Ghana wants to create its own cryptocurrency. Is the freedom over?

Ghana has joined a number of other countries and major corporations trying to create their own cryptocurrrencies.

The USP for popular ones like Bitcoin and Ether is that they are not controlled by any company or government.

So what is happening?

What will become of Bitcoin and others when countries start their own Cryptos?

Ghana is creating no cryptocurrency. Just as we can’t say, oh Techpoint created their own internet, but used the Internet as an enabler for their amazing innovative way of building a media house, same is said of Blockchain. So see the Blockchain as the tech stack where many products and services will be built on top. Let’s get the education right, so we don’t misrepresent this rather interesting technology.
Bitcoin and many other digital currencies are the very first products that came out of the Blockchain, it doesn’t make it a Blockchain.
What Ghana and many other nations are planning to do, it’s not the typical Cryptocurrency creation,but it is what is known as tokenization of assets and fiat currencies.
In simple terms, if successfully done, the GHC will be created and issued on the Blockchain with total transparency and traceability.
This has been implemented on a corporate levels. Today we have USD tokenized as USDT,USDC,TUSD etc by different Blockchain startups across the world.
KuBitX been the first Pan African Blockchain solutions company has also tokenized two African currencies (NGN and GHC) on the Blockchain as Stablecoins (NGNX and GHCX) where it is used to facilitates cross border value transfer in seconds and cheaper than 95% of the firms in the space doing cross border value transfer.
Central Bank Digital Currency (CBDC) is not crypto but Stablecoins or tokenized fiat on the Blockchain.

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In response to the question ‘what will happen to Bitcoin and other cryptos?’… Nothing. The idea is decentralization; the freedom of money from governments. Government backed assets are always controlled and can prove unfavourable for people who oppose the system that govern them, an example is when Florida Republican Representative Matt Gaetz called for the US government to freeze the money of demonstrators after country-wide protests over the killing of George Floyd turned violent this month.
One of the most important tools in the authoritarian toolkit is the ability to freeze the funding of legitimate political dissent, and Ghana is no different but by separating the infrastructure of money from the infrastructure of state power, Bitcoin makes it that much harder for this type of politically motivated confiscation.
Bitcoin has increasingly been adopted by Wall Street since its 2017 price explosion but remains a tool to fight government control.

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Hmmmm. Interesting.
I judged what Ghana and other corporations are doing based on Investopedia’s definition of cryptocurrency as a digital or virtual currency that is secured by cryptography with a process is based on blockchain. But I get the point you’re making about tokenization and stable coins.
My major talking points for countries and corporations are:
Once issued on the blockchain, can they control who has access to it?
Can they implement fiscal measures to prevent sudden fluctuations?
If the appeal of the blockchain is security and transparency, will they not accept the currencies they created themselves ahead of Bitcoin?

Wow. What about Africa? As Techpoint wrote, most of us treat Bitcoin like stocks and commodities. I’m yet to see any social movement make use of such methods. It would surely make for an interesting and impactful turn of events.

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It’s still a speculative instrument in Africa and the rest of the world, and it’s too speculative for it to be reliable. If we’re going to make the case that it should replace fiat currency, one thing we have to look at is the volatility of the U.S. dollar. You can’t replace it with something that’s nine sigma more volatile.

We should note that traditional fiat currencies are critical pillars of how businesses operate today due to their relative stability. Bitcoin’s volatility is a crutch that is holding it back from further adoption; the chances for Bitcoin to succeed as a global reserve currency is high, but only if we flush out the current ghetto of day traders and speculators.

We are done with the first decade of crypto, perhaps the next one will improve the current technology limitations.

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Well even if they do, it’s still a centralised digital currency/asset. No difference with the current fiat, just two different state of same money

Bitcoin is decentralised, country owned currencies won’t be.