knowledge What would happen if each country created its own cryptocurrency?

[CryptoLegendry 505]

What would happen if each country created its own cryptocurrency?

 

One of the most important issues in the world of cryptocurrencies is the possibility of major economies launching state-backed digital currencies. In recent times, the Chinese central bank accelerated planning for what is currently known as "electronic payment in digital currency", and it is likely to launch within 18 months, as the European Central Bank searches for something similar.

Meanwhile, Russia has been working to develop the state-backed "digital ruble" currency for several years, and Sweden has an e-krona project. In fact, there are many countries that have managed to develop their digital currencies such as Senegal and the Marshall Islands that now deal in digital currencies in addition to their current currencies, while other countries such as Venezuela and Ecuador have tried to develop cryptocurrencies but failed.
The matter needs to build a solid plan for the success of this project and also needs to provide a safe environment in order for the people to feel safe during the transfer of their money to this currency!

Question for you guys!
Do you think that the world is ready for the transition to a new world order away from the hegemony of the US dollar??!

[Jack764 1841]

I think that this will not work. Each country will seek to support its currency, and this makes the work centralized, so the situation is thus better, in my opinion

[Samer1997 715]

I think that the world desperately needs such a qualitative leap to take economic leadership from the hand of the dollar, but I do not think that the world is ready for that, there are a large number of people with a fossilized mind who do not accept technology in an easy way and do not have confidence in anything that is not tangible, so I think If imposing this system by force will be good, everyone will have to deal with it and then they will discover its advantages

[CryptoLegendry 505]

On 3/17/2021 at 3:42 PM, Samer1997 said:

I think that the world desperately needs such a qualitative leap to take economic leadership from the hand of the dollar, but I do not think that the world is ready for that, there are a large number of people with a fossilized mind who do not accept technology in an easy way and do not have confidence in anything that is not tangible, so I think If imposing this system by force will be good, everyone will have to deal with it and then they will discover its advantages

I believe that the global hegemony carried out by the United States of America in order to make the American dollar a standard for commercial exchange operations in the world is the reason for our delay in this matter! Everyone is afraid of doing something that is contrary to the interests of the United States of America! Therefore, they impose sanctions on Russia, Iran and China! Therefore, countries must wake up and unite in order to get rid of US control over the global financial system

[CryptoLegendry 505]

10 minutes ago, Tesla said:

If each country creates its own crypto currency then it'll be very good and it'll be used just like fiat as so many countries have their won individual currency which might make some economies grow while others will defintely fall

Yes, this is true. Creating a cryptocurrency needs a careful plan, and this currency must have its own security system that gives it safety and stability in order to preserve its value and its safety from penetration! We know that wars between countries can turn into electronic wars! In the event that a currency is penetrated by an enemy country, this will definitely lead to the downfall of the economy of that country

[CryptoLegendry 505]

28 minutes ago, abo hasnn5 said:

My friend, it is a real support for the development of the global economy. When any country establishes its own currency, the field of money laundering will go far. Thus countries have made cryptocurrencies somewhat central currencies by imposing work in the national cryptocurrency during withdrawal and deposit and working within the platforms through the national currency as the main currency of exchange Thanks

Let's analyze it together!
When you collect money from abroad (I mean, when you get money from the Cryptotalk forum, for example) and you take advantage of trading or investment to increase your profits, and then transfer the money to your country's bank, this will definitely lead to an increase and improvement in your country's economy!

But when the matter is the opposite (I mean you are taking your money out of your country to trade or invest your money on other platforms)
This will surely lead to negative consequences for your country's economy

[kryptonick 2659]

It is what is going to happen as some countries are already creating a cryptocurrency based on backing by government, while all other countries are thinking about it. It is the natural progress of fiat money which is not going to stand without a fight and let the crypto we have today take over their business. Money is state run and by law it is not allowed to create a new money system inside a country. The cryptocurrencies that are decentralized are simply allowed because there isn't a way to stop them.

