Estonian government is recognized as a leader when it comes to usage of digital services. They were the first in the world to activate an e-residents software back in 2014. Now, they’re continuing their innovations in the field, by suggesting the creation of world’s first government sponsored ICO.
This means that the Estonian government could launch its own digital currency, which could be used by an increasing number of Estonia’s e-residents who run their business online.
The Estonian government hopes to launch its cryptocurrency with the help of the founder of Ethereum, Vitalik Buterin. The proposed cryptocurrency, popularly referred to as “ESTCOIN”, could be represented as the first ICO sponsored by a government.
What separates Estonia from other countries is the fact that its e-resident program and the overall digital infrastructure allow it easy transition to another level. Imagine, for example, that as a resident of Estonia, you can charge services in Estcoin and pay salaries and obligations of the company and employees also through Estcoin.
Actually, Estonia could be the only country in the whole world that can safely realize an idea of crypto property trading. All it has to do is upgrade the already well-built digital infrastructure and finally enable people around the world to invest in digital resources.
How would ESTCOIN work?
While investing in a cryptocurrency may be risky, it also has the potential to bring in a lot. Furthermore, investing in Estonia would be different from other examples, as you would actually invest in the development of the country and its digital infrastructure. In a way, you bet on the future success of that country, in the same way you would invest in traditional currencies.
According to Buterin, Estcoin can be used to encourage potential investors to invest their time and money directly into the country’s success, an option that is currently not available through traditional investments.