New East Digital Archive

Will Estonia launch a rival to bitcoin?

Will Estonia launch a rival to bitcoin?

25 August 2017

Estonia is considering launching its own state-backed digital currency — “estcoin” — in an attempt to boost its e-Residency scheme.

Estcoin could be launched via the cryptocurrency version of crowdfunding, known as an initial coin offering (ICO), making the Baltic country the first nation to have an ICO.

This development would follow the launch of the Estonia’s e-Residency programme, in which it became the first country to open e-Residency to people from other countries — not granting physical residency or permits to enter the country, but allowing people to register their companies in Estonia, pay taxes and access other services.

“A government-supported ICO would give more people a bigger stake in the future of our country and provide not just investment, but also more expertise and ideas to help us grow exponentially,” says Kaspar Korjus, managing director at e-Residency, Enterprise Estonia, quoted by CNBC.

According to the CNBC report, the founder of blockchain network Ethereum, Vitalik Buterin, has voiced his support for the estcoin initiative.

Would estcoin tempt you to take up Estonian e-Residency?

Source: CNBC