A state-backed cryptocurrency means that government officials could have complete and unrestricted access to the entirety of every citizen’s financial history and dealings. VenezuelaIn 2018, Venezuela launched its oil-backed petro cryptocurrency as a token on the NEM blockchain. MaltaDespite interest from bad actors, the overwhelming use of blockchain by national governments has been to stimulate their economies and improve their infrastructure. A majority of the first national cryptocurrency adopters were small nations looking to gain an edge and accelerate national growth. Well, as modern society transitions to a global, digital economy, blockchain represents a key tool for third-world and developing economies to transition to digital in pace with established and first-world counterparts.

Source: Forbes January 05, 2020 02:37 UTC