[CryptoLegendry 505]

5 hours ago, Aryankhan said:

No country can do that and even if it did, they could not create a place like cryptocurrency because cryptocurrency is a digital currency. All the people in such a world are working here but people are not replacing cryptocurrency.

why not ? I think the world needs cryptocurrencies more than ever! Especially for poor countries and those suffering from economic sanctions! Through their use of cryptocurrencies, they can get rid of these penalties! The process of creating a cryptocurrency can solve many economic issues that afflict poor countries

[Dadouasaad123 902]

Of course the world is ready to move to a new project of cryptocurrencies, but I do not think it will end the dominance of the dollar, as the American government will remain attached to it with its great economic power, but if cryptocurrencies spread and become legal, and we are able to buy what we want through them  This will be a major quantum leap in the global economy, and it will save many countries from economic collapse.

[Whited35 15285]

On 3/16/2021 at 10:38 PM, CryptoLegendry said:

Do you think that the world is ready for the transition to a new world order away from the hegemony of the US dollar??!

Not yet. Well, some countries like Russia, China, Sweden, etc. are there to experiment and use the state-owned digital currencies but so many countries in the world are still not prepared to adopt the cryptocurrencies as the alternative payment solutions. However, they are initiating to recognize the real-life applications of blockchain infrastructures to tackle so many problems effectively. 

[CryptoLegendry 505]

2 hours ago, Dadouasaad123 said:

Of course the world is ready to move to a new project of cryptocurrencies, but I do not think it will end the dominance of the dollar, as the American government will remain attached to it with its great economic power, but if cryptocurrencies spread and become legal, and we are able to buy what we want through them  This will be a major quantum leap in the global economy, and it will save many countries from economic collapse.

This matter will definitely help the poor countries, unlike the big countries! You will lose control completely! Therefore, I think that moving to such a step is very difficult and it takes many years to make a change of financial power! But I see that China is seeking, through the establishment of its own cryptocurrency, that other countries will follow in order to get rid of the economic pressures imposed by the United States of America on those countries that are hostile to the policies of the United States of America!

[kion 381]

Well, I don't like the idea of seeing every country develop there own cryptocurrecy, that would make cryptocurrecy to lose it value, but the way it is now, I guess it's ok, because Bitcoin is already getting attention from the world and I think that it should remain like that.

[abohasnn9 2401]

Dear at this time, the support for cryptocurrencies will be in its most remote parts, so working with the cryptocurrencies themselves is a great support for them in general and creating a private cryptocurrency for each country.  The arrogance of the US dollar in general Thank you very much

[CryptoLegendry 505]

On 3/23/2021 at 12:20 AM, kion said:

Well, I don't like the idea of seeing every country develop there own cryptocurrecy, that would make cryptocurrecy to lose it value, but the way it is now, I guess it's ok, because Bitcoin is already getting attention from the world and I think that it should remain like that.

There are many advantages when a country creates its own cryptocurrency project! For example, by creating a specific cryptocurrency for a country, this will make it economically stronger and provide security for the country's currency! Also, the country will no longer consider any commitment to the United States of America with regard to the financial dominance of the US dollar

[kion 381]

9 hours ago, CryptoLegendry said:

There are many advantages when a country creates its own cryptocurrency project! For example, by creating a specific cryptocurrency for a country, this will make it economically stronger and provide security for the country's currency! Also, the country will no longer consider any commitment to the United States of America with regard to the financial dominance of the US dollar

Yes, I know how important it would be for a country to develop it own cryptocurrecy, my only concern is that cryptocurrecy like Bitcoin which has no affiliation with any country might lose it value, since no one would be using it any more.

[james653 981]

If every country created its own digital currency, this would make digital currencies subject to centralization, and thus governments would control their price.  I think it is better for every country to have a decentralized coded currency.  I think we are taking steady steps towards the era of digital currencies and the demise of fiat currencies.

[CryptoLegendry 505]

On 3/25/2021 at 7:29 AM, kion said:

Yes, I know how important it would be for a country to develop it own cryptocurrecy, my only concern is that cryptocurrecy like Bitcoin which has no affiliation with any country might lose it value, since no one would be using it any more.

Yes, it is true that Bitcoin may be affected by such decisions, but I think that the impact will be weak or even temporary! Because Bitcoin is the father of cryptocurrencies and the greatest of them, so the success of the cryptocurrency project is very strongly linked to Bitcoin!