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.
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)
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!