Cryptocurrencies power and impulse has caused that the same States are considering how to implement them to improve their solvency or economic activity.
A European country that stands out above all for the use of digital channels and innovation is Estonia. It is a country of just over one million three hundred thousand habitants that, to facilitate business activity, decided to create a program of digital citizenship.
Through it, any person on the planet could register as “Estonian digital citizen” and perform, quickly and safely, different operations, such as the creation of a company. The success of this e-residency program has led Estonian politicians to go further and consider creating their own cryptocurrency. Is it possible and viable? Next we explain it.
Is the development of a stcoin possible?
The European Central Bank prohibits member states from developing any official currency, either physically or digitally, officially. Therefore, an estcoin could not enjoy this rank. However, it could have other very interesting uses that would allow combining the decentralization of cryptocurrencies with solid state support.
This Baltic republic has planned to make a public offering of cryptocurrencies guaranteed by the state of Estonia. For this, they have contacted the creator of the Ethereum system (which, as we have said, is developing a digital platform more complete than the same bitcoin) to study how to make a possible implementation of this currency.
This Baltic country expects to use the Estcoin emission to finance an improvement of the country’s already highly developed digital services. Thanks to this, more people would be willing to create companies and entrepreneurship would be encouraged. At the same time, giving this utility to the currency would increase its value and facilitate its sustenance. In the end, the objective would be to create a type of sovereign wealth fund similar to that which Norway represents with the income from oil and which it uses to secure pensions.
Amazing national development
Hope about estcoin
Reliability in Estonian digital projects
Is it possible to create a stcoin?
A cryptocurrency that has, at the same time, the security of a State and the advantages of the blockchain system can be an alternative that occurs in the future. In addition, the solvency of an Administration behind would reduce risk and volatility and could make this currency an attractive investment for investors with more risk aversion.
A few years ago, the implementation of a digital citizenship system seemed impossible. Now, in Estonia, there are more digital citizens than births. Therefore, the creation of an estcoin is nothing disposable.