Estonia to launch the world's first government ICO

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Europe

The Republic of Estonia may become the first country in the world with a government-backed Initial Coin Offering (ICO) and its own crypto token – ‘Estcoin’.

Over the last two-and-a-half years, Estonia has offered so-called e-Residency to foreign entrepreneurs who want to virtually site their businesses in the country.

More than 22,000 people from around the world have signed up for the program that gives people an Estonian government-backed digital ID, the ability to simply register an EU company, access to business banking and payments services, and tools with which to digitally sign documents.

Coinidol.com Photo

Kaspar Korjus, the managing director of the e-Residency program, said this experience gave Estonia an edge over other countries that are considering the introduction of national cryptocurrencies in a post Tuesday.

"No other country has come close to developing both the technology and the legal frameworks that would enable them to introduce and securely manage tradable crypto assets globally,” Korjus said.

Estcoins could be used to pay for public and private services in Estonia, and “eventually function as a viable currency used globally,” he said.

Screen shoot of Kaspar Korjus's post on Twitter

The post said Estcoins could be launched through an initial coin offering (ICO), which is a trendy way of raising capital that gives investors virtual coins or tokens, rather than shares. And the money raised through the issuing of Estcoins could be managed through a public-private partnership that ringfences part of the funds for the development of Estonia’s “new digital nation.”

In general, the Estonian program is exciting for blockchain enthusiasts looking to start businesses or simply wondering when the revolution will really begin.

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Source(s): AP