Hello steemians!
Today I will review shortly the story about the stopping of Estonian crypto release.....
Before we start, I will warn you that official information has been quoted with sources linked, and other info is just my own reviews and opinion.
A few days ago, I was watching live Mario Draghi's conference about European Central Bank, and decisions. This was an important event in financial world, as there were discussed such important matters as: Euro exchange rate to Dollar, interest rates of ECB, Quantitative Easing future possibilities, and government bond buy back programs scopes. I can tell there was no "shocking" surprises said during that 1hr interview. But some interesting questions were given by some reporters.... One of the questions was: what is the reaction of ECB to Estonia wanting to launch their own concurrency. And Mario Draghi's response was as lame as you could think of..... “No member state can introduce its own currency; the currency of the euro zone is the euro.” Why of why, I was sure that such answer would be given from EU bureaucrat. Here is commentary and broader explanation from the Cointelegraph....
"Estcoin shot down
The idea originated with the president of the Estonian e-residency program, Kaspar Korjus, who had suggested that the ‘Estcoin’ could be used as a digital currency for the country. It would also provide a way for Estonian citizens to notarize digital documents from anywhere in the world.
Adoption of the Estcoin would have represented a landmark moment for cryptocurrencies, indicating widespread adoption. However, it appears that, in spite of the potential benefits of the national digital currency, the Eurozone will not be allowing the Estcoin to proceed. After China’s recent ICO ban, the global sentiment toward ICOs remains mixed. Regardless, though, the idea of a government issuing its own digital currency has been shelved for now (source: CoinTelegraph)"
https://cointelegraph.com/news/estonia-cant-make-its-own-digital-currency
My personal comments:
It is interesting that actually the reporter was such a brave person, and asked this important question.... So many people around the world was watching it live, and they got the idea that Cryptos are actually around, and they are penetrating in many levels, including reporters / bankers / politicians / business people etc etc. So just that idea and question which was said loud, can make impact on some crypto enthusiasts, or even people who never heard of cryptos, do more research, and try to "play byt the EU rules" and still release coin(s) in other dimensions rather than EU.....
Like I said earlier, the answer itself was not a surprise to me, as I know how protective Europolitics and all who works in Brussels are. They are ready to fight will all possible ways, just to keep Euro the main currency of Europe. And to have as much influence in the world in financial markets as posible. Thats why Mr.Draghi was not in a hurry to increase interest rates, and increase borrowing price.... Markets would react strong, for such news (probably would start falling). Also Quantitative easing lets ECB to virtually control Euro, and be very competitive in terms of exports / imports with the rest of the world.
The conclusion would be, that sooner or later Bitcoin and cryptocurrency might be one of the main topics, when next time Mario Draghi will be talking on live conference with releasing crucial news to the public. Also 99.99% chance that those news about Bitcoin and Cryptos won't be "good news" for crypto world, and some new laws and regulations might be created just to stop Bitcoin, and expansion of the whole adoption of cryptos. My opinion ECB is "just watching" now, Bitcoin and not making any fast decisions as they don't want to make any mistakes (China announced ICO ban in the state, but not huge effect on capitalisation of Cryptos... in the longer run). Also most possible that some public examples will be made, such as arrests ofr punishments in courts for those people who use Bitcoin, trade bitcoin, buy Bitcoin, or in any other way use Bitcoin. So ECB and whole EU will try to scaremonger the whole crypto-community, sending a threatening message to us....
As the adoption and evolution of Bitcoin continues, the train of cryptos is just picking up its speed. People will move to other countries, businesses to move too, just to keep their plans moving. If ICO can't be done in China, I am sure good projects will move to some countries who are friendly to cryptos (Canada, Switzerland, etc...). Because "Smart money" moves a lot, and it is moving fast.
I am staying positive when it comes to such news as Mario Draghi's decline of the idea of Estonian Cryptocurrency release.
Thanks for reading and upvoting guys.