As Spain is currently undergoing through institutional crisis, Catalonia, which is currently fighting for having its own separate statehood recognition and gaining independence from Spain, is said to weigh options and consider for having its own digital currency and a separate e-residency program similar to the of Estonia.
The Catalan government, the Generalitat de Catalunya, is said to have sent representatives to Estonia to study the e-residency program. The program offers a different government-issued identity card providing a way to operate several location independent businesses online.
Dani Marco, the director of an official Catalan agency – SmartCatalonia – is most likely heading Catalonia’s e-residency initiative and has also praised Estonia’s model of economic development that is built from scratch.
El Pais, Spain’s leading newspaper has said that the e-residency program of Estonia serves as a model and Catalonia could emulate it to issue its own national blockchain-based tokens. One of the major reasons Catalonia is interested in this program is because it holds no borders. The e-residency program has attracted a large number of entrepreneurs from Catalonia and across the globe. El Pais, has also reported that most of the entrepreneurs working in virtual digital currencies in Spain are from Catalonia.
Also Read: Australia Might Soon Launch It’s own Cryptocurrency – Digital Australian Dollar
As per El Pais, the blockchain experts from Catalonia have approved Ethereum co-founder Vitalik Buterin for suggestions to proceed ahead with their plans. Buttering has advised them to create an ICO which would offer a currency that can be used for financing of business projects for the e-residency program. Such a program would help to form an economic community that is independent of the central bank.
Managing directors of Estonia’s e-residency program, Kaspar Korjus, said that the ability to start a location independent company has proved to be a major driving force which is pulling entrepreneurs towards the e-residency program. In a blogpost back in August, Korjus said that :
“Estonia could offers “Estcoins” to residents which would be managed by the Republic of Estonia but can be accessed by anyone via the e-residency program.”
“Estcoin” is the recently proposed national cryptocurrency of Estonia. If the country goes ahead with its plans, it will be the first nation to have a national cryptocurrency of its own. However, Estonia’s plans of having a separate state-cryptocurrency through ICO is currently in doubts.
Chief of European Central Bank, Mario Draghi has criticised Estonia’s demand for a separate cryptocurrency. As per Draghi, no member state from the Eurozone can have its own separate cryptocurrency. Well, now it remains to be seen whether the Estonia’s e-residency program could turn to be successful for Catalonia to seriously consider this option.
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