Digital Assets are still not considered to form part of the mainstream, but things are changing. More and more governments are recognizing the potential of blockchain and cryptocurrency technology, and implementing their own coins. We’ll be taking a look at all of the countries testing digital assets in 2020, and where this technology could take us.

Dubai

Dubai announced their cryptocurrency Emcash in 2017 – which became the world’s first state-backed digital asset. Emcash tokens run on a native blockchain, which will officially be implemented in 2020. This blockchain will be used for government and non-government services, including paying school fees, utility charges, and money transfers.

Russia

Russia has also shared it’s interest in creating a government cryptocurrency called Cryptoruble. Announced by President Vladimir Putin in 2017, the cryptocurrency will be linked to Russia’s Central Bank. The coin is currently still in development.

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Japan

Japan is expected to launch their own digital asset called J-Coin ahead of the Tokyo Olympics in 2020. Japan is one of the most progressive countries in Asia when it comes to cryptocurrencies. J-Coin will act as a supplement to Japanese Yen (JPY), and will be exchanged 1:1 with the JPY. Citizens will be able to buy goods and services with the digital asset.

J-Coin Pay, a digital wallet associated with the coin, has already been launched.

Tunisia: The first country with an e-currency: E-dinar 1/: E-dinar and paper dinar are absolutely the same money units: #edinar will just lower the friction cost in market: supplying & processing of the money, credit cards, account opening etc will be much easier and cheaper. — Tahsin Aygün (@TahsinAygun) November 10, 2019

Sweden

Another one of the countries testing digital assets in 2020 is Sweden. The Northern European state is considering launching its own state-backed cryptocurrency called the E-Krona, in an aim to make the state totally cashless. Currently only 20% of the businesses in Sweden accept cash transactions, so a digital currency would help move the country forward to becoming a cashless society.

Canada

Although the Canadian government has not publicly announced that they are testing a state-backed cryptocurrency, the Canadian central has expressed interest in potentially issuing a digital asset controlled by the Central Bank which acts as a digital version of the Canadian Dollar. In July 2018, the Canadian Central Bank conducted a study called the “Central Bank Digital Currency and Monetary Policy” which highlighted the potential benefits of a state-backed digital asset.

Why the sudden change of heart?

Up until quite recently, many countries were actually quite resistant to the idea of cryptocurrency and blockchain technology. After taking a look at the countries testing digital assets in 2020, it’s quite clear they’ve had a change of heart. This can be largely attributed to the immense success of Bitcoin, a change in attitude towards the digitization of our future in general, and the implementation of Facebook’s very own Libra coin. As cryptocurrencies become more accepted on a societal level and go mainstream, it’s likely that more and more governments will see the almost limitless possibilities that blockchain and digital assets have to offer.

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Blockchain and crypto technology can be used to further advance our collective society in so many ways – helping us adapt to an increasingly tech-based future. It’s up to our governments to implement them in ways that will benefit not only their citizens, but their country as a whole.

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