Countries Wanted to Raise Money on Cryptocurrencies, but Something Went Wrong

Cryptocurrencies

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A lot of countries like Australia, England, Canada, China, the United States and even Russia wanted to made own cryptocurrency after successful of Bitcoin. Venezuela stay the first country which made own digital currently – EL Petro, moreover government of Venezuela tying it to the price of oil. Also Venezuela announce the second currently – Petro Oro which tying to the price of gold. The Republic is in an extremely difficult position and lieder of country Nicolas Maduro assume that it improves economic of Venezuela. Sweden can stay concurrent for Venezuela in cryptocurrency world.

Stockholm Syndrome

 Local authorities are concerned about a significant decline in cash turnover, because the share of cash payments in the retail sector fell from about 40 percent in 2010 to about 15 percent in 2016.

A lot of banks stopped processing cash, but at the same time a lot of shops, museums and restaurants accept only plastic cards and mobile payments.

E-krona is not a kind of cryptocurrency in their classical sense, due to Central Bank can control it.

The report of the Swedish Central Bank says that firstly E-krona is intended formaking small payments between natural persons, companies and authorities.About technical side of this project. It has 2 side, on the one hand they plan that cryptocurrency will work by market price, but on the other hand it is worked by the system of registers. Also Bank of Sweden want to the technology of IOTA. They will use it, because if person need to confirm own transaction, the user needs to confirm two transactions of other system members (this happens automatically).Respectively user do not need to pay commission for miner. Also IOTA works so fast.

Take French leave

International public organization “Positive Money” issued a report in 2016 with a recommendation to central banks to issue digital currently, and the report of the Financial Services Center of “Deloitte” states that many private cryptocurrencies will disappear in the next five years and would be replaced by state currencies.

The Bank of England was first, which interested this theme. The regulator formed a research group to study the possibilities of blockhain and the prospects of implementing transactions based on it. They suppose that it improves GDP of country on 3 percent per year. The newspaper «The telegraph» said that tied to the central bank of the cryptocurrency will allow to make large purchases. For example, users could buy houses or something like that.

The Bank of England announced the launch of its own electronic currency in 2018, but then theu changed their plans, because they assumed that they will have negative consequences on the economy.

A Big Brother

China make national digital currency, because wants to increase control over currency transactions. Peking plans to reduce transaction costs and develop financial services of remote areas of the country. It is assumed that China’s national currency will be called DCEP, where DC means digital currency, and EP is electronic payments.

Who Cheats Maduro

For the first time the information that Venezuela can issue its own cryptocurrency, appeared in October 2017. On the first day, the Venezuelan president announced a “technological revolution” and had already ordered some Venezuelan enterprises to make deals in the new cryptocurrency.

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