Sovereign Cryptocurrencies
Even governments have started to discuss the launch of their national cryptocurrencies.
Venezuela is the first country that has already launched a national cryptocurrency. In February 2018, Venezuelan President Nicolas Maduro announced the successful ICO of Petro, an oil-backed coin, that raised over $700 million in one day.
Several other countries have also expressed an interest in creating their own cryptocurrencies. Among them are a rumored national digital currency in Iran, Crypto Ruble in Russia and TurkCoin in Turkey. Also, the Peoples Bank of China (PBoC) is considering to develop a digital currency called DCEP (Digital Currency for Electronic Payment).
And they say crypto don't have any place in the financial markets and the global economy but look at these countries gearing up towards the inception of their own cryptocurrencies. It's laughable how most countries despise crypto at first only to know that they're the ones who are exploring the possibilities of deploying the tech into their own land. All the while, we are here speculating about them flexing the ban hammer and actually using it (hello, China) and lately reverting everything they say by releasing a statement about them developing their own cryptocurrency.