Estonia has adjusted their release plans for the state token Estcoin. This allowed her to resolve conflicts with monetary policy of the European Central Bank (ECB) to continue the project.
One of the most advanced digital economy in the country for the first time announced plans to create its own cryptocurrency in August of last year. Since 2011 the currency of Estonia is the Euro. The ECB President Mario Draghi (Mario Draghi) spoke out strongly against the introduction of Euro area national digital currencies.
As it turned out, criticism of Draghi did not stop the project, but was forced to revise the model Estcoin.
Sikkut Siim (Siim Sikkut) — the official responsible for IT strategy of Estonia — said that they had abandoned plans token binding to Euro or from the use of them by all citizens of the country. Instead Estcoin will be used as incentive for program participants online residency (e-Residency) of Estonia.
“We have agreed with the politicians that Estcoin will act as a means for transactions within the community e-Residency. Other options not included in the agenda. We are not building a new currency,” said Sikkut.
The author of the plan Estcoin Chorus Caspar (Kaspar Korjus) confirmed his words, adding that the potential benefits from the organization “community Estcoin” continue to be analysed. But it definitely will not be the national cryptocurrency, he concluded.
We will remind that from April to citizens with ID-card Estonia, and residents of the country provided the opportunity to obtain cryptocurrency Byteball equivalent to $10.