The rise of digital currency is due to many factors, but the main one is its independence from banks and international exchange regulations, and the security of blockchain technology. It’s shaking up the established global economic system.
So, where does that leave your traditional ‘National Treasury’ and centralised economic models?
Well, ‘if you can’t ban it, then join it’, and that’s exactly what countries around the world are now doing, planning to do, or exploring to some degree.
Global exploration of government-issue digital currencies:
For some countries, it’s not just about taking control. Digital currencies could open doors to creating new digital currency-based economic models and infrastructure. For some (such as Venezuela) this includes freeing themselves from the influence of the powerful US$.
Not all digital currencies are block-chain based, and some are set to use the Ethereum blockchain. The creation and roll-out of national digital currencies around the world is happening, but it’s in a state of flux. A notable feature is that smaller and more economically vulnerable countries have led the way for the large part (the exception being Dubai)
Countries (and one city-state) that already have a digital currency:
- Tunisia: e-Dinar – the first digital currency roll-out in 2015
- Senegal: eCFA -2016
- Dubai: Emcash – 2017
- Marshall Island: SOV – 2018
- Venezuela: Petro – 2018
- Peru: Perucoin – 2018
- Sweden: E-Krona 2019
Globally Superpower plans for more than one or multiple digital currencies:
- Russia: Crypytoruble and possibly another for Eurasia
- China – over 78 patents registered, with 44 on blockchain.
Other countries are busy patenting future crypto currencies or are busy with pre issuance ‘tester’ projects. Not all countries are moving forward with digital currency, and some explored, and since backed off completely – for now. The UK is currently too busy with Brexit!
- Countries actively exploring crypto currency issuance include The Bahamas, Uruguay, The Netherlands, Israel, Saudi Arabia and the UAE, among others.
- Countries currently’ backing off’, include Germany, Switzerland, UK, Hong Kong and Japan.
- Status for digital crypto currency plans are largely unknown for the USA and many other countries at this stage…