Like many other nations, Estonia has recently been toying with the idea of a national cryptocurrency. It appears, however, that the idea will not take hold anytime soon thanks to input from the European Central Bank.
The Estonian officials’ original plan was to create a cryptocurrency pegged to the Euro and offered to all citizens. When this idea was scraped, the intention was pivoted to a tokenized incentive for Estonia’s e-residents.
After analyzing the venture, Mario Draghi issued a strong condemnation, beleiving the Euro is the only suitable currency for Estonia. Central bank Governor Ardo Hansson stated a similar opinion, further bashing the project in the process.
Despite overwhelming disapproval, the project, which goes by the name Estcoin, has not declared defeat. Kaspar Korjus, a member of the team, confirms the token is still being actively developed. It also remains evident that the project has the support of the Estonia government as a means of incentivizing the nations e-resident program.