Estcoin Explained

Estcoin was a 2017 proposal for a national cryptocurrency tied to Estonia's e-residency program.[1] [2] [3] [4] [5] The plan was criticized by the European Central Bank President Mario Draghi, who said "no member state can introduce its own currency".[6] In 2018, the Estonian government clarified it was not planning to launch a national cryptocurrency and that it never planned to do so, but would plan to "explore various possibilities" for blockchain technology.[7]

History

Discussions about Estcoin emerged in 2017 amid the rapid growth of cryptocurrencies and initial coin offerings (ICOs). The concept was raised in connection with Estonia's e-Residency programme, which had attracted a growing international user base and prompted debate about the use of blockchain-based tokens in public digital services.[8] [9]

Early commentary described Estcoin as a proposed blockchain-based token linked to digital identity or participation in the e-Residency ecosystem, rather than as a sovereign currency.[10] The proposal received international media attention during broader debates over government experimentation with blockchain technology in the late 2010s.[11] [12] [13]

Proposed uses

In 2017, commentary on Estcoin outlined several hypothetical use cases linked to Estonia's digital governance infrastructure and e-Residency programme.[14] [15] These proposals focused on non-monetary applications, including incentives for participation in the e-Residency ecosystem, access to digital public services, and regulated fundraising mechanisms inspired by initial coin offerings (ICOs).[16] [17]

See also

Notes and References

  1. Web site: Korjus. Kaspar. 3 January 2018. Three ways how estcoin could benefit Estonians and its e-residents. 2021-11-03. Estonian World. en-GB.
  2. Estonia planning its own cryptocurrency, called 'estcoin', in bid to become global ICO hub . Chris O'Brien . 19 December 2017 . . 19 February 2018 . 19 December 2017 . https://web.archive.org/web/20171219095407/https://venturebeat.com/2017/12/19/estonia-wants-its-own-cryptocurrency-called-estcoin-in-bid-to-become-global-ico-hub/ . dead .
  3. Estonia's tech guru outlines ideas for digital 'estcoin' . Francesco Canepa . 19 December 2017 . . 19 February 2018 .
  4. Web site: Ворона. Тимур. 25 January 2018. Что такое Estcoin и как его можно применять MC.today. 2021-11-03. mc.today. ru-RU.
  5. Web site: Darrah . Kim . Estonia pushes ahead in race to issue first state-backed cryptocurrency . World Finance . 7 October 2018 . 23 April 2018.
  6. Web site: Ummelas . Ott . Estonia Scales Down Plan to Create National Cryptocurrency . Bloomberg . 7 October 2018 . 1 June 2018.
  7. Web site: Browne. Ryan. 4 June 2018. Estonia says it won't issue a national cryptocurrency and never planned to. 2021-11-03. CNBC. en.
  8. Web site: Patricolo . Claudia . 27 August 2017 . Estcoin: Estonia's Own Digital Currency? . 30 December 2025 . Beyond Emerging Europe.
  9. Web site: Korjus . Kaspar . Estonia could offer 'estcoins' to e-residents. . 22 August 2017 . 30 December 2025.
  10. Web site: Estland is Planning to Launch Estcoin — and that's only the Start. Fintech Baltic . 19 December 2017 . 30 December 2025.
  11. Web site: Maack . Már Másson . 23 August 2017 . Estonia is looking into starting its own national cryptocurrency . https://web.archive.org/web/20240725095816/https://thenextweb.com/news/estonia-could-be-the-first-country-with-an-official-cryptocoin . 25 July 2024 . 30 December 2025 . The Next Web.
  12. Web site: Polyakova . Yuliya . 2018 . Estonian State’s Approach to Cryptocurrency: The Case Study of Estcoin Project . https://web.archive.org/web/20241206203040/https://digikogu.taltech.ee/et/Download/2ba48aae-f10f-4a3e-856b-5981dc92d486 . 6 December 2024 . 30 December 2025 . Tallinn University of Technology Digikogu . PDF.
  13. Web site: 28 January 2018 . Estonia makes 'token' effort to take euro crypto . https://web.archive.org/web/20201109024454/http://www.france24.com/en/20180128-estonia-makes-token-effort-take-euro-crypto . 9 November 2020 . 30 December 2025 . France 24.
  14. Web site: Galeon . Dominic John . 19 December 2017 . Estonia just revealed 3 uses for its proposed national cryptocurrency . dead . https://web.archive.org/web/20251012074223/https://futurism.com/estonia-revealed-three-uses-proposed-national-cryptocurrency . 12 October 2025 . 30 December 2025 . Futurism.
  15. Web site: Sundararajan . Sujha . 19 December 2017 . Estonia Inches Closer to National 'Crypto Token' Launch . https://web.archive.org/web/20240812193307/https://www.coindesk.com/markets/2017/12/19/estonia-inches-closer-to-national-crypto-token-launch/ . 12 August 2024 . 30 December 2025 . CoinDesk.
  16. Web site: April 2018 . Estonian e-Residency: A Case Study for Business Formation and Practical Blockchain Solutions . https://web.archive.org/web/20251115231451/https://icf.mri.co.jp/wp-content/uploads/2021/06/Kaigaidoko_201804.pdf . 15 November 2025 . 30 December 2025 . ICF MRI . Rapid Access International, Inc . PDF.
  17. Web site: Estonia planning to launch crypto-tokens to drive growth of the country’s e-resident community. OpenGov Asia . 22 December 2017 . 30 December 2025.

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