Estonia introduces a digital money

They build slow and steady such digital economy ecosystem that is useful for the country and attracts foreigners too.

Kaspar Korjus, the leader of the e-Residency program, announced a few days ago that they preparing a propose and according to that they - firstly in the world - will introduce the country's own currency, the "estcoin" in the usual way with the tokens and the help of the Initial Coin Offering – ICO.

The ICO supported by the government and the digital investment pool would be advantageous both for the Estonian economy and to the e-residents according to their expectations.

One of the counsellors of the program is Vitalik Buterin, the creator of Ethereum. who support the project very soulfully:
"An ICO within the e-residency ecosystem would create a strong incentive alignment between e-residents and this fund, and beyond the economic aspect makes the e-residents feel like more of a community since there are more things they can do together", Besides this it would open new digital business opportunities, Buterin said.

There are many ways for the concrete realization, wrote Korjus, but one option is following a Norwegian example, where the oil fund intested the money coming from the ICO into national and private enterprises.

According to the program leader, the ideai is currenty in an early stage, but the infastructural conditions are already available for the accomplishment.

For the time being they are waiting for feedback and based on that they will tweak/improve the plan, before they get into it. He also said they already experience keen interest from the Estonian startups. Korjus also emphasized that the e-money connected to the e-residency could be very important because it will make the money transfers, trading much more secure because - although there is a chance for anonimity - this registration will improve the transparency.

Korjus also hope that the success of their undertaking can also be used as a model for other countries - as it is happened in the case of the e-Residency program.