States that will launch national cryptocurrencies in 2020

There has been a lot of talk lately about CBDCs (digital currencies from central banks), which could come in 2020.become massive.

Why do we need national cryptocurrencies? Governments alone do not want citizens to use decentralized public cryptocurrencies that are not subordinate to governments. Other countries view cryptocurrencies as a threat to the stability of fiat currencies. And some believe that fiat money in digital format would reduce the cost of printing money and accounting for it.

Below we present a list of countries that already in 2020 can issue their own digital currencies.

Japan

Japan has a very open policy regardingcryptocurrencies. Back in 2017, the country planned to issue its own digital coins. This is the country that for the first time in the world allowed bitcoin as a means of payment.

Japanese national digital asset willcalled J-Coin, and its launch is scheduled for the start of the Tokyo Olympics in 2020. The digital coin will be tied to the value of the Japanese yen (JPY) in a 1: 1 ratio, which will allow people to buy both goods and services on it.

Cambodia

This is a country in Southeast Asia, whose central bank plans to launch a blockchain platform called Project Bakong with CBDC support at the end of the first quarter of 2020.

Head of the National Bank of Cambodia (NBC)Chi Serei said that 11 of the country's 43 commercial banks will support the national cryptocurrency. It is also expected that the number of such financial institutions will increase after the launch of the project.

Serey said Bakong will unite industrypayments in the country, and users will be able to make payments regardless of which bank they have an account with. In addition, the government plans to further allow cross-border payments with Bakong.

NBC will be the sole governing body for the CBDC. In general, public cryptocurrencies in Cambodia are considered illegal, and the central bank constantly makes warnings against their use.

China

China has also attracted huge media attention to the upcoming launch of the national digital currency by starting work on the electronic payment project (DCEP) five years ago.

It is assumed that DCEP is mainly prepared to strengthen control over the cash flow that enters and leaves the country.

The concept of the digital renminbi is partly borrowed fromFacebook’s future digital currency Libra, as well as Bitcoin cryptocurrency. The Chinese national cryptocurrency will be stored in a digital wallet, like any other virtual coins, and will correspond 1: 1 with the Chinese yuan.

The Central Bank of China (PBoC) will be able to track the movement of the proposed cryptocurrency, strictly controlling cash flows through payment systems.

In 2019, China announced that the Libra projectIt threatens the monetary sovereignty of the country and other developing economies, while, in their opinion, only central banks should issue digital currencies.

Head of Digital Currency Research CenterPBoC Mu Changchun said that the main goal of launching the digital renminbi is to curb illegal financial activity - so that "data analysis will help find those responsible for breaking the rules."

Turkey

Turkey also announced plans to launch a digital lyre in 2020, although a proposal for a CBDC came up two years ago.

Most likely, the decision was influenced by the last few months, during which the fiat lira continued to lose its value, having experienced the highest inflation rate since 2015.

The digital lira is expected to improve the Turkish economy. The official publication Resmi Gazette explains the role of the upcoming national cryptocurrency as follows:

“The main goal is to create a financialsectors with a strong institutional structure that meets the needs of financing the real sector at low cost, offering various financial instruments to a wide base of investors through reliable institutions. ”

The publication also notes that Istanbul is thereby striving to become an attractive global financial center.

It is possible that the above countries will soonof time will really surprise us with the release of our own digital currencies, while the final dates may undergo some changes, which will depend on the central banks themselves.

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