Countries and Companies Compete to have their own Cryptocurrency.
Some years ago many did not believe in cryptocurrencies, especially Bitcoin being the first to go to the financial market, today they use their growth and growth, as well as the search for alternatives to the traditional economic system, to create cryptocurrencies, digital financial currencies that are at the epicenter of the debate both between countries and between companies, competing to create and develop them. Among the cryptocurrency creation projects are:
BigCoin: AirAsia Group, an airline based in Malaysia, will be converting its frequent travelers points into a cryptocurrency of its own, which it will call BigCoin, said Tony Fernandes, founder and CEO of the group. Similarly, he also mentioned the completion of a Initial Coin Offering (ICO) which will make it easier to buy BigCoin in cryptocurrency exchange houses, as well as trusting that the token will be accepted by third-party companies.
BitRuble: The Deputy Director of the Federal Financial Supervision Service of Russia announced that discussions are underway between the Central Bank and the Ministry of Finance for the creation of a national cryptocurrency. Pavel Livadny, Director of the Russian Federal Monitoring Service, said that all Russian citizens will be able to buy the cryptocurrency directly with Rubles, currency of the Russian Federation, through a website provided by a centralized entity or through other electronic devices such as ATMs.
MUFG Coin: The largest bank in Japan Mitsubishi UFJ Financial Group (MUFG), has announced that it will launch throughout 2018 its own cryptocurrency similar to Bitcoin, for use in insurance and other services. MUFG is the largest financial company in Japan, and is subject to becoming the first Japanese bank to issue a cryptocurrency.
KODAKCoin: Kodak announced that it will have a particular digital currency. It will use the “blockchain” or blockchain technology, the basis of most cryptocurrencies, to establish a platform for the exchange of property rights of images with the “kodakcoin”.
CAD-COIN: The Central Bank of Canada, carried out simulations with the ‘CADcoin’ for wholesale payments, supported by Canadian private banking and fintech companies. According to Kyle Kemper, the executive director of the Bitcoin Alliance of Canada. However, its official operation has not been implemented due to regulations.
EKrona: The Riksbank (Central Bank of Sweden) undertook a project with a virtual currency called the ‘eKrona’, but this model was for retail payments. Its implementation has been delayed in the absence of a decision for regulatory reasons.
Estcoin: Through a call through its e-Residency program and its director Kaspar Korjus Estonia launched a call for the creation of the first national cryptocurrency, the estcoin. It has the support of Vitalik Butarin, creator of the cryptocurrency Ethereum, competition of Bitcoin and trusts that the creation of the estcoin encourages investors to invest more in the country. It aims to get this virtual currency through an ICO (Initial Coin Offering), ie a crowdfunding to create this currency or system that will allow the Baltic country to control all transactions and thus avoid fraud through a Blockchain system.
Among the countries that already have a cryptocurrency are:
Ecuadorcoin: Ecuador was the first state to create its own sovereign cryptocurrency, and decreed Bitcoin and the Altcoins as prohibited. As well as they prohibited other firms to compete against the cryptocurrency in the territory. The state issued Ecuadorcoin to provide the Central Bank with a new profitable standard of money that was not officially tied to the US dollar.
Auroracoin: The cryptocurrency was created in 2014 to give an alternative to the Icelanders for the local currency (the Icelandic krone). Its creator is Baldur Friggjar Óðinsson, an anonymous person who at the moment of creating it distributed it to 10 percent of the population. In the country is the Auroracoin Foundation, which advocates the spread of cryptocurrency as an escape currency against the devaluation of króna. It is ranked number 65 in the CoinMarket ranking.
ScotCoin is the cryptocurrency of Scotland, although according to the ScotCoin Project its use is not limited to the country alone. It was founded in 2013 by Derek Nisbet, as an alternative to the traditional system. Currently, you can use this altcoin in several shops in Scotland to buy clothes, visit bars, as payment for website designs and even pay for the entrance to the Scottish Maritime Museum. It is ranked number 45 in the Coin Market ranking.
BitARS belongs to Argentina. It is the most recent national cryptocurrency, because it was created this year by the Cryto-Nerd group after a fundraising campaign. The developers hope that this cryptocurrency can be coupled to the Argentine soil, where the use and influence of Bitcoin is one of the largest in the region. For the moment, its market capitalization is not available nor is there any more data on the cryptocurrency.
PesetaCoin: This cryptocurrency comes from Spain, and its name originates from the old Spanish currency before adopting the euro. It was designed in 2014 from Bitcoin and Litecoin by CryptoMP. The Pesetacoin limit was stipulated in 166,686,000 as a tribute to the old change of pesetas to euros in December 1998: this amount was equivalent to 1 euro. PesetaCoin’s position is very low on the Coin Market list, ranked 414.
FRN monnaie libre: France also has its own cryptocurrency, inspired by Bitcoin and with 11 million francs in circulation. Its name is reminiscent of the old French currency before the implementation of the euro, the franc. It is at number 396 in Coin Market.
Incakoin: This cryptocurrency comes from Peru, and its launch was made in 2013. It is ranked number 363 in CoinMarket. Its developers created it as an alternative to Bitcoin, like a cryptocurrency.
Vegascoin: This cryptocurrency does not come from any country, but from one of the most visited cities in the United States: Las Vegas. The objective of its creation was to provide a cryptocurrency with characteristics similar to Bitcoin while providing a new tool for business and tourism. They hope to become a local trust currency while expanding to international markets. It is at number 644 in Coin Market.
Petro: Venezuela launched its cryptoactive “Petro”, which will have the value of a barrel of national oil (currently over 60 dollars) and will be used to carry out financial transactions on this raw material.
Seen in this way, Bitcoin has been a source of inspiration for many countries and companies that want to stay at the forefront of financial technology, where the ideal is to create their own cryptocurrency with which they can regulate their operation, according to my opinion, it can be considered that there will be a rise in cryptocurrencies regulated by governments and companies, but those that are not regulated will remain at the apex, because the confidence they still have in the financial market is high, in addition to a large amount of investors are against the regulations. All can coexist in a diverse financial market.
Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and / or services. This press release is for informational purposes information does not constitute investment advice or an offer to invest.