Eternity Law International — News — Estonia’s own cryptocurrency

Estonia’s own cryptocurrency

Published:
May 21, 2020

Estonia’s own cryptocurrency is a current moment, as this country can become the first with its own cryptocurrency – estcoin.

Over the past few years, Estonia has been initiating new trends aimed at developing the state towards the digital community.

As part of its initiatives, Estonia was the first among countries to introduce an e-residency program. This allows a resident of absolutely any state to establish an online business and conduct it regardless of geolocation.

All electronic residents can:

  • establish a business;
  • open accounts in financial institutions;
  • Get an electronic signature to confirm documents.

At this step, Estonia has not stopped the process of introducing digital innovations and is considering the potential of introducing estcoin, a state cryptocurrency.

This proposal was made by the head of the Estonian e-residency program.

He believes that the creation of a state cryptocurrency would help to attract investment, and the whole world would learn about Estonia as the country that first released its cryptocurrency.

Compared to other countries where cryptocurrency is restricted or outlawed, Estonia looks like a real reformer. The implementation of the idea of ​​Estonia may be an impetus for other countries.

CONSULTATIONS ON THE ESTOKIN CREATION

The creator of the Ethereum cryptocurrency is also a supporter of the Estonian cryptocurrency, it is assumed that Estonia can consult with him on some points of ICO implementation.

According to the creator of the Ethereum crypto, the implementation of ICOs inside e-residency can:

  • provide significant economic benefits;
  • bring all e-residents into a community.

But if you run blockchain-based ectoines, it will be convenient and simple to use them for targeted contracts (smart) and other applications.

Estcoin has great potential: in the future it can be used to pay for services and goods both in the state itself and around the world.

But in the short term, it should attract new investors, which will allow Estonia to form at an accelerated pace.

ESTONIA – THE ONLY COUNTRY THAT CAN CREATE ITS Cryptocurrency NOW

The idea of creating an ectcoin is approved by more than 22 thousand electronic residents from 138 countries of the world. All of them, from the point of view of the head of the program, make a significant contribution to the country’s economy.

In addition, e-residence in Estonia is very valuable for entrepreneurs. This will give them the opportunity:

  • conduct activities, independence from location;
  • minimize bureaucratic delays;
  • reduce costs;
  • access to a significant number of Fintech services.

The rapidly growing number of e-residents is showing considerable interest in cryptocurrencies and other blockchain core solutions, which have become an integral part of modernity.

These trends are very important for Estonia, positioning itself as the “only digital society”, and it is not going to slow down the pace of innovation.

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