Estonia may launch its own virtual currency..

Interesting to know this:

If you’re already having trouble keeping track of all the virtual “cryptocurrencies” out there, then here’s another one that might end up on your radar: the Estonian “estcoin.”

Estonia isn’t the first country to consider launching its own digital currency as a rival to the better-known likes of Bitcoin and Ethereum—China’s central bank is quietly testing the idea of a new cryptocurrency, and Russia’s central bank is considering the same. However, Estonia may have an advantage in the public-sector digital infrastructure that it’s already built, and it sees the idea as a way of allowing people around the world to directly invest in the country’s digital aspirations.

 Over the last two-and-a-half years, Estonia has offered so-called e-residency to foreign entrepreneurs who want to virtually site their businesses in the country. The program gives people an Estonian government-backed digital ID, the ability to simply register an EU company, access to business banking and payments services, and tools with which to digitally sign documents. So far, more than 22,000 people have signed up from around the world.
In a Tuesday blog post, Kaspar Korjus, the managing director of the e-Residency program, said this experience gave Estonia an edge over other countries that are considering the introduction of national cryptocurrencies. Indeed, the estcoin could become bound up with the rest of the e-Residency ecosystem.

“No other country has come close to developing both the technology and the legal frameworks that would enable them to introduce and securely manage tradable crypto assets globally,” Korjus wrote. “The secure digital identities used by e-residents (as well as citizens and residents of Estonia) are now the ideal mechanism for securely trading crypto assets in a trusted and transparent digital environment. The tokens cannot be counterfeited and the government oversight means they cannot be used for illegal activities.”

Estcoins could be used to pay for public and private services in Estonia, and “eventually function as a viable currency used globally,” he said.


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