Finance:Estcoin

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Short description: Estonian proposed cryptocurrency

Estcoin was a 2017 proposal for a national cryptocurrency tied to Estonia's e-residency program.[1][2][3][4][5] The plan was criticized by the European Central Bank President Mario Draghi, who said "no member state can introduce its own currency".[6] In 2018, the Estonian government clarified it was not planning to launch a national cryptocurrency and that it never planned to do so, but would plan to "explore various possibilities" for blockchain technology.[7]

History

Discussions about Estcoin emerged in 2017 amid the rapid growth of cryptocurrencies and initial coin offerings (ICOs). The concept was raised in connection with Estonia's e-Residency programme, which had attracted a growing international user base and prompted debate about the use of blockchain-based tokens in public digital services.[8][9]

Early commentary described Estcoin as a proposed blockchain-based token linked to digital identity or participation in the e-Residency ecosystem, rather than as a sovereign currency.[10] The proposal received international media attention during broader debates over government experimentation with blockchain technology in the late 2010s.[11][12][13]

Proposed uses

In 2017, commentary on Estcoin outlined several hypothetical use cases linked to Estonia's digital governance infrastructure and e-Residency programme.[14][15] These proposals focused on non-monetary applications, including incentives for participation in the e-Residency ecosystem, access to digital public services, and regulated fundraising mechanisms inspired by initial coin offerings (ICOs).[16][17]

See also

  • e-Residency of Estonia

References

  1. ↑ Korjus, Kaspar (3 January 2018). "Three ways how estcoin could benefit Estonians and its e-residents" (in en-GB). https://estonianworld.com/opinion/three-ways-estcoin-benefit-estonians-e-residents/. 
  2. ↑ Chris O'Brien (19 December 2017). "Estonia planning its own cryptocurrency, called 'estcoin', in bid to become global ICO hub". VentureBeat. https://venturebeat.com/2017/12/19/estonia-wants-its-own-cryptocurrency-called-estcoin-in-bid-to-become-global-ico-hub/. Retrieved 19 February 2018. 
  3. ↑ Francesco Canepa (19 December 2017). "Estonia's tech guru outlines ideas for digital 'estcoin'". Reuters. https://www.reuters.com/article/us-bitcoin-estonia-estcoin/estonias-tech-guru-outlines-ideas-for-digital-estcoin-idUSKBN1ED1E6. Retrieved 19 February 2018. 
  4. ↑ Ворона, Тимур (25 January 2018). "Что такое Estcoin и как его можно применять | MC.today" (in ru-RU). https://mc.today/estoniya-pytaetsya-stat-luchshej-ploshhadkoj-dlya-ico-chto-takoe-estcoin-i-kak-ego-mozhno-primenyat/. 
  5. ↑ Darrah, Kim (23 April 2018). "Estonia pushes ahead in race to issue first state-backed cryptocurrency". https://www.worldfinance.com/markets/estonia-pushes-ahead-in-race-to-issue-first-state-backed-cryptocurrency. Retrieved 7 October 2018. 
  6. ↑ Ummelas, Ott (1 June 2018). "Estonia Scales Down Plan to Create National Cryptocurrency". https://www.bloomberg.com/news/articles/2018-06-01/estonia-curbs-cryptocurrency-plan-that-drew-rebuke-from-draghi?srnd=cryptocurriences. Retrieved 7 October 2018. 
  7. ↑ Browne, Ryan (4 June 2018). "Estonia says it won't issue a national cryptocurrency and never planned to" (in en). https://www.cnbc.com/2018/06/04/estonia-wont-issue-national-cryptocurrency-estcoin-never-planned-to.html. 
  8. ↑ Patricolo, Claudia (27 August 2017). "Estcoin: Estonia's Own Digital Currency?". https://emerging-europe.com/analysis/estcoin-estonias-own-digital-currency/. 
  9. ↑ Korjus, Kaspar (22 August 2017). "Estonia could offer 'estcoins' to e-residents". https://medium.com/@kaspar.korjus/estonia-could-offer-estcoins-to-e-residents-a3a5a5d3c894. 
  10. ↑ "Estland is Planning to Launch Estcoin — and that's only the Start". 19 December 2017. https://fintechbaltic.com/50/fintechestonia/estland-is-planning-to-launch-estcoin-and-thats-only-the-start/. 
  11. ↑ Maack, Már Másson (23 August 2017). "Estonia is looking into starting its own national cryptocurrency". https://thenextweb.com/news/estonia-could-be-the-first-country-with-an-official-cryptocoin. 
  12. ↑ Polyakova, Yuliya (2018). "Estonian State’s Approach to Cryptocurrency: The Case Study of Estcoin Project" (PDF). https://digikogu.taltech.ee/et/Download/2ba48aae-f10f-4a3e-856b-5981dc92d486. 
  13. ↑ "Estonia makes 'token' effort to take euro crypto". 28 January 2018. https://www.france24.com/en/20180128-estonia-makes-token-effort-take-euro-crypto. 
  14. ↑ Galeon, Dominic John (19 December 2017). "Estonia just revealed 3 uses for its proposed national cryptocurrency". https://www.vtrader.io/en-us/staking/ethereum. 
  15. ↑ Sundararajan, Sujha (19 December 2017). "Estonia Inches Closer to National 'Crypto Token' Launch". https://www.coindesk.com/markets/2017/12/19/estonia-inches-closer-to-national-crypto-token-launch. 
  16. ↑ "Estonian e-Residency: A Case Study for Business Formation and Practical Blockchain Solutions" (PDF). Rapid Access International, Inc. April 2018. https://icf.mri.co.jp/wp-content/uploads/2021/06/Kaigaidoko_201804.pdf. 
  17. ↑ "Estonia planning to launch crypto-tokens to drive growth of the country’s e-resident community". 22 December 2017. https://archive.opengovasia.com/2017/12/22/estonia-planning-to-launch-crypto-tokens-to-drive-growth-of-the-countrys-e-resident-community/. 



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