Estonia cancels national cryptocurrency issuance plan
The proposal, presented in August 2017, was discarded following the criticism of the president of the European Central Bank to this type of national initiatives
International media reported Estonia canceled its plan to establish a national cryptocurrency (which would have the name Estcoin), after the criticism of president of the European Central Bank, Mario Draghi, and local banking authorities.
Kaspar Korjus, managing director of the e-residency program in Estonia, was in charge of proposing the issuance of the cryptoactive in August of last year, which would become the “official currency of the country’s electronic residency program“. This program would serve “as an incentive for foreigners who use the electronic identification of Estonia to sign documents and find companies remotely”.
However, Siim Sikkut, official in charge of the country’s IT strategy, said in interviews that the Estcoin “will now only be a boost for e-residents,” adding that they agreed in discussions with politicians that “Estcoin will proceed as a means for transactions within the e-resident community, other options are not on the table (…) We are not building a new currency.”
Governments and central banks in several countries have been considering the potential of digital currencies issued by central or national banks. Early last May, Norway’s central bank Norges Bank announced that it is considering developing its own digital currency as a complement to cash to “guarantee confidence in money and the monetary system.”
N. Moncada
Source: CoinTelegraph
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