Estonia’s Virtual Residency Program Plans to Adopt a Cryptocurrency
The project of creating a national cryptocurrency in Estonia has been gaining the attention of the public. The idea was developed by the managing director of the e-residency program and it would be effective based on a Blockchain-based system.
The Estcoins would have its initial coin offering (ICO) persuaded by the central bank. This new digital currency would bring many benefits to the Estonia’s economy. It would be easier for international residents; independent of their place of birth and residency to be involved in the country’s economy since it would also become their currency.
The project already has the approval from Ethereum’s co-founder Vitalik, he believes it would have a positive influence on the digital currency matter and it would lead many other governments to adopt he idea.
Despite all the positive expectations, the project brings some concerns; there is still uncertainty about how the tokens will be issued since it is not assured the use of blockchains. The other concern is regarding the way in which the government allocates the money acquired through the ICO. They are considering an investment in both public and private ventures.