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In a blog published today, Kaspar Koryus, managing director of the e-Residency state initiative, outlined three possible uses for the token of the named " estcoyin ", which is created from the moment the concept was first introduced in August of this year. As Korjus noted in his blog, the concept quickly became viral, as Estonia could become the first country with its own digital currency.
And while the e-Residency program does not yet launch a token, Koryus outlined some of the conceptual foundations of the new token on the blog, noting various ways of using crypto currency. It was also noted in the reports that the e-Residency program can serve as a basis for conducting ICO in the Baltic States.
At first, Koryus said that an " Estonian community" will be created , whose goal is to support and develop the initiative of Estonia to create a "digital nation". The government's initiative is aimed at encouraging people to "apply and more actively use the e-Residency program."
The token will include remuneration schemes that are paid in the Estonian , encouraging enterprises to accept the token, and also includes "encouraging investors and entrepreneurs to use e-Residency as a platform for a reliable basis for conducting ICO."
Secondly , the purpose of using the token will be to provide the basis for creating reliable digital identities issued by the government.
In this role, the estkoyins will be used as "block-based tokens used for activities in our digital community, for signing documents, using services and applying smart contracts," Koryus points out.
While "identity estoins" can eventually be purchased by users of the e-Residency system , they will not increase the country's income, "but simply contribute to the maintenance of the network," the report says.
M ONET that are supported by the government?
The third , and more controversial option for using tokens, is the binding of estcoyne to the euro. This idea was refuted as an opportunity by President of the European Central Bank Mario Draghi.
Draghi said in September about this concept:
No EU state can introduce its own currency. The euro area currency is the euro.
Koryus writes about this:
"Estonia will never provide an alternative currency for the euro. We will try to combine some of the advantages of a decentralized crypto currency with stability and confidence in a fiat currency, and then we will limit its use within the e-Residency program .
According to this option of using the token, the banks will have to transfer money to the e-Residency system . "
"All that is required is a digital wallet and the government's commitment to buy each estcoyin for one euro," Korjus said .
Korius also added:
"After publicizing the proposal to create estcoyin, we carefully read and listen to reviews from around the world. As a result, we now have a better understanding of not only how estcoyin could be structured, but why people would like to use it."