Estonia says 'NO' for National Cryptocurrency

Estonia one of the Baltic states in Eastern Europe is planning to create a national cryptocurrency. This is one of the nations which is using euro since 2011.

Amid the growing popularity of cryptocurrency in Baltic states, Mario Draghi, president of European Bank has criticized cryptocurrency usage. As per Draghi, only Euro can be national currency and Estcoin will not be used as national currency and earlier stated that

“No member state can introduce its own currency; the currency of the eurozone is the euro.”

“We agreed in discussions with politicians that Estcoin will proceed as a means for transactions inside the e-resident community and will not be building new currency”

Furthermore, Kaspar Korjus, author of Estcoin plan also validated regarding the news of Estcoin as a national cryptocurrency. As per Korjus, the community is still examining likely options of doing so and said that “would definitely not be a national ‘cryptocurrency”.

The effort to benefit the e-residents continue and in the same lines, more than 35,000 ID cards have been issued to foreigners since 2014. This includes people from countries like Finland, Russia, Ukraine.