In the last post, I mentioned about banking system in Kenya.
Today, I'm going to talk about some cryptocurrencies issued by central government.
It is not surprising that national cryptocurrencies are mentioned in local currency-themed articles like this post. Because local currency tends to fail due to management difficulties when it grows in size.
To solve this problem, local currencies are combined with crytocurrencies.
Furthermore, the combination of national cryptocurrency is likely to be an ideal form of currency in both scale and management.
At the end of last year, Israel Government announced they were considering offering national cryptocurrency.
In spite of negative reaction toward Bitcoin tax issue, Israel government is willing to press digital shekel to make quick transaction and prevent tax evasion and money laundering.
After striking international announce, some legal central cryptocurrencies have appeared. If the fundamental goal of LETS movement is succeed, then the region is more independent and solid that automatically cause weakened central government where controls money supply and price.
Last March, the Republic of the Marshall Islands started issuing their own cryptocurrency, SOV.
After Marshall Islands have an independent government, the general currency was still US dollars since 1979.
Unlike other cryptocurrency, SOV is under real-name financial transaction system.
By the end of this year, Marshall Islands will create $24 million SOV. By selling 25% of total SOV to foreign countries, they are expecting to attract external funds.
External funds are such a stimulative benefits that made China where banned ICO and all cryptocurrency transaction at development stage with People's Bank of China.
World wide will participate the center issued cryptocurrencies if the first few starting countries show successful outcomes.
The only thing left is appropriate time and regulation.
We'll see on the next post. Thank you.