Moontec’18 Inspired: Estonia is Crypto Friendly: True or False?
Last week was all about Moontec, and we decided to dedicate this week to the hottest topics discussed at the Nordics’ largest summit. We can call it our take on the speakers’ ideas.
It’s no wonder we’re starting with the topic the CoinMetro Team presented at Moontec’18. Do you think Estonia is crypto friendly?
Estonia as a Digital Innovator
Estonia started building its information society about two decades ago. Named “the most advanced digital society in the world” by Wired, Estonia is a pathfinder, having built an efficient, secure, and transparent ecosystem that saves time and money. Today, Estonia must be the only country in the world where 99% of the public services are available online 24/7.
Estonia’s public e-services include a broad range of highly innovative solutions: e-Governance, e-Tax, X-Road, Digital ID, i-Voting, public safety, blockchain, e-Health, and e-Residency.
Estonia as a Pioneering Digital Wonder
Estonia has been a pioneer in converting public services into flexible e-solutions for its citizens and e-residents. The implementation of the Government Cloud solution provides a perfect foundation for public e-services and solutions, which makes Estonia the most digital country in the world. With this solution, Estonia is taking the next step in its digital evolution to expand the Estonian ICT society.
Estonia and Cryptocurrency
What about cryptocurrency in Estonia? In less than a year since Estonia introduced licensing for cryptocurrency companies, the number of licenses issued has exceeded 900.
Estonia, which is among the first European countries to legalize crypto-related activities, grants two types of crypto license. Around 500 licenses have been issued to entities operating digital asset exchange platforms. In addition to that, over 400 cryptocurrency wallet providers have been licensed.
Estonia’s banking industry is more on the crypto side as well. Estonia’s LHV Bank, for example, is one of the earliest institutions to embrace blockchain. LHV even went so far as to launch its Cyber Wallet app, a blockchain-based wallet that allowed users to send digital representations of real euros.
CoinMetro and Estonia
For all the reasons mentioned above – and many more – CoinMetro chose Estonia’s capital city, Tallinn, to be its headquarters. We see Estonia as the alpha of the e-pack and a future crypto hub.
Did you know that Estonia even planned its own cryptocurrency, estcoin?
“By not embracing crypto, governments are failing to unlock a powerful driver of economic growth and risk losing relevance entirely,” says Kaspar Korjus, Managing Director of Estonia’s e-Residency programme. “By not embracing public oversight, legitimate crypto investors are tarnished by fraudulent ones, and crypto investors are far less certain about the value and legitimacy of their tokens.”
Korjus continues, “The purpose of estcoin is to accelerate this (i.e., economic growth), while also providing additional funds and interest for the development of our digital nation.”
The crypto industry will alter the nature of our world whether there is action and reaction or not, but the small but innovative Estonia wants to make sure it’s taking a lead – and that is exactly what’s already happening.
What’s your opinion on the topic? The comment section below is now open for discussion!
Let us know what you think!
The CoinMetro Team