The digital citizenship program of Estonian government can get a much needed boost in the form of its personal digital currency launch. Estonia has always claimed the top slot when it comes to bringing forward public use of cryptocurrencies in a global scale. They are the proud launchers of the world’s foremost e-residency program way back in 2014 which is soon going to be backed up by the world’s foremost government sponsored initial coin offering (ICO).
The latest cryptocurrency news of Estonia rolling forward its own virtual currency named Estcoins for being put to use by Estonian e-residents across the globe conducting business over internet medium has been hogging the limelight since the last few days. This new cryptocurrency form will be developed in association with Vitalik Buterin, the founder of Ethereum.
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At present the number of e-residents spread across 138 countries is a whopping 22000. Several people have pointed out the basic flaw of the first e-residency program made available in Estonia in terms of its inherent limitations which restricts the possibilities of e-residents. But the ever evolving program has helped more people come in contact with the concept and unlimited usage options of e-residency.
Cryptocurrencies have experienced a surge in usage recently. Thus Estonia the flagbearer of e-residency concept surely can’t be left far behind in reaping ultimate benefits out of this borderless and decentralised currency form. Estonia with its overall digital infrastructural excellence will allow Estcoins to be accepted as legal tender and payment medium for availing public services and meeting corporate tax requirements.
Countries across the globe like Australia and Japan have brought forward legislation in crypto sphere for making them more mainstream and increasing the associated safeguards.
Recently China has also come up with a cryptocurrency prototype for its exclusive usage. Governments are trying to bring down illegal money laundering activities using digital currency media by increasing regulations on the go.
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