ECB Crush Dreams of Estonia National Digital Currency
Estonia has announced today that the alleged plans to launch their own cryptocurrency going by the codename 'Estcoin' will no longer become a reality anytime soon following criticism from the ECB's Mario Draghi where his strict orders stating "no member state can introduce its own currency; the currency of the eurozone is the euro." alongside other governing bodies of global nations issuing similar thoughts on the plan brought forward. The plans for a national digital currency came to light in late 2017 when the nation decided implementation of Estcoin would be the next step forward for the country's residence program, where the crypto would serve as an incentive for foreigners who use Estonia’s electronic identification to remotely sign documents and found companies.
Despite the backlash and orders that a Euro replacement would never manifest into a reality, Estcoin will still continue moving forward for transactional use between e-residents of Estonia. Whilst this may seem negative, the fact is, developments and ideas surfacing around cryptocurrencies are now making themselves present in the biggest of global elite meetings and national conferences between central bank governors and higher ranking government officials.