Quote from: Samarkand on February 24, 2018, 09:41:14 AM

Quote from: kueyen on February 23, 2018, 11:29:06 AM

Regulations I'm fine with, but what use is a state backed coin going to have? It's against the grain of cryptocurrencies, and no one in their right mind would invest in them. I think state backed coins are just an alternative of securities, like digital securities, sort of.

I´m also pessimistic about state-backed cryptocurrencies.

However, there are a few situations where they can actually be highly beneficial for a country.
One of the most common potential use cases is the ability to circumvent international sanctions.

E.g. countries like Russia or Venezuela that are subject to sanctions can try to sell off resources,
weapons or other stuff that they aren´t allowed to sell. A state-backed cryptocurrency would
allow them to bypass the international banking system that is heavily controlled by the US and therefore
is crucial for enforcing international sanctions.

Whether this use case is a pipe dream or an actual way of dealing with sanctions remains yet to be seen.

Am I right that state-backed cryptocurrencies are not actually cryptocurrencies?