Turkish official has indicated the launch of a national cryptocurrency “Turkcoin” following the Venezuela’s footsteps. Turkcoin will be backed by large public assets. Similarly, Iran also proposed a state-backed digital currency under the supervision of the Central Bank of Iran. Venezuela President Claimed that Petro Raises $735 Million on first day of presale this month. Previously, Russian government also have proposed to launch CryptoRuble which is scheduled to be launched in mid-2019.
I don’t know why all governments are proposing creation of new cryptocurrency. The whole point of cryptocurrency was to keep money in control of people and not the government. What is the point when governments and banks start launching their own cryptocurrencies. They already have their own national currency. Why not they improve the performance of their own currency instead of focusing on digital assets. This is not the right way to handle international sanctions. Also, international sanctions are imposed because of certain valid reason and people who buy such cryptocurrency avoid being part of international concerns.
=====================================================
Quick update is a series written by me (@sumanpuja) to quickly update my followers and Steemit community with most recent happenings in my expertise areas. I will come up with the detailed analysis of the topics later if I get good response in the form of comments and upvotes.
=====================================================