A small country in Northern Europe, Estonia is now floating with the idea of potentially raising money by issuing a token called “estcoins”.
So why Estonia?
Estonia is a country which is ahead in thinking when it’s a matter of technology. It is a first nation to offer an e-Residency program. The program seems to like a digital citizenship which allows participants take advantage of a host of government services. It has already including a European Union based company by not actually set foot in the country.
In a recent post, the director of Estonia’s e-Residency program, Kaspur Korjus revealed the idea of issuing crypto tokens through initial coin offerings. It is to raise money for the nation. He charted the potential he seen in ICO look alike and declares that the next step may be white paper sketches the value of the tokens and what the investment would be used for.
Vitalik Buterin, Ethereum founder is an adviser to the project and the government is querying for feedback from the technology world.
The raised money in the offering uses for a fund jointly managed by the government and outside private companies mentioned by Korjus. This fund is used to invest in new technologies both for public sector and invest venture capital into Estonian. Ultimately, Korjus sees the value holding tokens and used as a payment method for private and public sector globally. It provides a return on investment to ICO participants.
Well… is this idea can be of legitimate r just be an example of an entity willing to make a quick buck by together with an ICO? Clearly, without a doubt that this idea wouldn’t be propose of not insane money with surroundings ICOs.
It is really being a good thing. No sooner, governments will adopt digital cryptocurrencies. But it matters in what form and when. Will the United States ever replace the dollar with Bitcoin? Definitely not. However, will they complement their gold reserves with Bitcoin? Especially, if Bitcoin becomes a major part of the U.S financial system.
Estonia examining with their own cryptocurrency could just make them an early adopter. Certainly, doing it an ICO will not be the best image considering all the fraud and obtain rich quick schemes. But who can blame them for trying with all the money being thrown around these days?