Estonia is making the headlines in the crypto world news.
The little country on the Baltic coast, home to around 1.3 million people, or a Baltic gem according to Wikipedia, is already one of the most “digitized” on the planet.
Thanks to its e-Residency program, some started calling it the Digital Republic.
The e-residency program has brought the country over €14.4 million in income according to Deloitte’s auditors estimations, while local authorities and the ultimate tech developments in the country make us think that this is just the beginning.
The leading institution behind the digitization of the country is planning to issue its own crypto currency, and it already started a campaign by asking people and digital residents if they would by it.
Kaspar Korjus, managing director at e-Residency, floated the idea of issuing “estcoins” that allow people to invest in the country. The cryptocurrency would be available through the e-residency program via an initial coin offering. This was announced in a medium post, with highlights on the main scope of the initiative.
Mario Draghi, President of the European Central Bank since 2011, was not that positive about the idea and back in August, during a press conference in Frankfurt, officially rejected the initiative.
cit: Mario Draghi: “No member state can introduce its own currency; the currency of the eurozone is the euro.”
However, Estonia is still planning to go ahead with its plan to be the first country to launch an ICO.
The managing director’s medium post highlights that “estcoins” would be proposed as a way to raise money and support the development of the nations’ digital path and involve more people from around the world.