With many countries already launching their own cryptocurrency in the certainly early days, there are others looking forward to following the same. Governments look forward to battling the decentralized component of cryptocurrency and regain control, thereby following a centralized variant concerning the developing rise of decentralized cryptocurrencies. 

Countries That Launched Their Own Cryptocurrencies

Among the countries that have launched their own cryptocurrency incorporate Singapore, Ecuador, China, Tunisia, and Senegal. However, these nations are given tough competition with Russia, Sweden, Palestine, Estonia, and Japan looking forward to launching their own cryptocurrencies. Among these nations, many are expected to take things a step ahead and replace paper tender altogether. China is one of those countries looking forward to taking a step ahead of the paper and virtual version. 

Also Read: Top 10 Cryptocurrency and Blockchain-Friendly Countries in the World

Effects on Bitcoin

As various nations proceed to roll out and explore their own cryptocurrencies, some concern has been over the feasible ramifications concerning the existence of national cryptocurrencies on Bitcoin. Bitcoin managed to navigate within the market sell-off, thereby following China’s motives against initial coin offerings and Bitcoin, with National cryptocurrency’s existence yet to influence the appetite of the market for decentralized Crypto. 

As far as the problem is concerned, decentralized cryptocurrencies like Bitcoin and the overall cryptocurrency market will likely face the decision to ban existing Crypto exchanges by central banks. For example, China has forced Bitcoin holders to shift from Bitcoin into their national virtual currencies. On the other hand, moving to centralized cryptocurrency will be something well accepted by the community of Crypto enthusiasts, thereby leading to some arguing against the requirement for regulatory oversight. 

Possibly, it would be more appropriate to arrive from a regulatory body that happens to be independent of Central banks and governments because paper tender is in circulation. For Bitcoin and ethereum to be safe for now with the nations already considering Bitcoin as legal tender, it might need some time concerning the reversal procedure to play out. 

Citizens might need some time when it comes to forward-thinking Nations passing up the attractiveness of Bitcoin in the interest of national cryptocurrency. Overall, Bitcoin cannot be only considered as a virtual currency. It happens to be an investment that lined people with pockets of gold. When it comes to national cryptocurrencies, they are unlikely to provide buyers with similar opportunities because the centralized nature will behave pretty similarly to a paper tender. Here, the value is expected to be controlled by the respective Central banks.

Wrapping Up

Considering nations launching their own cryptocurrencies, it can be stated that crypto investors and buyers are likely to face problems as far as investment is concerned. Not receiving enough returns and advantages as Bitcoin and Ethereum, investors might not support the new idea of launching cryptocurrencies by various nations. 

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