Considering Bitcoin being the first digital currency in the world of cryptocurrency, there are several countries that are working on a digital currency.
Central banks across the globe have been making progress of their own structure of digital currency.
The Bahamas for example has the “Sand Dollar”. Sweden also has conducted real-world tests of a digital krona while the US researchers from MIT are working with their own form of digital dollar.
World's 1st Country with Digital Money
China, which is viewed as perhaps the biggest economy on the planet, has reported that it will dispatch its own advanced type of cash for its residents.
The digital currency called the "digital yuan" is entirely under the control of the nation's central bank. Meaning, it is not decentralized and lacks the quality of being anonymous. Pretty much unlikely with the characteristics of Bitcoin.
Since bitcoin gained popularity in the nation, China started the development of digital currency in 2014.
There are several parts of the nation that digital currency has been rolling. China is the first huge economy that has shown a fully working digital currency.
Bitcoin can not be used today as a digital currency, although some are already using it to purchase goods and other services online. It can not be used as hard cash.
China aims to completely remove the development of cash in the nation but it will not affect the long-term money invested in the banks.
The banks will have to deposit a specific amount of digital currency around the Public Banks of China. It will be distributed to commercial banks throughout the nation.
Tests have been visible in several major cities in China including Shenzhen with ride-sharing apps and food delivery. The initial test allows digital yuan for transactions with smaller amounts. However, the minimum amount has not yet been identified.
China widened its desire to make digital yuan be used globally, just like the US dollar, when it became popular. Thus more people will be confident enough to use this form of currency for transactions worldwide.
Thanks for reading. Ciao!
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You may want to check my previous post:
Bitcoin Cash: Financial Stress Reliever
Aspiring Bloggers: Let's Talk About Writing
Understanding Crypto Like A Fifth Grader
Resources:
China Creates Its Own Digital Currency
China's Pushing Its Official Digital Currency
If I understood it right, China is planning or has released a digital currency for use by its people.
I am curious about your own thoughts. If ever we would have our our 'national digital currency', which one would you prefer? The traditional or the modern currency system?