Generation, Security and Distribution of NationCoins by a Sovereign Authority

15 Pages Posted: 7 Jan 2017

See all articles by Kartik Hegadekatti

Kartik Hegadekatti

DoPT,Government of India

Yatish S G

Government of India, Ministry of Railways

Date Written: December 21, 2016

Abstract

NationCoins are cryptocurrencies backed by Sovereign Authority (Simply put, they are Government issued Bitcoin-like cryptocurrencies). In this paper, we explain the generation, security and distribution of NationCoins by a Sovereign Authority. We begin by explaining the concept of cryptocurrencies (also referred to as cryptocoins in this paper). We then discuss the concept of Regulated and Sovereign Backed Cryptocurrencies (RSBCs). Then we envision a scenario where cryptocoins are a main medium of exchange in an economy. The generation, security and distribution of NationCoins by a Sovereign Authority are deliberated. Finally, the paper concludes by outlining the functions of the Sovereign Authority vis-a-vis NationCoins.

Keywords: NationCoins, K-Y Protocol, Bitcoin, Cryptocurrencies

JEL Classification: E41, E42, E51, O14, O31, O38

Suggested Citation

Hegadekatti, Kartik and S G, Yatish, Generation, Security and Distribution of NationCoins by a Sovereign Authority (December 21, 2016). Available at SSRN: https://ssrn.com/abstract=2888347 or http://dx.doi.org/10.2139/ssrn.2888347

Kartik Hegadekatti (Contact Author)

DoPT,Government of India ( email )

DoPT,North Block
New Delhi, Delhi 110001
India
+91-9483715544 (Phone)

HOME PAGE: http://hegadekatti.blogspot.in/

Yatish S G

Government of India, Ministry of Railways ( email )

1 Floor, Operations Division
DRM Office, Next to City Railway Station
BANGALORE, KARNATAKA 560023
India
9886601577 (Phone)
08022876111 (Fax)

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