The Global Race Towards State-Issued Cryptocurrencies Has Begun
While some governments sit around arguing the legitimacy of the use of cryptocurrencies, other some other countries aren't waiting for a global consensus on the matter.
The race has begun, and the ones still arguing are going to find themselves sorely behind.
3 countries are not waiting on anyone else however, and are leading the charge into building their own State-Issued Cryptocurrencies.
Short of all the announcements and planning that countries are making in the effort of developing their own cryptocurrencies, Dubai is just about ready to launch their State-Issued cryptocurrency, emCash.
Based on the latest blockchain technology, emCash will be the digital currency in emPay wallet, launched by Emcredit to support contactless payments. emPay will allow the UAE residents to make varied payments through the near field communication (NFC) option on their smartphones. With emCash, emPay users will have the option of a secure digital currency, and merchants can receive such payments in real time without going through intermediaries.
Dubai has long been ahead of the curve when it not only comes to technology, but Blockchain specifically. Already in the works as well, is an entire Blockchain-as-a-Service platform for governmental and public business to utilize, a passport backed by the blockchain and has their eyes set on becoming the very first Blockchain-Powered City by 2020.
“The fast-paced environment and incredible willingness to adopt innovative technology have made Dubai the perfect place for us to do business,” said Muna Al Qassab, CEO of Emcredit Limited, in the city’s press release.
“This project is a great example of the ambition we have met here, together we are essentially creating a whole new economic ecosystem.”
Dubai is definitely leading the race and seems likely to stay ahead.
Just this month, Russian President Vladimir Putin stated officially in a closed-door meeting, that Russia will soon begin to the issuance of Russia's own state-owned cryptocurrency, the CryptoRuble.
The specific reason given for Russia's hasty steps towards developing their own cryptocurrency was very clear.
“I confidently declare that we run CryptoRuble for one simple reason: if we do not, then after 2 months our neighbors in the EurAsEC will.”
Cryptorubles will completely controlled by the Russian government and will not be able to be mined. The Cryptorubles may be exchnages for cash at any time, however, given that any Cryptorubles that cannot be explained where they came from, will immediately be held to a 13% tax levy.
Regardless of this move, Russia has clearly stated that this effort does not mean it is in support of decentralized cryptocurrencies like Bitcoin and Ethereum.
Estonia is another great example of a tech-innovation hub with eyes set upon Blockchain technology and has been hailed, "The only true digital society" by their own Estonian President Kersti Kaljulaid.
Estonia is the first country to issue E-residency to non-Estonian residents. A Digital ID of which non-Estonian residents can access and utilize services like banking, taxation and the processing of payments.
There exists, more tha 22,000 "e-residents" from about 140 countries who make an significant contribution the country.
Individual and corporations can access all the necessary functions they require through a portal, and run a fully operational business without ever stepping foot in Estonia!
Now, Estonia is also planning to launch their State-Issued Cryptocurrency in a very interesting way!
Through an ICO.
With the help of Ethereum creator, Vitalik Buterin, who has been giving Estonia advice on the matter, Vitalik had this to say:
"An ICO within the e-residency ecosystem would create a strong incentive alignment between e-residents and this fund, and beyond the economic aspect makes the e-residents feel like more of a community since there are more things they can do together."
"Additionally if these estcoins are issued on top of a blockchain (they could possibly be issued in multiple formats at the same time, nothing wrong with this) then it would become easy and convenient to use them inside of smart contracts and other applications," Buterin said in his blog post.
Other contenders of this cryptocurrency race include :
Singapore
Which has a project in motion called "Project Ubin" which has yet to have much development as of yet.
India
India has announced the development of their own Cryptocurrency "Lakshmi Coin". However, knowing how politics are in India, this one might take awhile.
Learn how one crazy Bitopian is taken a "Leap of Faith" with Steemit: