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Estonia is another country that sees the potential of Bitcoin as a currency and has even established an e=residency program to allow offshore companies to incorporate in the country and access their banking services.
Only last year the Estonian government proposed the concept of having their own virtual currency, the est-coin in order to decentralize the currency. This was objected to of course by the European Union (Estonia is in the EU) who stated that the Euro is the only currency for Estonia. So although the est-coin is now on the backburner, Bitcoin continues to be widely accepted and no doubt the e- residency program will contribute to that in no small measure.
Kaspar Korjus, Managing Director at e-Residency said “Estonia’s e-Residency programme is also a fast growing start-up — albeit a government start-up — because we are constantly improving it based on the feedback of real e-residents, often with best practises that we’ve taken straight from the private sector. We also have our own fast growing community, which is increasingly looking for ways to connect and gain more value from the programme.” He continued, “So in August we published an article on our e-Residency blog asking what would happen if a country, such as Estonia, decided to launch its own crypto tokens with an Initial Coin Offering (ICO). We nicknamed these proposed tokens ‘estcoins’ and explained how e-Residency would provide the platform for distributing and trading them globally because it’s a secure digital identity that anyone in the world can apply for.”
The e-residency program is designed as a platform to build a digital nation for global citizens. Unusually this would be, a virtual community based on a real-life landmass. The program is moving swiftly and cooperation is being given from all levels. The idea is to bring more fintech and financials to Estonia and increase their income per capita, through the networks built on the e-Residence platform. It is expected that these networks will increase the number of investors and start-ups in Estonia.
With Estonia’s proposed ICO for their e-residency programme, it is clear that the divide between traditional systems or government institutions, and the new age technology the blockchain represents are getting thinner. Estcoin’s view of decentralization further proves this point, as they perceive no single entity should have control over the economy of the digital nation and in fact, would require Public-Private Partnership to coordinate the affairs of the ecosystem.