Estonia has revised plans to release Estcoin token

Estonia has adjusted its plans for the release of the state Estcoin token. This allowed to resolve the contradictions with the monetary policy of the European Central Bank (ECB) and continue the project.

One of the most advanced countries in the digital economy for the first time announced plans to create its own cryptocurrency in August last year. Since 2011, the currency of Estonia is Euro. The head of the ECB, Mario Draghi, spoke categorically against the introduction of national digital currencies by the euro area countries.

As it turned out later, criticism from Draghi did not stop the project, but forced to revise the model of the Estcoin release.

Siim Sikkut, an official responsible for Estonia’s IT strategy, said that they had abandoned plans to bind tokens to the Euro or from using them by all citizens of the country. Instead, Estcoin will be used as an incentive for participants in Estonia’s online residency program (e-Residency).

“We agreed with politicians that Estcoin will act as a means for transactions within the e-Residency community. Other options are not on the agenda. We are not building a new currency” – Sikkut said.

The author of the Estcoin plan, Kaspar Korjus, confirmed his words, adding that the potential benefits of the “Estcoin Community” organization are still being analyzed. But this will definitely not be the national currency, he concluded.

estonian coinsRecall that since April, citizens who have an ID-card in Estonia, and online residents of the country were given the opportunity to receive Byteball crypto currency in the equivalent of $ 10. Source:

View the full story

Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x