Is ‘estcoin’ the NEW National Crypto Currency for Estonia OR Just Hype?Whilst the media avidly report on the emerging possibly of a national Cryptocurrency in Estonia, a World first by all accounts when reading between the lines it seems the press may have gotten prematurely over-excited by the hype.
Kaspar Korjus, Managing Director at e-Residency who first proposed the idea of the Estcoin crypto token in August 2017 in an article that went viral, revealed yesterday on Medium that it was an ‘idea’ and that:
Estonia simply can’t start its own cryptocurrency even if it wanted to. Estonia’s only currency is the euro and this is an essential feature of our EU membership, which we are proud to have. No one here is interested in changing that.
That’s why we have always referred to estcoin as a proposed ‘crypto token’.
In the carefully worded Medium post, Korjus explains:We published an article on our e-Residency blog asking what would happen if a country, such as Estonia, decided to launch its own crypto tokens with an Initial Coin Offering (ICO). We nicknamed these proposed tokens ‘estcoins’ and explained how e-Residency would provide the platform for distributing and trading them globally because it’s a secure digital identity that anyone in the world can apply for.
The article went viral almost instantly, generating a large amount of media coverage globally, including in most major publications. Our best estimate is that around 200 million people around the world read about the idea.
Since the estcoin proposal was made, we’ve been carefully reading and listening to feedback from around the world. As a result, we do now have a better understanding of not just how estcoin could be structured, but also why people would want to hold them.
e-Residency and ICO’s (Initial Coin Offerings)It seems the core focus of e-Residency is providing a launch pad for ICO’s to support best practices and create a higher level of trust and transparency to investors. A positive step forward, and Korjus notes that further advances in regulatory compliance and legislation, particularly in token classification (utility versus security token) is required in Estonia to make that happen.
Read the full source article -
http://www.cointalkoz.com/estcoin-fact-fiction/What are your thoughts - Is it the media's fault or can anyone raise a crypto token idea and get it perceived as real or legitimate?
