Re: First Country, Which Will Start Using Crypto As Official FIAT - Which One ?
Which country will be the first one to start use crypto as official FIAT ? I think it will be small country, like Tuvalu, Nauru or Marshall Islands.
If i'm not wrong, the Venezuelean government already issued their own token a while ago. Therefor making it the first government issued token, which was backed by barrels of oil. Mainly countries which highly inflated fiat are looking into these options I guess
that was exactly what I was thinking. Inflated FIAT currencies will lead their countries to crypto. my first guess was one of the troubled south American countries like Argentina or above mentioned Venezuela. Or maybe Zimbabwe.
I guess it is not Zimbabwe after all, I found this Time article, which discusses Venezuale vs Marshall Islands as first country to accept Crypto as their national currency. interesting read.
in my opinion marshall islands made a mistake with the token supply and token split. they want to mint 24mln tokens and give half of it to company that is helping them with their launch. Half of their share (6mln) they plan to sell to investors. Leaving them with only 6mln tokens. Meaning that the supporting company will own majority of the country's future currency
I find that weird. anyway, here's the articlehttp://time.com/money/5186316/this-is-the-first-country-to-adopt-a-cryptocurrency-as-its-official-currency/