According to my state backed (or sponsored) cryptocurrency will never work. The main feature to cryptocurrency is that its anonymous and cant be tracked. If a government cames out with their own cryptocurrency they want to have power to create more currency with them. They always want to control the monetary policy. The rise in demand to cryptocurrency is increasing as they dont have to disadvantages like this. What government best can to is use the underline technology BLOCKCHAIN to improve government working infrastructure.
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Can't be tracked? Isn't it always on the public Ledger. If one were to look?
You don't understand cryptocurrency. You can make it traceable, you can design it with the requirements you may need.
You do understand that Blockchain technology can be used by the states and companies, and doesn't need to be a cryptocurrency.