Estonia rolled back its plan to establish a national cryptocurrency Estcoin following criticism from the President of the European Central Bank, Mario Draghi, and local banking authorities, Bloomberg reported June 1.
The managing director of the Estonian e-residency program, Kaspar Korjus, proposed the development and issuance of Estcoin in August last year. Along with becoming Estonia’s national virtual currency, Estcoin would ostensibly evolve into the official currency for the country’s e-residency program. In the program Estcoin would serve as an incentive for foreigners who use Estonia’s electronic identification to remotely sign documents and found companies.
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