Estcoin (cryptocurrency)

2018: Estonia failed the project of "national cryptocurrency"

Estonia which in 2011 adjoined the eurozone crawfished in the plans for creation of national cryptocurrency after criticism from the head of the ECB and bank departments of the country. At the beginning of June, 2018 Bloomberg reported about it.

The Baltic country refused the project which provided a binding of the state tokens of Estcoin to euro and their availability to all citizens of the country, the adviser for ICT said to the policy of the government of Estonia Siim Sikkut in the interview to the agency which took place in Tallinn. Instead of this Estcoin it is supposed to use as the tool on stimulation for so-called e-resident (e-resident) — the foreigners who underwent digital identification in Estonia and received the digital identity certificate which they use for the remote signature of documents and opening of the companies.

Estonia refused release of national cryptocurrency after criticism from the head of the ECB

Estonia one of the first came up with the idea of national cryptocurrency, but the head of the ECB Mario Draghi criticized plans of the government concerning Estcoin, having noted that the only currency of Estonia as participants of the eurozone, there can be only euro.

Any State Party cannot enter own currency as the currency of the eurozone is euro — Draghi in September, 2017 said.

The same position was supported also by the member of management board of the ECB Ardo Hansson who complained about "the misleading messages" about Estcoin from the authorities of Estonia.

During discussions we agreed with politicians that Estcoin will remain means for transactions in community of e-resident. We do not consider other options. We do not create new currency — assured Sikkut.

Caspar Koryus, the author of the Estcoin project and the managing director of the program of virtual residence of e-Residency in Estonia confirmed Sikkut's words by e-mail, having added that potential benefits of Estcoin continue to be analyzed.^[1]

Notes