Estonia shook the web in a massive PR action once again, as if being one of the top e-government examples and an e-residence program starter was not enough. This time it’s the blockchain-based cryptocurrency domain: Estonia is going to be the first country to launch a government-backed cryptocurrency. It’s going to be called Estcoin and there will be a connection to the famous e-residency program.
Vitalik Buterin, among others, is helping launch the coin, and so far it has been a success with the Estonian e-residence program participants:
more than 22,000 “e-residents” from 138 countries have signed up to the initiative, and make “an enormous contribution” to the Estonian economy. (source)
Despite the fact that other countries (e.g. Russia or China) have declared interest in cryptocurrencies at the national bank level, Estonia is the most logical pioneer for this. The country has nearly all the infrastructure and legal framework ready for the introduction of Estcoin.
Kaspar Korjus, the managing director of the Estonian e-residency program, has stated that there will be an ICO fundraiser at the launch of $EST. Funds accumulated after the ICO would be managed by some sort of a public/private partnership that will be transparent and efficient.
Estonia could serve as an example of a digital society as it should be. Almost all interactions with the government is done online, and most private business matters can be settled online too. In addition, members of the e-residency program can open and run their business in Estonia without ever having to visit it.
Chances are, the Estcoin ICO could be the most meaningful ICO out there for a long time, being in stark contrast with dozens of pump-and-dump ICOs.