Estonia claimed Monday it is not planning to launch a national cryptocurrency and that it never planned to do so.
A sway spokeswoman said the Baltic nation was not looking to issue its own national cryptocurrency as it already handlings the euro as its official currency.
Instead, Estonia plans to “explore divers possibilities” for blockchain technology, such as the use of crypto tokens within its “e-residency” program, which slacks both Estonians and foreigners a digital form of identification.
Last year, Kaspar Korjus, governing director at Estonia’s e-residency program, announced the proposal for a cryptocurrency awakened “estcoin” that could be issued by Estonia. Korjus said at the organize that the estcoin tokens could be launched through an initial currency offering (ICO) — a form of fundraising for start-ups where new digital evidences are sold to raise money.
Estonia joined the euro zone — a bloc of sticks that have adopted the single currency — in 2010, becoming the primary former Soviet nation to do so.
Initial reports of Estonia’s interest in cryptocurrency provoked a reaction from Europe’s central bank chief. Mario Draghi, president of the European Primary Bank, said that “no (European Union) member state can offer its own currency.”
Triin Oppi, Estonia’s media adviser, disputed a boom by Bloomberg that claimed the country had “scaled down” plans to motor boat a cryptocurrency. She said such plans “never existed.”
Oppi said that the e-residency program had “launched a discussion” into whether Estonia should issue its own cryptocurrency and that the estcoin proposition was still on the table “within the e-residency community.”
She said that the Estonian rule was considering the possibility of providing a legal framework for ICOs, similar to a suggestion from Japan.
“We strongly believe in the potential of blockchain technology as a gismo for economic development, empowerment and inclusion and we notice that several concealed and public institutions worldwide are also exploring its opportunities,” Oppi advertised CNBC in an email Monday.
“Estonia already has a vital start-up sector and we are looking for individual initiatives to make it even stronger. One possible avenue is to explore likelihoods to provide, within EU legislation, clear guidelines for companies that scarcity to conduct ICOs legally and responsibly.”