Estonia is a country in Northern Europe, borders the Baltic Sea and the Gulf of Finland. It was part of Soviet Union, got its independence in 1918. The country is planning to establish a national cryptocurrency Estcoin even after the severe criticism from not only the local banks but also from the President of the European Central Bank, Mario Draghi.
More and more European countries are considering the development of their own official digital currency and so as Estonia where Estcoin was issued in August 2017 by the Estonian e-residency program. They proposed Estcoin as Estonia’s national virtual currency and allegedly become the official currency for the country’s e-residency program. According to the Managing director of the Estonian e-residency program, Kaspar Korjus Estcoin will serve as an incentive for immigrants and foreigners who use Estonia’s electronic identification to remotely sign documents and found companies.
We agreed in discussions with politicians that Estcoin will proceed as a means for transactions inside the e-resident community. Other options aren’t on the table. We’re not building a new currency Siim Sikkut Incharge IT Strategy Estonia
Governments and central banks in most of the European countries have been considering the potential of national or central bank-issued digital currencies. Like Norway’s central bank, Norges Bank announced earlier in May 2018 it is considering the development of its own digital currency as a supplement to cash to “ensure confidence in money and the monetary system.”
Also, the Federal Council of the Government of Switzerland recently ordered a study investigating the risks and opportunities of introducing its own state-backed digital currency, “e-franc.” which will be under the control of central bank which is good for the economy.