Cryptocurrency is a phenomenon that has made an impactful global presence. Several governments across the world are supporting its development for purposeful innovations. While its security concerns have been the subject of heated discussion, it has a plethora of different applications, ranging from crime-control to agriculture management.
There are several world governments that are supporting their use. USA, Canada, Germany, and even smaller countries like Venezuela have joined the crypto bandwagon. Here are a few of them::
USA: Many call this economic giant the hub of crypto developments. Several major crypto powerhouses reside in this country.
The U.S. has shown a keen interest in blockchain technology and its advancement. The U.S. Federal Blockchain program is one such ambitious project. It allows federal agencies and businesses to extensively research blockchain technology and its potential use-cases for the U.S. government.
While there is some uncertainty due to the varying crypto regulations within the country, the U.S. definitely is a pioneer in this ‘crypto-revolution’.
Canada: Canada is very accepting of the usage of cryptocurrencies. Cryptos can be used to buy goods and services online or in stores that accept digital currencies.
Although currencies like Bitcoin aren’t considered to be legal tender in Canada, the Canadian government is encouraging upcoming blockchain initiatives.
The Bank of Canada, along with other financial entities, is involved in a research venture called ‘Project Jasper’, which intends to study Distributed Ledger Technology (DLT) and its effects on the wholesale payments system.
Germany: This European stalwart is empowering digital currencies. The German Federal Financial Supervisory Authority qualifies cryptocurrencies as valid financial tools.
Recently, the German government passed a new National Policy that aims to explore different uses of blockchain technology. It consists of a strategy that decodes blockchain specifics and their effects on the economy.
Venezuela: In December 2017, the Venezuelan government announced the launch of its own cryptocurrency – the Petro, which would be related to the cost of Venezuelan oil barrels.
The Petro is to be initially sold for hard currencies and other cryptocurrencies. According to official reports, people will be able to purchase a lot of different goods and services with Petro.
The motive behind Petro’s introduction is to supplement Venezuela’s local bolivar currency and overcome US sanctions.
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