Manager of e-residency program wants Estonia to issue crypto-tokens

Bruno Cirelli
Agosto 24, 2017

The measure may potentially expand Estonia's 1.3 million population by 10 million digital residents.

Korjus said the money raised could be used in a similar way as Norway's multi-billion dollar oil fund, the largest sovereign wealth fund in the world, so it benefits both the investors and Estonians. Officials say estcoins would enable the government to invest in new technologies and innovations for the public sector, citing smart contracts and artificial intelligence as possible areas of interest.

Moving on from eResidency, Estonia is now contemplating the Estcoin, and Vitalik Buterin, founder of the world's second most valuable crypto-currency - Ethereum - is also behind the Estcoin.

"The funds raised through estcoins could be managed through a Public Private Partnership (PPP) and only used as described in the agreement to actually help build the new digital nation", he said ambitiously.

"An ICO within the e-Residency ecosystem would create a strong incentive alignment between e-residents and this fund, and beyond the economic aspect makes the e-residents feel like more of a community since there are more things they can do together".

For some industry observers, estcoin could directly compete against decentralized cryptocurrencies such as Bitcoin and Ethereum, which, despite having surged in value in recent months, have lacked popular trust.

The small eastern European country is no stranger to digital innovation. Perhaps unsurprisingly for a Baltic country that is often on edge about the possibility of an invasion from neighboring Russia, Estonia is keen to "ensure its state can function entirely independent of its own territory", as Korjus put it. "No other country has come close to developing both the technology and the legal frameworks that would enable them to introduce and securely manage tradable crypto-assets globally", Korjus' post read.

Estonia has over 22,000 e-residents signed up from 138 countries.

The step comes as a part of an "e-residency" program launched by the country in late 2014.

Korjus is looking for community feedbacks on the estcoin proposal.

"If there is support for this proposal, then the next stage before the ICO would be to provide a white paper that outlines the value of estcoins and how the investment will be used to develop our digital nation". Once enough feedback has been gathered, the team will move onto writing a whitepaper on the subject before launching a pilot project to assess demand.

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