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Estcoin – Government backed digital currency

Estonia ponders launch of its own digital currency – While digital currencies have been knocked for being widely unpredictable. Bitcoin regularly goes up and down hundreds of dollars if not more, there are significant benefits to be had if used correctly. Now Estonia is considering launching its own government backed digital currency (Estcoin). While this goes against the original appeal of digital currencies (decentralisation of control), the growing market for digital currencies could see more “official” cyber currencies launched in the years ahead.

The managing director of the e-Residency programme, Kaspar Korjus, outlined how the estcoin would work in a blogpost earlier this week. The Estcoin would be introduced via an initial coin offering (ICO). “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,” he wrote.

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