Estonia could become the first country in the world, which will launch a crowdfunding initiative token with state funding.
14 December 2017, the government of Estonia announced plans to launch a program for the integration of cryptocurrencies in the state economic system.
With ICO TokenEST, which is scheduled for January 2018, Estonia hopes to earn 30 million euros.
The country signed a partnership agreement with a recruitment Agency Chronobank on the basis of Ethereum, which will provide assistance in raising funds in 2018. This cooperation raises a number of questions: Why Estonia does not want to use public resources to collect money for the program? Why the country chose crowdfunding by the public?
In connection with the initiative also supplied the question about how Estonia will respond to previously submitted report of the President of the ECB, Mario Draghi, which directly referred to the August statement of the government of the intention to issue a currency with the state support. Even then, Draghi said: “No member state cannot introduce its own currency. The Euro currency is the Euro”. Below briefly presents the goals of the program:
The promotion of Estonian jurisdiction at international exhibitions and in the media;Advice on the ICO startups;startups on the platform TokenEST;Development of technical solutions and services;Advertising of education aimed at the development of the country;the Launch and management of the exchange to maintain liquidity of cryptocurrencies;Sponsorship of projects that have passed a comprehensive check.
The programme will be established 2 organizations: non-governmental organization TokenEST SA commercial company TokenEST OU. According to the statement, the company TokenEST OU will deal with mediation and TokenEST SA — planning strategies for the use of guidance in public policy.
Among those employed in the project people appeared and CEO Chronobank Sergey Sergienko, member of the Board of Directors TokenEST OU. Sergienko reported high interest team Chronobank and added:
“Our mission is to provide the rights of workers to take control of their own earnings and as efficiently as possible to sell working hours. We are very pleased that the government shares the philosophy of monetization of labor relations by using blockchain technology.”
Trying to expand financial resources, Estonia plans to use all the benefits of the expansion of the cryptocurrency market, the cost of which is 25 times the country’s GDP. Estonia pioneered e-government. Also recently, the country took an active part in the initiative for cooperation with Latvia and Lithuania. Time will tell to see how the current Estonia’s interest in the crowdfunding regulators of the ECB.