The Estonian cryptocurrency Estcoin close to launching despite the ban by the ECB

Estonia is approaching a possible launch of its own cryptographic token Estcoin, which made a lot of noise a few months ago.

In the recording
in the project blog Corus Caspar (Kaspar Korjus), managing Director of e-Residency in Estonia, outlined three possible ways of using token Estcoin. As noted by Corus, the concept of a government cryptocurrency quickly gained popularity, as Estonia could become the first country that issued its own digital currency.

Although the token issuance in the framework of the e-Residency it is not, Corus outlined some conceptual framework, noting the different ways of using the cryptocurrency. Also in his entry, he said that e-Residency can serve as a basis for the ICO in Estonia.

First recording Chorus talks about «public Estcoin», which will support the efforts of Estonia on the creation of a «digital nation,» encouraging people «to register and to receive more benefits from program e-Residency». These benefits may include compensation paid to Estcoin, encouraging companies to use the token. In addition, it is assumed «encouraging investors and entrepreneurs to use e-Residency as a platform for holding ICO», notes Corus.

The second option is the possible use of the token is to provide a framework for secure digital identity issued by the government. In this case Estcoin will be used as «tokens on the basis of the blockchain used for various activities in our digital society, such as digital signing of documents or the exercise of intellectual property contracts,» says Korjus.

While «identification Estcoin» can be obtained by the project participants e-Residency, they will not affect the country’s income, «but simply contribute to the support of the project.»

Coins, ensured the Euro?

The third and perhaps the most controversial version of the application token is associated with the binding rates to the Euro. The idea of issuing government cryptocurrency was rejected
the European Central Bank President Mario Draghi (Mario Draghi).

«No member of the European Union cannot create its own currency. The Euro zone currency, the Euro,» said ECB President in September of this year about the concept Estcoin.

Corus noted that although Estonia «will never produce alternative Euro currency… Maybe we could combine some benefits of decentralization of cryptocurrency with the stability of Fiat currency, and then limit its use in the framework of the project e-Residency».

According to the financial scenario token, banks should transfer money to the project and remove them from it. However, once they get into the blockchain «exchange at the community level will occur free of charge around the world.»

«All that is required is a digital wallet and the commitment of the government to redeem each Estcoin for one Euro», — said Carus.

Since the promulgation of the concept scheme Estcoin is estimated by some as the «problem solution». Corus does not deny this position, and notes:

«After we offered Estcoin, we are carefully considering feedback from all over the world. As a result, we understand not only how it would be possible to structure Estcoin, but why people would want to own them.»

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