Estonia Cancels Plans to Create National Cryptocurrency Estcoin

June 4, 2018

Siim Sikkut, Estonia’s official responsible for IT industry development, reported, the country’s government refused accepting digital token Estcoin as national currency. He noted that new coins will be afforded to e-residency program participants.

Rumors on Estcoin have been regularly subject to disapproval by the EU members. For instance, in September last year the European Central Bank’s governor Mario Draghi voiced his criticism against the government and stated, euro can be the only currency within country limits. Similar views were expressed by Ardo Hansson, the country’s central bank governor who called the whole situation over the would-be cryptocurrency a mistake.

“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,” Sikkut noted.

The founder of Estcoin Kaspar Korjus confirmed the Sikkut's statement and added, the cryptocurrency’s basic features are still to be analyzed.

“No member state can introduce its own currency; the currency of the eurozone is the euro,” Mario Draghi wrote in e-mail.

In the frame of e-residency program introduced by the Estonia’s government in 2014 over 35,000 foreigners mostly originating from Russia, Ukraine and Finland have already received their IDs. The participants of the program can register their company on the country's soil, get banking services and pay taxes by Estonia legislation remotely.

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