[2017-08-24] Estonia wants to launch its own government-backed cryptocurrency

[sheld0n]

Estonia wants to issue its own virtual currency with the help of Ethereum founder Vitalik Buterin.
The cryptocurrency, called "estcoin," could be launched via the digital coin community's version of crowdfunding – an initial coin offering (ICO).

ICOs enable start-ups to raise funds by selling off cryptocoins, such as bitcoin and ether, in return for cash. They are similar to initial public offerings (IPOs), but differ in that they deal with supporters of a project, making the investment more personal.
Article on CNBC

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[Siren]

Why are government still wants to do this? I haven't heard any government back currency become successful because they have their own fiat already so it really doesn't make any sense for them to really push for their own coin. And I don't think they can also used it as hedge right? Would other country trade with them in their crypto coin? I highly doubt. So for me they should not do it, but instead just go adopt or embrace bitcoin if they are really a crypto friendly country.

Eventhough Vitalik himself back this up, I don't this it will be successful in the long run. Maybe he has his own agenda here. Who knows. 

[CryptoBry]

Why are government still wants to do this? I haven't heard any government back currency become successful because they have their own fiat already so it really doesn't make any sense for them to really push for their own coin. And I don't think they can also used it as hedge right? Would other country trade with them in their crypto coin? I highly doubt. So for me they should not do it, but instead just go adopt or embrace bitcoin if they are really a crypto friendly country.

Eventhough Vitalik himself back this up, I don't this it will be successful in the long run. Maybe he has his own agenda here. Who knows. 

This is not actually a coin directly coming from the government but this is a project backed by the government. I think the idea is good but we will see how the market would react. I have no problem with this because right now we are seeing so many altcoin introductions and with this new project the government is the one guaranteeing its value...so this is much better compared to be buying coin/token from unknown people.

This just means that the government in Estonia is really into cryptocurrency and hopefully this country is also very friendly to the blockchain revolution. As long as the government is not blocking Bitcoin then we should welcome this development.

[MrMackin]

Why are government still wants to do this? I haven't heard any government back currency become successful because they have their own fiat already so it really doesn't make any sense for them to really push for their own coin. And I don't think they can also used it as hedge right? Would other country trade with them in their crypto coin? I highly doubt. So for me they should not do it, but instead just go adopt or embrace bitcoin if they are really a crypto friendly country.

Eventhough Vitalik himself back this up, I don't this it will be successful in the long run. Maybe he has his own agenda here. Who knows. 

This is not actually a coin directly coming from the government but this is a project backed by the government. I think the idea is good but we will see how the market would react. I have no problem with this because right now we are seeing so many altcoin introductions and with this new project the government is the one guaranteeing its value...so this is much better compared to be buying coin/token from unknown people.

This just means that the government in Estonia is really into cryptocurrency and hopefully this country is also very friendly to the blockchain revolution. As long as the government is not blocking Bitcoin then we should welcome this development.

>>>
U.S. Relations With Estonia seem GOOD so I plan to follow this potential offering.
https://www.state.gov/r/pa/ei/bgn/5377.htm

[error08]

There is no restriction to create a digital currency and launch an ICO afterwards, as it has been done hundreds times.
At least they didn't ban bitcoin as they are 'the only truly digital society'.
The most important thing is how the citizens react t thic coins, whether they already familiar with bitcoin and will dump this coin after launched.
Or, this coin could be very useful in their country due to underpinned by government and could replace cash.