Litcoin, Ether, and of course the best known bitcoin. : crypto-coins are becoming more and more numerous, and more and more popular. Henceforth, it is the states themselves who are watching these virtual currencies closely.
To go as far as to create its own crypto-currency, official currency: this is what Estonia is considering. That would be called "Estcoin". Currencies of this type, there are dozens. Starting with the one that remains the best known, the bitcoin. Its course also broke records this summer, exceeding 3500 dollars. A sign of the growing popularity of this currency. But also its volatility because its value depends only on supply and demand.
Recall that a virtual currency has the same function as a traditional currency such as measuring the value of a good or service, facilitating trade, but different characteristics. The euro, for example, has a legal tender, it is recognized by the public authorities and everyone in the EU is obliged to accept it as payment. This is not the case for a crypto-currency, which is also based on a decentralized system, thanks to the blockchain, a secure transaction system.
Knowing that Estonia is looking into the matter, is not really surprising. This Baltic country is one of the most advanced in the world in terms of digital services to citizens. This is the country chosen by the French Prime Minister Edouard Philippe for his first official trip abroad in order to "take a model".
Estonia has 1 million 300 000 inhabitants, but also 22 000 "e-residents" from 138 countries. They are enrolled in the e residency program which gives them access to all Estonian public services online. Estonia is going even further, this country is thinking about an "ICO" for (Initial Coin Offering), a kind of introduction in crypto-scholarship.
Without going so far as to want to create one, several countries are now watching the crypto-currencies with great attention. Russia now wants to encourage them, and plans to legalize in the autumn the possession and creation of virtual currencies.
In Vietnam, the government has just launched a consultation on the legal options to make the cryptographic currency an official transaction value in the country. And not just a simple tolerated transaction tool. In doing so, he would follow in the footsteps of Japan.
Let us remind that throughout the world, institutional and legal players remain divided on these currencies. Their legal status remains very different from one country to another.
The hypothesis of a new crypto-currency, carried by the Estonian State itself, would raise a new question. How would the European Union see the fact that a eurozone country is putting a second currency into circulation?
Thanks for reading!
