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Cryptocurrencies

Estonia plans to be the first country to launch an ICO

Wednesday 20 December 2017 | 10:14 AM CET

The managing director of Estonia’s e-residency program has announced that work on “estcoin” is underway, and provided other details about the scheme, according to Quartz.

Furthermore, the head of the e-residency program said that his team has figured out several ways to launch estcoins “without alarming the European Central Bank.” The basic premise behind the proposed estcoin offering is to create a crypto-token for a “digital nation” comprised of the 27,600 people from 151 countries who are e-residents of Estonia.

The cryptocurrency can be regarded as loyalty points - people could earn estcoins by referring others to become e-residents, or doing things that enhance the e-residency program. Also can stand as a digital signature - these tokens would be tied to Estonia’s digital identity platform. They could be used as digital signatures, for logging in to government services, and so forth.

The next step for the head of the e-residency program is to get token-issuers to become e-residents too, and launch their ICOs from within the program. If Estonia succeeds with its plan to create a token for its e-residents to trade in, it could be the monetary glue to hold its “digital nation” together, the online publication concludes.

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