These countries have decided not to use Bitcoin
The year 2017 has been an exciting year for cryptocurrencies, especially Bitcoin. Bitcoin prices have surged about 330 percent this year. While more and more people have invested their amount in bitcoin, there are countries who have launched or going to launch their own cryptocurrency. Let’s have a look.
Sweden is all set to become one of the first countries in the world to go completely cashless and launch its own digital currency this year. Sweden’s central bank, Riksbank, is expected to launch its own digital currency called eKrona in the mid- March. The main aim of the country to introduce virtual currency is to eliminate the use of banknotes and coins for making payments.
Ecuador was the first country to have state-run electronic payment system back in 2015. The country uses US dollars as currency and designed its Sistema de Dinero Electronico to support its monetary system. Additionally, the scheme was also launched to stop the government spending more than $3m a year in exchanging old notes for new dollars.
Tunisia became the first country in the world to issue its national currency via advanced Blockchain technology in 2015 with the help of Monetas. The Monetas platform is an advanced crypto-transaction technology that uses a Blockchain secured digital notary to enable all kinds of financial and legal transactions, public or private.
Like Tunisia, Senegal has also launched its own version of a national digital currency earlier this year. The institutions behind this currency are The Senegalese Bank, Banque Regionale de Marches (BRM) and eCurrency Mint. It has the same value as the CFA franc and can be stored in all mobile money and e-money wallets.
China’s central bank is soon going digital. According to Bloomberg, the People’s Bank of China has been doing trials of its prototype cryptocurrency since 2014 and is all set to become one of the first major central banks to issue digital money. It would use the blockchain to monitor risk in the financial system and track transactions. This would be similar to the demonetization project introduced by Prime Minister Narendra Modi.
The central bank of Russia, Olga Skorobogatova is planning to launch its own digital currency. According to a report by TASS, Russia’s largest news agency, Skorobogatova sees national cryptocurrencies as the future and believes that it is the time to launch the country’s own national currency.
“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,” said Skorobogatova.
Earlier also in 2016, Russian central bank developed an Ethereum-based blockchain prototype called ‘Masterchain’ for financial messaging.
The Estonian government was one of the first governments to store its data on the blockchain, as part of its e-Residency programme. The country is also inviting its citizens and e-residents to give it feedback on the digital currency in Estonia.
Japanese banks are planning to introduce a digital currency called ‘JCoin’ for the 2020 Tokyo Olympics. It will be used to pay for goods and transfer money using smartphones. The new currency will be convertible into yen on a one-to-one basis using QR codes to be scanned in stores.
Venezuela will be soon launching its own digital currency called ‘Petro’ to combat the financial crisis. The new currency would be backed by Venezuela’s oil, gas, gold and diamond wealth. According to Venezuela’s information minister, Jorge Rodriguez, the petro will be different from bitcoin and other cryptocurrencies because it will be backed by hard assets. He also stated that some 5 billion barrels of Venezuelan oil reserves will be used as financial backing for the currency.