National cryptocurrencies are not wanted? Dismantle the case

From the very appearance of Bitcoin and altcoins, there were rumors about the release of a national cryptocurrency. That is the public block chain, intended for use in one particular country. They will be based digital money has the potential to replace Fiat currency.

Theoretically this can occur in two ways:

  • independent developers create currency, which has become so popular that the government accepts it;
  • some specific government develops and produces its own currency.

The second scenario has happened in real life, though as yet without significant results. And although these currencies can be stabilini — tokens with Fiat support in the ratio of 1:1 is not a mandatory requirement. At the moment in the world there are many tablconv, which for some reason is not stanytsia natsionalnyi cryptocurrencies.

It is fair to say that over the ten years of existence of Bitcoin, not a single national cryptocurrencies, which have received widespread acceptance. There is no national blockchains, which would bring a significant result, and it is unlikely it will ever happen. This article will look at five existing or planned national speculative cryptocurrency and understand at what stage is the development of this segment. Will also try to uncover the reason why national cryptocurrencies become popular.

The contents

Source: Curiousmatic

Auroracoin appeared immediately after the first big phase distribution of Bitcoin in early 2014. National the crypt was presented as a terrible answer largest cryptocurrency. The Icelandic government has long been hostile against the cryptocurrency, but the citizens have one of the lowest levels of confidence in the banking institutions. Perhaps this suggests why they have a relatively high level of interest in the technology of blockchain and cryptocurrency.

Initially a developer under the pseudonym Baldur Óðinsson (the so-called brother of the Norwegian God Thor) has created a clone of Litecoin and distributed half of the coins between all registered citizens of Iceland. Since the coin was a novelty, only 10% of Icelanders decided to get their legal Aurora what is the price rapidly collapsed. It was not by the Icelandic government, and the Ministers even officially suspected fraud project.

Venezuela: Petro

The socialist government headed by President Nicolas Maduro launched his own national cryptocurrency Petro and tries to force sellers to use it, despite the complete lack of support for international exchanges. This is not surprising as the currency was created primarily to circumvent the sanctions the U.S. and other countries. Initially it was presented as talbain, backed by the oil reserves of the country. Later began to emerge the assumption that a listing on the stock exchanges this coin will be used solely for speculative purposes.

In August 2018, Maduro went on a strange step, devalue the national Bolivar 95 percent and tying it to Petro. So, the attempt to break the stereotype that socialists don’t know anything about the economy, failed. Perhaps Petro is the world’s first national cryptocurrency, but it obviously will not serve as an example for others.

UAE: emCash

In the framework of a wider strategy of transforming Dubai into a smart city with deep integration of blockchain company emCredit has developed cryptocurrency. Citizens will be able to use it through a mobile app, emPay. For the first time, information about the coin appeared in October 2017, but since then no progress has occurred, and the date of the official launch of cryptocurrency and has not been announced. There were rumors that emCash will be presented in the format stablon linked to local dirham. At the same time, the manufacturer of point of sales Pundi X is working on a system that would allow you to make purchases for cryptocurrencies in physical stores. It seems that the launch system is planned somewhere during 2019.

China

Photo: Xinhua

In the summer of 2018 cryptocurrency media exaggerated the theme of the launch of the national cryptocurrency of the State Bank of China. It was reported even that in the very short term, she will surpass the price of Bitcoin. There is some evidence that the PBOC may begin to move in this direction: the fact of the matter is that you are testing the Central Bank model the potential kriptuara. For China, it is common practice to first try out the innovation at the city level, then at the provincial level, and then to introduce the technology at the national level. But there is evidence to the contrary, because since then not received any news. And if you remember about the existence and wide acceptance of various payment systems such as Alipay and WeChat, used by the most residents of Chinese cities, it is unlikely to expect a national cryptocurrency.

Russia

The Ministry of Finance and the Central Bank discuss the concept of cryptorama even in 2016, but since then there have been many conflicting reports. Some officials called the idea a “technical hooliganism”, however, the President himself ordered a thorough investigation of the technology.

A more detailed information on this issue appeared in this year when the state Duma Committee on financial markets has announcedthat it is considering the potential implementation stablein, backed by Vietnam ruble. However, the meaning of this is difficult to understand, as scriptural vietnamu like his older brother will be exactly the same to lose value against the dollar.

Will we see a national crypto-currencies in the future?

More likely that not. The blockchain technology itself is still in its infancy, and experiments with a national cryptocurrency is not yet credible. And all against the backdrop of the already slow nature of most governments. The reasons they shirk the integration of cryptocurrencies in the economy can be many. But at the moment it is obvious that most just do not want to waste resources on under-researched technology.

On the example of Iceland, we can see that the people themselves are not ready for this – the Aurora coin did not want to take even for free. And after the collapse in the price of the market it replaced. Thus even the supporters of the blockchain against a national cryptocurrency, because it is contrary to the fundamental principle of decentralization. A reasonable question arises why people need cryptocurrency with all its complexities and at the same time without any advantages in terms of privacy and freedom? Discussed in cryptodata.

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