Dear Steemians,
I got inspired after reading the post of @jacor where he was explaining how Estonia is the most innovating country in therm of technology adoption and then i got this bit news couple of days ago.
Bitcoin and Ethereum fever also affects the governments of Europe and Asia. Estonia could become the first state to issue its own digital currency. Three years after introducing the "electronic residence" program, with which Tallinn allows foreigners to become "digital citizens", the small Baltic republic is considering another such project.
In a post posted on the Internet, Kaspar Korjus, director of the country's electronic residence program, explains how the newly issued virtual coin system, now temporarily banned Estcoin, would work. The digital divide would function as a new type of investment that will allow those who want to bet on its development and success. In the specific case, the money raised by the issue - a sort of Ipo under Initial Coin Offering (ICO) - would be administered by a trust, a result of a public-private partnership, and would be used to improve the Digital infrastructures in the country, which are already in a very advanced stage compared to other states.
With the possible launch of the digital currency, Estonia intends to further strengthen its pioneering digital universe, anticipating countries like China that are considering similar projects on time. Beijing is developing a prototype called "ChinaCoin" or "DigitalRMB" (translated: "Digital Renminbi"), but central bank officials say it will take ten years before the project is finished and that the currency is actually put into circulation
As Korjus explains in the post posted on Medium, then Estonia would have a net advantage over the competition due to the already well-established electronic residence program and digital infrastructure.
No other country has ever been so close to the launch of both the technology and the legal support structure needed, both of which would allow Estonia to introduce and manage in confidence all assets denominated in cryptovalue" that can be traded around the world. If implemented effectively, Estonia's proposal would create a historic precedent and have the potential to benefit both the "real" country and the "virtual" community in an increasing number of "digital" foreign residents.
Do you think that in the future such an ecosystem with their own digital currency will make sense?
Looking forward to your comment!
Francesco