Estonia Scales Back Plans of Ambitious State Cryptocurrency ‘Estcoin’

Following criticism from the European Central Bank (ECB), Estonia’s ambitious plans to launch its “Estcoin” have been indefinitely scaled down. Estcoin Plans Squashed Previously in August 2017, Estonian officials announced their plans to issue a state-backed cryptocurrency, called Estcoin, and offer the world’s first state-backed ICO. The country’s ingenious plan to implement digital assets in their economic framework proposed a “stablecoin”-like cryptocurrency, with each unit of the Estcoin pegged to the euro. While the move was immensely forward-thinking, Estonian authorities seemed to have lost track of their Eurozone status – which subjects them to mandatory ECB rules on monetary policies. … Continue reading Estonia Scales Back Plans of Ambitious State Cryptocurrency ‘Estcoin’