be a collaborative effort between Emcredit and a UK-based firm Object Tech.
Some might have recognized the cryptocurrencies are the way to burgeoning new age economy. Perhaps, in the process of positioning themselves as the superpowers of this changing economy by adapting to the newest technology, the countries have taken the national flat currencies a bit far. Let us see how it goes.