Background
Cryptocurrencies have been around for some time now, and their usage has become more widespread. Governments are now beginning to take notice of this new technology and are exploring ways to utilize it for their own benefit. One of the most popular ideas is the concept of a national cryptocurrency, which would be used by the government to facilitate transactions and provide a secure digital currency for citizens. The question then arises: when did the first government announce plans for a national cryptocurrency?
Early Government Interest
The first government to express interest in the idea of a national cryptocurrency was the People's Bank of China (PBOC). In 2014, the PBOC announced plans to develop a digital currency that would be backed by the yuan and issued by the central bank. The project was called the Digital Currency Electronic Payment (DCEP). The PBOC also announced that it had been researching the concept of a digital currency since at least 2014.
First National Cryptocurrency
The first government to actually launch a national cryptocurrency was the Marshall Islands, in 2018. The Marshall Islands had been exploring the idea of a national cryptocurrency since 2017 and eventually launched the Sovereign (SOV) in 2018. The SOV is a decentralized digital currency that is backed by the Marshall Islands government.
Other National Cryptocurrencies
Since the launch of the SOV, several other governments have announced plans to launch their own national cryptocurrencies. Venezuela was the first to announce plans for a national cryptocurrency, called the Petro, in 2017. Since then, other countries such as Iran, Russia, and the United Arab Emirates have all announced plans for their own national cryptocurrencies.
Conclusion
In conclusion, the first government to announce plans for a national cryptocurrency was the People's Bank of China in 2014. However, it was not until 2018 that the first national cryptocurrency was actually launched, by the Marshall Islands. Since then, several other governments have announced plans to launch their own national cryptocurrencies.
Keywords: National Cryptocurrency, People’s Bank of China, Digital Currency Electronic Payment, Sovereign, Petro, Venezuela, Iran, Russia, United Arab Emirates.