We are living in a world where cryptocurrencies like Bitcoin are more famous than the paper currency issued by the government. The people nowadays use crypto currencies for all kinds of transitions, gifting, charity and many other things. Due to the rising popularity now world government can’t keep quiet about it full stop at first the government around the world where like ignoring the cryptocurrencies and denying their existence but since they are growing at an alarming rate they think that it is a threat to their economy and the paper waste currencies was stopped to come to this they are launching their very own cryptocurrency is that will be regulated by them all star in this complete guide about btc trading system and countries we will be discussing about which countries are coming up with their very own cryptocurrencies recently. Moreover we will also take a look at the disadvantages for discomforts of making a new cryptocurrency for a country.
What Countries Are Planning on Launching Their Cryptocurrencies
We are living where people are buying and selling Bitcoins and other cryptocurrencies like any other commodity. This degree of freedom has made the government around the world very nervous about their very own paper currency which has become more absolute nowadays. That is why governments around the world have been trying to come up with a plan to destroy cryptocurrency or compete against it with their very own cryptocurrency that they are willing to launch soon. Two countries that are going to soon launch their own crypto currencies are the USA and India. Both of these countries are in the top 5 world economies. Moreover they are both suffering from the growing power of cryptocurrencies and feel threatened by its popularity. To counter this the financial experts in these countries turn to the government to launch their very own cryptocurrency soon and regulate it through their financial channels to make sure no fraud happens with it. Not only USA and India, other countries are also planning on bringing their cryptocurrencies however they have not made any official statement yet. Experts believe that once India and USA are successful in making their very own cryptocurrency and challenge Bitcoin ethereum light coins.com coins and other cryptocurrencies other countries will also come forward with their future plans of bringing their cryptocurrencies in the market. There is an interesting fact to know that India and USA have decided to name cryptocurrencies based on their paper currency. Furthermore India and USA are trying to block the growth of cryptocurrencies by putting on heavy tariffs on digital asset gains and warning their citizens that the government will not take any risk if the citizen is trying to deal in cryptocurrency that they do not approve of. Now that we know which countries are interested in bringing their own cryptocurrency in the market, let us take a look at the challenges they are going to face soon.
Challenges Of Creating New Cryptocurrencies
The biggest issue a country is going to face by creating every new cryptocurrency is the popularity of that currency even though the initial evaluation of the currency will be higher than the other crypto currencies as it is a government backed digital currency. However if the government failed to prove their performance the currency price will drop very quickly. The crypto currency will become a mirror which shows the country’s development and growth. The second issue is going to be hackers . If countries are going to build their wedding to consider your going to use nude blockchain technology to build it, they are not going to build an already proven loss and technology like bitcoin uses, so there is a chance that hackers might attack them.