Many countries are increasingly thinking about a strategy of how to deal with the global rise and mass adoption of cryptocurrencies. If Bitcoin is the money of the people, fiat currency is the money of the state.

Governments and central banks from India, Japan, Canada, Russia, Switzerland to Singapore and the Marshal Islands are having projects as to how best create a government backed digital currency. Several other governments, including China, Estonia, and Iran, have discussed plans for their own digital currency.