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Estonia Announces Development of Government-backed Cryptocurrency

08 january 2018, 15:47

Estonia is more than  a 'tiny baltic country in Europe'. As a matter of fact, the country of 1.3 million people has proven to be a hotbed for revolutionary ideas and visionary products. Estonia has a history of unleashing tech solutions that facilitates direct interactions between users, one such solution is Skype. The peer-to-peer video chat application is a fine example of a solution that connects users together. Much like the blockchain is doing. It's no wonder the country has now integrated the disruptive power of the blockchain into its world famous e-residency program.

Estonia Announces Development of Government-backed Cryptocurrency

Estonia’s e-residency program allows foreigners to register businesses in Estonia. This registration enables these business owners to own Estonia digital ID that provides them access to banking services. The e-residency has more than 22,000 registered members from some 138 countries. These members are active contributors to the growth and development of Estonia's economy and the nation has now taken steps to simplify the process.

Leveraging blockchain technology, Estonia is set to unveil its e-residency cryptocurrency, 'estcoin'. The currency will be used for the payment of both public and private services. The coin will not disrupt or unset the country's fiat currency, Euro.

Estcoins will operate within the e-residency community in similar fashion to how most typical tokens powers their platform. The estcoin will be tradeable with the e-residency ecosystem. Transactions are taxable and are KYC-compliant.

Kaspar Korjus, the managing director of Estonia e-residency program who made the detailed proposition on his blog, explained “the proposed platform will be base on the Ethereum blockchain technology and an initial coin offering (ICO) will be conducted to raise money for the development of Estonia coin. The detailed concept of the ICO will be presented on the official white paper following positive support for the platform”.  

Estcoin is set to change the way Estonia do business especially with the 22000 e-resident who has already generating an approximate $600 million in revenues for the country. Estcoin is certain to be the heartbeat of Estonia’s digital revolution, acting as a secure, government-issued digital identity. The Estonia government also plans to support any anti-fraud ICO launched in the country.

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