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Estonia is the first country to offer ai???e-Residencyai???, a digital identity available to anyone in the word. Therefore this cyrptocurrency can be an effort to boost their digital citizenship program. This e-Residence program is also called a borderless nation that allows anyone to create a secure digital citizenship of Estonia. Up to now there are around 22 000 e-Residents from 138 countries. Therefore when the Estcoin is launched that would make Estonia the first country with an Initial Coin Offering (ICO).
ICO is a way that gives investors virtual coins or tokens instead of shares. According to Kasper Korjus, the managing director of the e-Residency program, Estcoins could be used to pay for public and private services in Estonia and eventually function globally. Estonia would then serve as a model for how societies of the future can be served in the digital era. Also part of the money can be invested to create a venture-capital fund to support local and foreign companies of these e-residents.
Why is Estonia taking such a radical move? This is not the first time. Most of you might already know that a tech revolution followed Estoniaai??i??s independence in 1991. Starting from 1997, most of Estoniaai??i??s schools were online. In 2002 the government set up a free wi-fi network covering most of the country. A fiber optic infrastructure was laid out in 2012. In 2017, Estonia introduced e- voting. As per today 99% of Estonian state services are online. Its capital Tallinn is a tech start-up hub. If you were turning a blind eye towards the new tech revolution which is highly unlikely to happen, you might not know that Skype, TransferWise and GrabCAD were born in Estonia! Therefore it is apparent that the e-Residence program is not Estoniaai??i??s first radical move.
There is much talk and drama about this cryptocurrency globally. One can say that Estcoin would be a rival to the well-known Bitcoin and Ethereum. China has also developed a prototype cryptocurrency. Seems as if the central bank of Russia is considering the same. With great tech innovations come great risks. Therefore Japan and Australia are among the countries that have introduced legislation to help make Bitcoin and other digital currencies safer, by bringing them to the mainstream. Governments are trying to tackle money-laundering and funding for illegal activities such as terrorism, using cryptocurrencies.
The real argument here is whatai??i??s special with Estoniaai??i??s strategy? For your information, there is no other country that has come close in developing both the technology and the legal framework that would enable them to introduce and securely manage tradable crypto assets globally. It is clear that Estonia indeed has an added advantage over its potential rivals.
In case if you wonder how the data security is established in this scenario, this is for you. The e-Residents have a secure digital identity that allows the ideal mechanism for security trading crypto assets in a trusted and transparent digital environment.
Estoniaai??i??s technological vision for a technological tomorrow is indeed a positive change towards a better future. The insight to model a global standard in currency is a top notch idea. These introductions thus leave a promising note about the great things that lies ahead for the betterment of global business and technology. The future indeed will be interesting!