Why are countries creating their own cryptocurrencies?

Over the last few months, we have seen countries creating or preparing to make cryptocurrencies including China, Ecuador, Senegal, Estonia, Russia. The reason that countries are looking at cryptocurrencies(Cryptocurrency) is they see it as a way to efficiently and cheaply move forward in many areas including

  • digital payments – if you have been in Asia especially China in the last two years you would have seen the vast number of people using digital payments to pay for nearly every transaction.
  • productivity – reducing the time and actions required for transactions
  • tracking illegal activity – there some people using Cryptocurrency for illegal activities, if countries start to limit the currency exchange to their countries Cryptocurrency then they can track transactions more easily
  • control – central banks like to control currency, they will most likely declare their Cryptocurrency to be legal tender (fiat) in their country.
  • reduce volatility – by being able to control the currency they will try to reduce volatility and rein in runaway markets and use levers to manipulate their market. This is most likely why some countries have shut down ICO and currency exchanges so they can start their own Cryptocurrency.
  • generate revenue from transaction fees
  • reduce fraud
  • ease of exchange – currently every time you go to another country you either have to used credit cards or exchange for cash. If you can exchange on your phone from one country’s Cryptocurrency to another you will be able to move more freely between countries.

There are still some issues with countries creating Cryptocurrency and that includes public acceptance, security, exchanges. The future will be interesting and how the world will change in the coming ten years around cryptocurrency. We will most likely see several countries with their own currency such as estcoin, DAD, and more.

 

Interesting Project: I Read Where I Am

I recently stumbled upon I Read Where I Am via twitter. I have just started reading it and found an interesting way of producing a written work that is free on the internet. The various essays about reading, writing, journalism, and the changes occurring in the digital age of media.

I Read Where I Am, 82 invited authors, artists, critics, and designers present a wide range of observations, inspirations, and critical notes about how we daily consume and produce our information. We intended to leave the justified nostalgia for what it is and asked the expert-amateurs to look further than the current hype around the iPads and Kindles. This publication does not only reflect the current state of affairs but also speculates about the significance and importance of new forms of image-text in the future. Let us together place them in the world and not wait for ready-made products from Silicon Valley. The reflections presented here are explicitly intended to be read as a guideline for the following generations of ‘reading machines’. All that remains is for us to design them – without losing our attention.

Read more at I Read Where I Am