Estonia abandoned its plan to create a national cryptocurrency Estcoin after criticism from the European Central Bank President Mario Draghi and local banking authorities.
Managing Director of the Estonian e-residency Kaspar Korjus proposed to issue Estcoin in August last year. Along with the national virtual currency, Estcoin was to become the official currency of the program e-residency.
How it all began – Estonia intends to create its own national cryptocurrency ESTCoin
In response to these plans, Mario Draghi said in September that: “no member state can introduce its own currency; the Euro zone currency is the Euro.”
Siim Sikkut responsible for the IT strategy of the country, said in an interview for Bloomberg:
We agreed with the politicians that Estcoin will work as a means for transactions within the community e-resident. Other options are not discussed. We do not create new currency “.
Draghi’s position was supported by the Governor of the Bank of Estonia, Ardo Hansson, who complained of “deceptive messages” messages from different government departments about Estcoin.
Read also – the Central Bank of Norway is considering creating a digital currency
Estonia is not the only country that is considering creating its own cryptocurrency. Earlier this month, the Central Bank of Norway, Norges Bank, announced that it is considering creating its own digital currency as a complement to conventional money.