Estonia is considering a government crypto currency

The proposed currency should be called Estcoin, where the goal is to build a boundless digital country.

The crypt currency can be launched using what is called an initial coin offering (ICO) where people using ether, ethereum's crypto currency, can purchase estcoins, CNBC writes.

An ICO can also be compared to what is called public finance, an investment that everyone can participate and gain ownership in a project.

Estonia is known as one of the world's most digital countries, especially because of their digitalization of public services, including a digital passport that anyone can get.

Will make the country more democratic

Corjus, a famous advocate for increased state digital innovation, believes Estcoin can give citizens more ownership of the country.

• A state-supported ICO will give more residents a greater part in determining the future of our country.

Ethereum's founder Vitalik Buterin, according to Korjus, supports the project and has stated that he believes a government cryptovaluta will be something the whole country will earn.

"An ICO on the inside of Estonia's digital public services will create a strong incentive for anyone who holds the digital passport to participate in the Estonian community, even outside the economic aspect, Buterin writes.

E24 talked with the Canadian block chain investor and author of The Business Blockchain William Mougayar. He also believes that his own crypto currency would be good for Estonia.

"What's the key here is to really build a range of services and applications on top of a state-owned block-side infrastructure. Estcoin will be an effective way of creating a new type of economy, and ultimately Estonia will make a lot of money through this project.

Think more countries will follow

Although Estonia's potential estcoin is only plans, ethereal expert and block entrepreneur Luis Cuende believes that this is just the beginning of making cryptic currencies.

Cuende is the director of the Aragon Project, a decentralized ethereum platform that, through a recent ICO, received nearly 25 million euros from its supporters.

"I think we will see more and more countries adopt this technology. Switzerland is another European country that has come a long way in this process, he says to E24.

Cuende believes it is important that the country thinks of the purpose of the cryptovaluta before they create it.

"As it's a country and not a company, you do not have the ability to be flexible and test what works. It is important that Estcoin's purpose is ready before it is launched and that it is fully decentralized, "said the Blockowner, who believes this could be a new way for the country to finance itself.

Only real digital society

Although many countries have their public services online, Estonia's president Kersti Kaljulaid believes
that her country is the only real digital community, according to an interview with The Telegraph.

• Almost all our citizens' interactions with the state, including elections, are made safe online. After watching the digital revolution closely, I'm unsure that the state, as we know it today, will not survive the 21st century, Kaljulaid said to the newspaper.

According to Korjus, 22,000 digital passers from 138 different countries have reported interest in the initiative, which he believes will mean a lot for the Estonian economy.

Source: http://e24.no/boers-og-finans/bitcoin/estland-vurderer-en-statlig-kryptovaluta/24124744