For several years now Estonia has been heading for becoming an electronic state. As early as last year, SurprizingFacts published quite extensive material with information on the system of electronic citizenship, online voting, state electronic services and much more. As for e-citizenship, Estonia proposed a program for the development of this direction three years ago.
Almost any foreigner (with a few exceptions) can receive an electronic residence (or citizenship, although this is not a correct term), after which many opportunities for doing business in many countries become available to this person. In particular, an "e-citizen" can open an account with an Estonian bank, register a company, receive an electronic signature to verify its documents anywhere in the world. And now in this country another interesting bill is being considered – the issue of its own crypto currency, which, in case of its appearance, will be called estcoins.
Use this crypto currency will be able to all the same "electronic citizens". Any foreigner who receives e-residence will be able to start working with Estonian cryptonyms. If everything goes as planned, then soon the new crypto currency (its appearance is not yet 100% reality) will go through the procedure Initial Coin Offering (ICO). Estonians promise a minimum of bureaucracy and a maximum of effective work.
This is probably one more step aimed at attracting new virtual citizens who will be able to support the Estonian economy by, as mentioned above, opening accounts in Estonian banks with commercial transactions.
By 2025, the Baltic state with a population of only 1.3 million people, hopes to receive 10 million electronic citizens. Now there are not so many of them, only 22 thousand. But these people are entrepreneurs who already have a positive impact on the country's economic infrastructure.
By the way, if interesting, then on the first place in the list of countries from which "electronic citizens" arrived – Finland. Then followed by Russia, Ukraine, the United States and Britain. As you can see, the program of electronic citizenship attracts many, and not in vain. More and more people began to look for the opportunity to conduct legally business abroad, with the simplest system of registration of such business and security guarantees. Someone just wanted to get an international status, and someone put obstacles to the government of their own country. "The country as a service" – and Estonia seems to be turning precisely this country (in the positive sense of this term)
The reasons that prompt representatives of other countries to register in Estonia as its residents, even electronic ones, are understandable. This is geographical independence, a minimum of bureaucracy, low costs and access to various services, as already mentioned above.
In turn, services for e-residents are gradually developing in Estonia, and business representatives invest heavily in these services. Many countries work with the program, including the US government.
The traditional scheme of entrepreneurship is changing thanks to Estonia, where people who want to work without problems work without problems, without having to deal with accounting, bureaucracy of officials and other complex things get shelter. The President of Estonia recently said that all this is not enough, and if the country wants to keep pace with the digital age, then something more is needed.
And where are the crypto-currencies here?
Electronic residents of Estonia, despite the fact that they can work anywhere and everywhere, are still limited in their actions. It's about currency restrictions and everything related to currency exchanges and related banking transactions. And what if there is an e-currency that does not have a geo-referenced? For example, as in bitcoin. This is, no doubt, very convenient.
Actually, crypto currency is ideal for electronic residents, since the idea behind these coins is the same – the absence of geographical borders and minimal control over operations. Some countries, realizing that there may be a future for crypto-currencies, have already been developing their own versions of bitcoin alternatives for some time. Especially here China has succeeded.
But in Estonia – an ideal combination of factors for the emergence of its own crypto currency. No other country has come close to what has already been done in this Baltic country. There are technologies, people who are ready to use new ideas, and most importantly – legislation that allows the rapid introduction of electronic innovations. In some countries, these factors exist separately, and in Estonia they are collected together.
It is clear that the development and introduction of its own crypto currency will take time here, this is not a project for the weekend. But this is not a long-term work.
Well, once in Estonia, you can have your own crypto currency, then you can talk about Initial Coin Offering (ICO). This process helps companies to raise funds for the implementation of their own crypto currency. There are already many examples of ICO, they were conducted by a number of start-ups, who believed that their coins were the best. Well, if so, why not the Estonian government to conduct an ICO in order to avoid additional costs for the implementation of such a project?
E-citizens gathered at a conference on e-residence
After all, the same entrepreneurs who are electronic citizens of Estonia are quite Can invest their money in this idea.
But how will the "estkoins" work?
Everything is as usual. The ICO is being conducted and the formation of the crypto currency begins. There are several methods for implementing this plan, but all of them eventually lead to that (at least, according to the authors of the very idea of introducing Estonian crypto currency) that the benefits are received by investors, that is, electronic citizens, and the country itself.
Many representatives of the crypto-currency sphere have already expressed interest in this project. For example, the creator of the "air" Vitalik Buterin believes the idea is quite viable and is ready to support it. He believes that with the help of the new crypto currency, the country will receive substantial support and will continue to develop.
"ICO in the system of electronic citizenship will create a strong system that, in addition to the economic aspect, will allow electronic citizens to feel themselves as a whole, as they do something together," Buterin said. He also added that since estkoins will be part of the blockade, Estonia will be able to gradually introduce smart contracts, which will undoubtedly have a positive impact on business in this country and beyond.
Well, the estkoyins themselves can serve as something like the "oil fund of Norway," where money sent from the oil trade is dispatched with the moments of increasing its value. It would be quite reasonable to create such a fund. Again, it would positively influence the economic situation in the country. Well, the country itself could already invest in various promising areas – from the same smart contracts to artificial intelligence.
Estkoins could be used as a means of payment – both in small business and large, both inside the country and outside it. On the basis of the Estonian crypto currency and the block system, it would be possible to create a reliable digital infrastructure that is used simultaneously in many areas. This is e-government, voting system, banks, insurance, etc. The new crypto currency, like electronic citizenship, could well go beyond the borders of the country and become an international phenomenon.
In general, the idea is really interesting. It may be that, together with electronic citizenship, a new crypto currency will create a powerful knot of technologies and finance, which will allow Estonia to move forward even more rapidly. Unfortunately, it is not yet clear when the crypto currency will be presented. Representatives of the Estonian government say that they have just presented the idea of creating a national crypto currency. After this, a relatively long period of gathering of opinions and responses will follow. And only then will there be an official presentation, and ICO, and all that is connected with this.