The year 2018 has not been without its surprises. Especially in May, when a group of cryptocurrency experts suggested that cryptocurrency will replace fiat currency, because of how easy it they can be used, and their encryption. You might want to ask how possible that is. I mean, data shows that there is a total fiat currency of $80 Trillion in circulation as you read, and the experts suggested that cryptocurrency will surpass a $100 Trillion mark, reducing the fiat in circulation to $30 Billion. However, for these predictions to be possible, the government of the world will have to back cryptocurrencies. If government therefore begins to develop cryptocurrencies to replace fiat currencies, the future that the experts predict might just be possible. As a matter of fact, some government of countries have started considering having their own government backed cryptocurrencies. It is generally believed that a government backed cryptocurrency will be more stable, trustworthy and efficient. In as much as most of these plans by government of countries are still cooking, here are the top government backed cryptocurrencies that will not fall.
PetroDollar – Venezuela
The government of Venezuela, in its effort to stable the volatile economy of the country, adopted the PetroDollar to achieve a radical economic reform. The PetroDollar is the first government backed cryptocurrency to be lunched. When it was launched, it had an ICO with a pre-mining power of 2.7Billion coins in itself, which they sold in large stake volumes to foreign governments and foreign governments. Each coin is valued as the barrel of oil, which is currently at $45 USD. In February, the Venezuelan government released the initial coin offering, releasing just 38.4 million coin to the public. The PetroDollar has a whitepaper suggesting that it is somewhat a ERC-20 token, but other experts suggests that the digital coin is running on the NEM blockchain.
EmCash – United Arab Emirate
EmCash is the world’s second cryptocurrency to be backed by a government government. It was launched by the United Arab Emirate (UAE), with one of the emirates – Dubai – in charge of the development and the implementation of the technology. The EmCash is an encrypted blockchain digital currency, with the power to enable the citizens in the payments of both government and non-government transactions. It is a partnership between EmCredit and Object Tech. EmCredit happens to be a subsidiary of the Dubai Economy, which is responsible for the economic plans of the emirate. It the government’s bids to facilitate this technology, it has partnered with a blockchain firm called Pundi X. However, EmCash is still in its testing stages, waiting patiently to go into the market, even as the investors in this cryptocurrency expects it to solve the volatility that is associated with other cryptocurrencies.
eKrona – Sweeden
Sweeden has been on the list of top countries advocating for a cashless banking system. The Central Bank of Sweden (Riksbank) is currently developing eKrona. The Sweedish government is bent on being a forerunner in the exploration of blockchain technology. And one of the major use for this technology according to releases is to meet the need of viable transfer of funds, especially from people seeking asylum in the country. It does not however replace fiat currencies, rather it is meant to supplement it. The eKrona falls in the Nordic p2p digital coins category, making us of PoW scrypts and offering fast transactions.
Estcoin – Estonia
The release of the Estcoin by the government of Estonia is indeed upon us. The country is known for its friendliness with the blockchain technology, as it is already using it in different tiers of the government. One of the main blockade to the Estcoin is the fact that Estonia is a member of the European Union, therefore it is obligated by legal agreement to make use of the Euro as the accepted national currency.
CryptoRuble – Russia
In 2015, it was rumored that Russia is working on its own cryptocurrency known as the CryptoRubble. But my best bet is that the year of revelation is 2019. The President of Russia, Vladimir Putin was once quoted saying that the project will help in making do with western sanctions, bringing additional cash into the country.