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How many countries and trading blocks will have their own digital currency in the future? by vdux

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· @vdux ·
$0.15
How many countries and trading blocks will have their own digital currency in the future?
Most. Marshall Islands already created one! Here’s more info on that:

[The Republic of the Marshall Islands Announces Timed Release Monetary Issuance of the Marshallese Sovereign](https://www.businesswire.com/news/home/20190910006125/en/Republic-Marshall-Islands-Announces-Timed-Release-Monetary)

Called the SOV, this currency will grow at a fixed 4% rate and will get distributed equally to all citizens. Government can reprogram these features in the future.

Marshall Islands plans for SOV to eventually replace the US dollar as the local currency.

China says it plans to create its own digital currency, too. Venezuela says it has its own digital currency, but everybody seems to treat it as BS. Russia floated the idea, but you never know if it’s legit or just Putin trolling the West. Other countries have also started investigating the possibility.

Over time, more and more countries will put their currency on blockchain because it’s easier to move money around, protect privacy, and enforce legal compliance. While this will not necessarily change the way their monetary policies—they will program their money however they want—it will change the delivery of money.

Of course, this will take time. Marshall Islands can do it because it’s a tiny country. China can do it because the state runs everything and its financial system sucks -- 4 major bank runs in 2010 (oh, and a state-sponsored cryptocurrency will help it implement its new "social credit system").

Other countries have more complex situations—e.g., incompatible infrastructure, lack of desire or know-how, political hang-ups, or they’re just comfortable with the status quo. Over time, this will change.

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@mantishands ·
Just read your Medium article,  "Why You're the Only One Who Cares About Bitcoin and Cryptocurrency". Enjoyed the read...Keep up the good writing!  Following you here, as well, and looking forward to providing you with more upvotes...
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@vdux ·
Cool glad you appreciated it. And thanks so much for the kind note, made my day!

Posted using [Partiko iOS](https://partiko.app/referral/vdux)
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@mantishands ·
You're welcome
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