Estonia's e-residency head plans the country's own cryptocurrency

From Engadget - December 19, 2017

Korjus penned a lengthy Medium post extolling the virtues of estcoin, saying that e-residents have already brought 1.4. million ($1,653,876) into the country. The independent report compiled by accounting firm Deloitte predicts that by 2025, that reinvestment will rise to 1.8 billion ($2,127,060,000) in eight years.

"The purpose of estcoin is to accelerate this, while also providing additional funds and interest for the development of our digital nation," he writes. "By not embracing crypto, governments are failing to unlock a powerful driver of economic growth and risk losing relevance entirely."

One of the problems is that Estonia's entire e-residency for businesses could be a way to eventually enable these companies to avoid paying taxes. Which, you know, is how governments pay for things like road repairs, infrastructure, police, etc..

The idea behind identity verification is to ensure you do not lose access to your wallet. Your private cryptocurrency key would be tied to your government-issued digital ID.


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